It was absolutely necessary to get rid of these state bank notes and to substitute for them bank notes secured beyond doubt by the deposit of United States bonds, a system so perfect that from the beginning until now no one has lost a dollar on the circulating notes of national banks.
John Sherman: “It was absolutely necessary to get rid of these state bank notes and to substitute for them bank notes secured beyond…”
Editor's note · Context
Sherman discusses the importance of transitioning from state bank notes to national bank notes backed by U.S. bonds to ensure financial stability.
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During forty years of public life, though many able men have aspired to the office I hold, the people of Ohio, through their general assembly, have preferred me to represent them.
What I have written is no doubt clouded with partisanship, but I would not be honest if I did not express my attachment to my party.
Canada and Mexico as independent republics will be more valuable to the United States than if carved into additional states.
The events of the future are beyond the vision of mankind, but I hope our people will be content with internal growth, and avoid the complications of foreign acquisitions.





