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
Our family of states is already large enough to create embarrassment in the Senate, and a republic should not hold dependent provinces or possessions.
The events of the future are beyond the vision of mankind, but I hope our people will be content with internal growth, and avoid the complications of foreign acquisitions.
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.
What I have written is no doubt clouded with partisanship, but I would not be honest if I did not express my attachment to my party.
Other voices in this conversation
