Political Quotes

John Sherman: “Under this act, the first lien of the United States for bonds advanced to the company, provided for by the act of 1862…”

On the record
Under this act, the first lien of the United States for bonds advanced to the company, provided for by the act of 1862, was made subordinate to the lien of the bonds of the company sold in the market--a fatal error, which led to all the serious complications which followed.
Said by
John Sherman
Ohio

Editor's note · Context

Sherman identifies a critical error in the act concerning the Union Pacific Railroad's bond structure.

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