Chase took the bull by the horns by declaring, over his own signature, that the principal as well as the interest of the 5-20 bonds were payable in gold, the faith of the United States being pledged to this by the tacit understanding of the government and its creditors.
Sherman references Chase's decisive action to ensure that bond payments would be made in gold, reinforcing the government's commitment.
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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.
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.
Canada and Mexico as independent republics will be more valuable to the United States than if carved into additional states.
The Union already embraces discordant elements enough without adding others.
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