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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Resolved, That the people who constitute the supreme power in the United States, should guard with jealous care the rights of the several states, as independent governments.
The legality of this legislature was denied by the great majority of the people who never acquiesced in or obeyed its enactments, thus taking the only course open to them to secure a lawful government.
Some of you broke down the only political organization that could compete with us, and thus gave us an easy victory.
Nothing is wanting but cultivation to make this a most delightful country.
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