On the record
The issue of circulating notes by state banks had been the fruitful cause of loss, contention and bankruptcy, not only of the banks issuing them, but of all business men depending upon them for financial aid.
Source
gutenberg.orgEditor's note · Context
Sherman critiques the negative impacts of state bank notes on businesses and the economy.
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It seems to me that in the present condition of our finances there is no necessity for conferring these large powers on the Secretary of the Treasury.
I have given my views, speaking for no other man, frankly and fearlessly, and I will stand by them now and in the future.
Our gold dollar is certainly as good a unit of value as the franc; and so the English think of their pound sterling.
I would regard it as a public calamity to have the power of this House placed, directly or indirectly, under the control of this administration.
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