This protected the United States, but it did not save the people from loss, as, from necessity, they were compelled to use bank bills authorized by the several states, varying in value and security, and chiefly limited in circulation to the state in which issued.
Sherman explains the limitations faced by the public due to reliance on state bank bills despite the sub-treasury system.
Share
More from John Sherman
God forbid that the despots of the Old World should ever adorn their infernal logic by pointing to a disrupted Union here!
I have participated in framing many tariff bills, but have never succeeded in securing one that I entirely approved.
Resolved, That the people who constitute the supreme power in the United States, should guard with jealous care the rights of the several states, as independent governments.
That is all we ask, and what we demand at all hazards.
Other voices in this conversation
