Political Quotes

John Sherman: “The notes of a broken bank were rarely paid, the assets of such bank being generally applied to the payment of other…”

On the record
The notes of a broken bank were rarely paid, the assets of such bank being generally applied to the payment of other liabilities, leaving the loss to fall on the holders of the notes, mostly innocent persons of limited means.
Said by
John Sherman
Ohio

Editor's note · Context

Sherman highlights the consequences faced by innocent holders of notes from failed banks.

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