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.
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
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gutenberg.orgEditor's note · Context
Sherman describes the dire financial situation of the government prior to the legal tender act.
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