But the reason of the refusal of Congress to grant this authority, often asked of it, was that it would contract the currency, and this fear of contraction has thus far prevented Congress from granting the easiest, plainest, and surest mode of resumption.
Sherman discusses Congress's hesitance to grant authority for currency contraction, impacting monetary policy.
Share
More from John Sherman
I have participated in framing many tariff bills, but have never succeeded in securing one that I entirely approved.
This power in the hands of a few is at this moment the disturbing element in many of our great industries.
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…
God forbid that the despots of the Old World should ever adorn their infernal logic by pointing to a disrupted Union here!
Other voices in this conversation
