On the record
Most of the state banks shortly afterward exploded, and almost their entire issue outstanding at the time fell as a loss to the people of the United States.
Source
gutenberg.orgJohn Sherman: “Most of the state banks shortly afterward exploded, and almost their entire issue outstanding at the time fell as a loss…”
Editor's note · Context
Sherman reflects on the consequences of state banks failing, highlighting the financial losses incurred by the public.
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More from John Sherman
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.
Though my grateful thanks are due to them and have been often expressed, yet I have felt, as they do, that my duty was to the whole country.
Our family of states is already large enough to create embarrassment in the Senate, and a republic should not hold dependent provinces or possessions.
It was settled by this war that we have a country limited in its powers by the constitution of the United States fairly construed.
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