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.
Sherman highlights the consequences faced by innocent holders of notes from failed banks.
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Because it is framed upon the idea that it is the duty of the government, in imposing taxes, to do as little injury to the industry of the country as possible; that they are to be levied so as to extend a reasonable protection to all…
But some of you may say, all this is very well, but what will you do to save the Union?
What a pity, he said, it would have been if so great a country as the United States had been disrupted on account of slavery.
The tax on spirits, tobacco and beer ought to be retained as the best objects of taxation either of domestic or imported goods.
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