John Sherman

The public faith of the United States is so pledged.

Every Senator who has spoken contemplates that a time must come when all the United States notes must be redeemed in coin.

This section is an honest effort to deal with the great problem of redemption.

I do not understand even my friend from Delaware to dispute the duty and obligation of the United States to pay these notes, even if they have been illegally issued.

So far as the United States are concerned, they are all debts of the United States which we are bound to pay, whether they have been issued legally or illegally.

Those, on the other hand, who want to get back to the specie standard, to appreciate the value of these notes, desire to withdraw them, get them out of the way, or give new uses and new values to them so as to advance them nearer and…

Those who desire to increase prices, to start and put in operation new enterprises, desire an increase of the currency without any plan of redemption.

This is so plain a proposition that it is not necessary to discuss it; and the whole people of the country understand it; the plainest and simplest people understand it as well as the wisest.

It is equally true that any contraction of this currency, any withdrawal of the amount of it, is undoubtedly an appreciation of its value, making it nearer and nearer to the standard of gold.

They have depreciated almost from the date of their issue, at one time being worth only forty cents in gold, and to-day only worth ninety cents.

They have been legally inconvertible since July 1, 1863, and practically inconvertible since the close of the war; that is, the government refuses to receive them, either in payment of customs or in payment at par of any bond of the United…

The United States notes, although they are very popular, and justly so, in this country, are at this moment inconvertible; they are irredeemable, and they are depreciated.

The only question before the Senate now is, whether this is a fair compromise between the ideas that have divided the people of this country and the Members of the Senate; whether it will surely improve our currency while giving the relief…

It must be taken as a whole; and therefore the effect of amending this proposition will be simply to destroy it.

Therefore, any measure that is adopted ought to be so moderate, pursuing such a middle course, such a middle ground, that it will give satisfaction to the country.

Any positive victory by either extreme of this controversy will be an absolute injury to the business of the country.

We cannot reconcile or pass any measure that will be satisfactory to the country unless we do so.

There are ideas in it which, while meeting the views of a majority, taken separately will be opposed by others.

It is in the nature of a compromise bill, and therefore, while it has the strength of a compromise bill, it has also the weakness of a compromise bill.

If the legal tender notes could have been wedded to any form of gold bond by being made convertible into it, they would have been lifted, by the gradual advance of our public credit, to par in gold, leaving the question of contraction to…

If the policy provided for by this act had been maintained, we would long since have been at specie payments, without any serious disturbance of our monetary affairs.

Every bond that was issued was issued only upon the sacred pledge contained in this act, that the interest of that bond should be paid in coin; and the principal should be paid, when due, in coin.

But I say to you, with sorrow, that Congress has done no single act the tendency of which has been to advance the value of these notes to a gold standard; and I shall make that clearer before I get through.

It was Congress that made it, in obedience to the public voice; and no act of Congress ever met with a more hearty and generous approbation.

After you enacted that law-- the faith of the people of the United States that you would redeem this pledge--the value of your greenbacks advanced, not rapidly, but gradually, and in one year, to within twelve per cent. of par in gold.