Now, sir, it is important to understand the principles of this act; for this act was the foundation of all the financial measures during the war.
John Sherman
The Public Record
John Sherman was an American politician from Ohio who served in federal office throughout the Civil War and into the late nineteenth century. A member of the Republican Party, he served in both houses of the U.S. Congress. He also served as Secretary of the Treasury and Secretary of State. Sherman sought the Republican presidential nomination three times, coming closest in 1888, but was never chosen by the party. Between 1861 and 1897, John Sherman served in the U.S. Senate for nearly 32 years and holds the record for longest serving senator from the state of Ohio.
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This new policy was adopted under the pressure of the severest necessities, and only because of those necessities, and was intended to meet a state of affairs never foreseen by the framers of the constitution.
It overthrew, not only the mode and manner of borrowing money, but the character of our public securities, and was the beginning of a new financial system, unlike anything that had been ventured upon by any people in the world before.
It was a departure from every principle of the financial policy of this government from its foundation.
This was proven to be an error within a short period, for securities of the United States bearing three per cent. interest have been sold at par.
In other words, it was a compromise which, like many other compromises, was in its results an injury of great magnitude, but it was an honest difference of opinion between the Senate and the House, in which, tested by the march of time…
I see no remedy for this wrong except the growing intelligence of the negro race, which, in time, I trust, will enable them to demand and to receive the right of suffrage.
As the result of the 15th amendment, the political power of the states lately in rebellion has been increased, while the population, conferring this increase, is practically denied all political power.
The reduction of representation would have deterred every state from excluding the vote of any portion of the male population above twenty-one years of age.
This simple remedy, easily enforced by Congress, would have secured the right of all persons, without distinction of race or color, to vote at all elections.
If the principle of the 14th amendment had remained in full force, Congress could have reduced the representation of any state, in the proportion which the number of the male inhabitants of such state, denied the right of suffrage, might…
This is done, not by an express denial to them of the right of suffrage, but by ingenious provisions, which exclude them on the alleged ground of ignorance, while permitting all of the white race, however ignorant, to vote at all elections.
The latter amendment has been practically nullified by the action of most of the states where the great body of this race live and will probably always remain.
The practical result has been that the wise provisions of the 14th amendment have been modified by the 15th amendment.
The declared object was to secure impartial suffrage to the negro race.
The right of citizens of the United States to vote shall not be denied or abridged by the United States, or by any state, on account of race, color, or previous condition of servitude.
This limitation of the power of the President, and the distribution of power among the departments, is an essential requisite of a republican government, and it is one that an army officer, accustomed to give or receive orders, finds it…
If he violates or neglects his duty he is subject to removal by the President, or impeachment by the House of Representatives, but the President cannot exercise or control the discretion reposed by law in the Secretary of the Treasury, or…
The President has no more right to control or exercise the powers conferred by law upon them than they have to control him in the discharge of his duties.
The President is intrusted by the constitution and laws with important powers, and so by law are the heads of departments.
This is not the true theory of our government.
The President should obey and enforce the laws, leaving to the people the duty of correcting any errors committed by their representatives in Congress.
The executive department of a republic like ours should be subordinate to the legislative department.
In conclusion I ask patient forbearance one toward another throughout the land, and a determined effort on the part of every citizen to do his share toward cementing a happy Union; and I ask the prayers of the nation to Almighty God in…
I know no method to secure the repeal of bad or obnoxious laws so effective as their stringent execution.
Politicians like John Sherman
