OCR Text |
Show SHEEMAN'fl PET POLICY. ' Secretary Sherman views the finan cial situation entirely from the government, gov-ernment, or capitalists' standpoint. The mercantile, manufacturing and j produoing interests fail to see it in ' that light. Sherman regards as the greatest evil which can befall the country, that of a currency of unequal yaluewith gold. The majority of the people probably do not agree with the secretary in this idea. It is very well understood why gold is at a premium over greenbacks in this country. The government has discriminated against the legal tenders by refusing to receive re-ceive them for custom dues. We end about $100,000,000 per annum in gold to Europe to pay the interest on the public debt. Outside of these demands there is very littlo call for gold in the ordinary business of the country. But let the government attempt the redemption of the Jegal tenders in gold, and a new demand would be created for gold coin which must at once enhance its price and convince the secretary and every one else of the fallacy of attempting the experiment. Then as to the effects of the threat of gold resumption resump-tion in January, 1879. Is there any doubt that this is the cause of the great demoralization in business and the prevailing lack of confidence. We need not go to the democratic or anti-administration organs to obtain evidence of the drift of public opinion on this point. The universal shrinkage shrink-age in real estate and all other property prop-erty ib universally admitted. The New York Times admits that the shrinkage in the values of real estate in that city have been from 50 to 60 per cent. Chicago, according to the Tribune of that city, has fared but little better. Now for the cause. Aocording to the Chicago Tribune, it lies primarily in the resumption act : The Tribune gives tho reason for the dandness of real estate and uncertainty of tho future, that man hnving capital prefer to lot tho same remain unemployed unem-ployed to inveatiDg it in reA. estate, even at the prosent low prices; that, owing to the uncertainty, or more properly the probabilities, oftho future, when the resumption re-sumption act goes into forco, real estate is to fall still lower; that, if tho policy should prevail of forcing tho redemption of the greenbacks in gold coin in 1679, then oven bofora that data tn whnln Tolume of paper money would be withdrawn, with-drawn, and, silver being demonetized, gold cein would be the sole and exclusive currency in which all debu will have tc . be paid and business done; that gold, owing to the hoarding by Franco, thti eit'orts to obtain it by Germany and to hold on to it by England, has already an increased value; that to oblige tho United States government to purchase enough gold to supply this country and redeem $3(10,000,000 of greonbacki Ihorowilh, must necessarily mako gold far dearer and scarcer, and of course of greater value in all other iorms of property. prop-erty. Aa wo near the day tixed for an eiclusi7S gold currency capital tiads it t be moro promising to wait until that time ralher than invest in real estate with insignificant results, heavily taxed, and generally doad, Every day the millions of money now lying idle are approaching ap-proaching not only a gold value, but the value of gold under the extraordinary circumstances of scarcitVi unprecedented demand, and banishment of all paper money. This instating the case very clearly, and we think furnishes a conclusive, practical answer to the theory of Secretary Sherman, who unless congress con-gress intervenes will continue to bluuder on to a fancied resumption at a terrible cost to the interests of tho country, and which after all is likely ic be futile and barren of results. There is nothing moro dangerous than attempting to manage tho finances of the country upon a hobby, hob-by, and this is just what tho republican repub-lican party, through Grant and Hayes, have beon trying to do, with the very worat results. It is probable they will adhere to their quack nostrum, nos-trum, however, as immediato specie payment is the demand of the qreat capitalists and bondholder una their influences are more poteut in the government than thode of tho producing classes and business interests. |