If contraction ought to be established as a policy it should be by Congress, not by the Secretary of the Treasury, and it is not wise to confer upon any officer of the government a power of this kind, which can be and may be properly controlled and limited by Congress.
John Sherman: “If contraction ought to be established as a policy it should be by Congress, not by the Secretary of the Treasury, and…”
Editor's note · Context
Sherman insists that any policy regarding monetary contraction should be decided by Congress, not the Secretary of the Treasury.
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