John Sherman

Our country, after a long period of business depression, has just entered upon a career of unexampled prosperity.

In short, I cannot but regard the fifth section of the bill as a step in the direction of the destruction of the national banking system.

To prevent the further organization of banks is to put in jeopardy the whole system, by taking from it that feature which makes it, as it now is, a banking system free upon the same terms to all who wish to engage in it.

It furnishes a currency to the public which, for convenience and the security of the bill- holder, has probably never been equaled by that of any other banking system.

If successfully accomplished, it will secure a large decrease in the annual interest payment of the nation; and I earnestly recommend, if the bill before me shall fail, that another measure for this purpose be adopted before the present…

The opportunity for doing this upon favorable terms should not be lost, and the only question before us, as legislators, is how we can best and most practically take advantage of the hour.

The opportunity for reducing the rate of interest upon this enormous sum, and, not only that, but of placing the national debt more under the control of the government in regard to future payments, is now before us.

The sums that we are dealing with are enormous, affecting the welfare of every branch of our country's industry and of our entire people.

Great harm would come to the public interests should the fruits of this experience be lost, by whatever means the loss occurred.

Any reduction in the rates imposed a heavy loss to the owner of the stock on hand, while an increase operated as a bounty to such owner.

I recommended that ad valorem duties should be converted into specific duties as far as practicable, and that articles which did not compete with domestic industries, and yielded but a small amount of revenue, should be added to the free…

No marked or sudden change, which would tend to destroy or injure domestic industries built up upon faith in the stability of existing laws, should be made in them.

The public thus saves over seven million dollars of annual interest, and secures a safe and convenient medium of exchange, and has the assurance that a sufficient reserve in coin will be retained in the treasury beyond the temptation of…

The loss of interest in maintaining the resumption fund, and the cost of printing and engraving the present amount of United States notes, is less than one-half the interest on an equal sum of four per cent. bonds.

The United States note, to the extent that it is willingly taken by the people, and can, beyond question, be maintained at par in coin, is the least burdensome form of debt.

United States notes are now, in form, security, and convenience, the best circulating medium known.

Upon this favorable statement I recommended to Congress that instead of applying this surplus revenue, accruing after the current fiscal year, to the extinction of the debt, taxes be repealed or modified to the extent of such surplus.

I prefer to do precisely what you recommend, await the judgment of the general assembly of Ohio, unbiased by any expression of my wish in the matter referred to.

I intend to answer them generally that, if elected, I would consider it the highest honor and I would then accept and serve.

I believe, from information already received, that I can succeed, but only after a struggle that is distasteful to me, and which I cannot well afford.

I cannot afford to be a candidate unless I expect to succeed.

Assassination can no more be guarded against than death by lightning; and it is not best to worry about either.

I think also that the country wanted to rebuke the attempt of the Democrats to narrow the issue to the low level of personal abuse.

I am so earnestly desirous to succeed in the election that I would even forgo a self- defense to advance the cause.

I doubt, therefore, whether my appearance in New York would not tend to make divisions rather than to heal them, to do harm rather than good.