Political Quotes

John Sherman: “Though the silver in this coin was then worth in the market 3.13 cents on the dollar less than gold coin, yet its…”

On the record
Though the silver in this coin was then worth in the market 3.13 cents on the dollar less than gold coin, yet its convenience for use in change, its issue by the government only in exchange for, and its practical convertibility into, gold coin, maintained it in circulation at par with gold coin.
Said by
John Sherman
Ohio

Editor's note · Context

Sherman discusses how the practical use of a particular coin maintained its value despite market discrepancies.

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