We recognized the existence of a great pressing necessity that would tend to depreciate the public credit; and we took care, therefore, not to make these loans for a long period, so as to bind the future to the payment of the rates which we were then compelled to pay.
John Sherman: “We recognized the existence of a great pressing necessity that would tend to depreciate the public credit; and we took…”
Editor's note · Context
Sherman acknowledges the pressing necessity that influenced their decision-making regarding loan durations and public credit.
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