John Sherman

In establishing a system of paper money, designed to be permanent, I said it should be remembered that theretofore no expedient had been devised, either in this or other countries, that in times of panic or adverse trade had prevented the…

If they were not at par with coin it was the fault of the government and not of the debtor, or, rather, it was the result of unforseen stringency not contemplated by the contracting parties.

To meet this contingency, it would seem to be right to maintain the legal tender quality of the United States notes.

Interest could thus be saved on so much of the public debt as could be conveniently maintained in permanent circulation, leaving to national banks the proper business of such corporations, of providing currency for the varying changes, the…

Such a system would secure to the people a safe currency of equal value in all parts of the country, receivable for all dues, and easily convertible into coin.

The authority to issue circulating notes by banks was not given to the banks for their benefit, but for the public convenience, and to enable them to meet the ebb and flow of currency caused by varying crops, productions, and seasons.

Should not the benefit of this circulation inure to the people, rather than to corporations, either state or national?

The decision of this question by Congress would involve not merely the construction of existing law, but the public policy of maintaining in circulation United States notes, either with or without the legal tender clause.

The bonds are selling at ninety-nine and one-fourth in gold in open market, and it seems to me very doubtful policy to offer bonds, by us, to the public at this moment, and thus assist the advocates of the old silver dollar by our apparent…

Once dispatch this silver business--and I have faith that it cannot live in the light of full discussion by the Senate--and we shall renew funding, and by attaining resumption put an end to financial discussions as we did to slavery.

I am sure I do not over estimate the damaging effect which the passage of the bill must have upon American credit.

The damage which the passage of this measure will do to our public credit abroad cannot be over estimated.

I could see no reason why this function could not be performed by national banks, better than by bankers at home or abroad.

My experience thus far convinced me that it was bad public policy to continue the sale of bonds for refunding purposes through a syndicate of bankers, the chief of whom resided in London.

They think, in other words, that it would be vastly better for the real interest of the people of the United States if they would trade more extensively with the people of England.

People here think that our protectionist tariffs are not only detrimental to the commercial interest of our own country, but that they are of a suicidal character so far as our fiscal policy is concerned.

Nearly all of the English people, as you are aware, believe in the principle of 'free trade,' and it is but natural that they should, for the reason that England depends upon her great commerce and her markets in every part of the globe…

My principal effort was to convince Congress that it ought not to interfere with what the House called a destructive experiment, but what I regarded as an easy and beneficial execution of existing law.

The Republican party has been in this position many times and has never won success by retreat and cannot do so now.

The only way is for us to go steadily forward, with a certainty that public opinion in the end will sustain us if we do what is substantially right.

While the law stands nothing is left but to execute it, and for one I never would aid to alter the law, except to make it more effective, and would be very willing to retire on this question rather than to surrender.

We can gain the credit of success, but we can gain no credit by retreating on this vital question.

As to the resumption policy, the law is plain and mandatory, and, more than all, the law is right, and the Republican party might as well understand first as last, that the question of resumption is one higher than any party obligations…

No party can administer a government, that will not take the risk of temporary defeat when it is pursuing what, in the opinion of the great masses of it, is a beneficial policy for the country.

All we can do is to inquire how far we have been right, and to that extent pursue the right, whether victory or defeat is the result.