It was not possible to pay it in coin and it was not honorable to pay it in greenbacks, especially as that could only have been done by issuing new greenbacks far beyond the volume existing during the war, and which would at once depreciate in value and destroy the public credit and dishonor the country.
Sherman argues against paying the national debt in greenbacks, citing concerns over public credit and currency depreciation.
Share
More from John Sherman
It is impossible for an American to visit Paris without enjoyment and instruction.
They want disunion, and not compromise or conciliation.
I have given my views, speaking for no other man, frankly and fearlessly, and I will stand by them now and in the future.
Let us, my friends, unite in electing him President of the United States.
Other voices in this conversation
