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.orgJohn Sherman: “The issue of circulating notes by state banks had been the fruitful cause of loss, contention and bankruptcy, not only…”
Editor's note · Context
Sherman critiques the negative impacts of state bank notes on businesses and the economy.
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More from John Sherman
If my life is prolonged I will do all I can to add to the strength and prosperity of the United States, but nothing to extend its limits or to add new dangers by acquisition of foreign territory.
The life of a civilian is in what he says or writes, that of a soldier in what he does.
It was settled by this war that we have a country limited in its powers by the constitution of the United States fairly construed.
Though my grateful thanks are due to them and have been often expressed, yet I have felt, as they do, that my duty was to the whole country.
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