John Sherman

I am hopeful and sanguine of improving business, not that greenbacks will be so abundant, but that employment will be ready for everyone willing to work.

The immediate effect of resumption of specie payments was to advance the public credit, which made it possible to rapidly fund all the bonds of the United States then redeemable into bonds bearing four per cent. interest.

The United States notes, commonly called greenbacks, were the creature of necessity, but proved a great blessing, and only needed one attribute to make them the best substitute for coin money that has ever been devised.

I do not believe that any commercial nation can conduct modern operations of business upon the basis of coin alone.

The body of the people, I believe, agreed with me in opinion that resumption meant, not the cancellation and withdrawal of greenbacks, but the bringing them up to par and maintaining them as the equivalent of coin by the payment of them in…

I believe that neither the country nor the party will forget your services.

To your conduct I attribute the present honorable position of the Republican party, more than to any other one influence.

The nation owes you a great debt for your courage, persistence and wisdom in adhering to your policy for re-establishing and maintaining our government credit.

The tendency of public opinion is evidently towards General Grant, whose absence and good conduct are in his favor, while the involuntary feeling of Republicans would be in favor of nominating him as a remonstrance against the violence in…

The indications now are that the combinations which were presumed to be operating to keep up the premium have failed so far in their object, and that, unless unlooked for circumstances should intervene, the premium will be more likely to…

While I wish no hesitation about paying gold to anyone desiring it, it is better to get people in the habit of receiving currency rather than coin.

It is believed that the reasons for issuing such certificates have ceased to exist, and that those outstanding should be redeemed and not reissued.

The issue of gold certificates, however convenient to the public, had long ceased to be of any advantage to the government, and in view of resumption it had become a positive injury, by enabling speculators to carry on their operations…

This was only possible by the guarantee of the government that all forms of money would be maintained at parity with each other.

The public mind had settled into a conviction that the parity of coin and currency was assured, and our people, accustomed to the convenience of paper money, would not willingly have received coin to any considerable amount in any business…

It is respectfully submitted that the United States, already so largely interested in trade with all parts of the world, and becoming, by its population, wealth, commerce, and productions, a leading member of the family of nations, should…

The tendency of late among commercial nations is to the adoption of a single standard of gold and the issue of silver for fractional coin.

As prices are now based on United States notes at par with gold, no disturbance of values would result from the change.

There is no peculiar force or sanction in the present ratio that should make us hesitate to adopt another, when, in the markets of the world, it is proven that such ratio is not now the true one.

Now, that the production and use of the two metals have greatly changed in relative value, a corresponding change must be made in the coinage ratio.

It would seem to be expedient to recognize this controlling fact--one that no nation alone can change--by a careful readjustment of the legal ratio for coinage of one to sixteen, so as to conform to the relative market values of the two…

The serious effect of such a radical change in our standards of value cannot be exaggerated; and its possibility will greatly disturb confidence in resumption, and may make necessary large reserves and further sales of bonds.

Even the fear or suspicion of such an excess tends to banish gold, and, if well established, will cause a continuous drain of gold until imperative necessity will compel resumption in silver alone.

When two currencies, both legal, are authorized without limit, the cheaper alone will circulate.

If issued in excess of demands for domestic purposes, it will necessarily fall in market value, and, by a well-known principle of finance, will become the sole coin standard of value.