Political Quotes

John Sherman: “Less than a year before the government was bankrupt; our bonds bearing six per cent. interest were sold at a discount…”

On the record
Less than a year before the government was bankrupt; our bonds bearing six per cent. interest were sold at a discount; our national expenditures exceeded our receipts; loans could only be made upon the basis of coin, and this coin was disappearing from circulation.
Said by
John Sherman
Ohio

Editor's note · Context

Sherman describes the dire financial situation of the government prior to the legal tender act.

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