John Sherman's Recollections Of Forty Years In The House, Senate And Cabinet

JOHN SHERMAN'S RECOLLECTIONS OF FORTY YEARS IN THE HOUSE, SENATE AND CABINET. AN AUTOBIOGRAPHY.

Copyright, 1895, By John Sherman First Greenwood reprinting, 1968 LIBRARY OF CONGRESS catalogue card number: 68-28647 Printed in the United States of America...

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PREFACE

These Recollections grew out of a long deferred purpose to publish a selection of my speeches on public questions, but in collecting them it became manifest that they should be accompanied or preceded by a statement of the circumstances that attended their delivery. The attempt to furnish such a statement led to a review of the chief events of my public life, which covers the period extending from 1854 to the present time. The sectional trouble that preceded the Civil War, the war itself with al

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AUTOGRAPH LETTERS VOLUME I.

Certificate of Admission to Practice in Supreme Court, January 21, 1852 T. Ewing, December 31, 1848 Wm. H. Seward, September 20, 1852 Certificate of Election as United States Representative, December 9, 1854 Justin S. Morrill, April 1, 1861 W. B. Allison, March 23, 1861 John A. Dix, February 6, 1861 Simon Cameron, November 14, 1861 Edwin M. Stanton, December 7, 1862 Horace Greeley, February 7, 1865 Thurlow Weed, February 28, 1866 Schuyler Colfax, February 17, 1868 Vote on the Impeachment of

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CHAPTER I. ANCESTRY OF THE SHERMAN FAMILY. Family Name is of Saxon Origin—"Conquer Death by Virtue"—Arrival of Rev. John Sherman at Boston in 1634—General Sherman's Reply to an English Sexton—Career of Daniel Sherman—My First Visit to Woodbury—"Sherman's Tannery"—Anecdote of "Uncle Dan"—Sketch of My Father and Mother—Address to Enlisting Soldiers—General Reese's Account of My Father's Career—Religion of the Sherman Family—My Belief.

The family name of Sherman is, no doubt, of Saxon origin. It is very common along the Rhine, and in different parts of the German Empire. It is there written Shearmann or Schurmann. I found it in Frankfort and Berlin. The English Shermans lived chiefly in Essex and Suffolk counties near the east coast, and in London. The name appears frequently in local records. One Sherman was executed for taking the unsuccessful side in a civil war. It was not until the beginning of the 16th century that any o

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CHAPTER II. MY BOYHOOD DAYS AND EARLY LIFE. Born at Lancaster, Ohio, May 10, 1823—Death of My Father and Its Effect on Our Family—Early Days at School—A Dead Sheep in the Schoolroom—Lesson in Sunday Sport—Some of My Characteristics—My Attack on the Schoolmaster—Robbing an Orchard—A Rodman at Fourteen and My Experiences While Surveying—Debates at Beverly—Early Use of Liquor—First Visit to Mansfield in 1839—The Famous Campaign of 1840—I Begin the Study of Law.

I was born at Lancaster, Ohio, on the 10th day of May, 1823, the eighth child of Charles and Mary Sherman. My first distinct recollection of events is connected with the scenes and incidents that followed the death of my father on the 24th day of June, 1829. I have a dim recollection before that time of being sent to school with my elder brothers to keep me out of mischief, and of my father praising me for learning the alphabet, but all other impressions of my infancy were absorbed in the great

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CHAPTER III. OHIO, ITS HISTORY AND RESOURCES. Occupation by the Indians—Washington's Expedition to the Head of the Ohio River—Commencement of the History of the State—Topography, Characteristics, etc., in 1787—Arrival of the First Pioneers—The Treaty of Greenville—Census of 1802 Showed a Population of 45,028 Persons—Occupation of the "Connecticut Reserve"—Era of Internal Improvement—Value of Manufactures in 1890—Vast Resources of the Buckeye State—Love of the "Ohio Man" for His Native State.

The life of a man is greatly influenced by the place of his birth, the surroundings of his boyhood, and the habits and customs of the community in which he lived. As I have been all my life a resident of Ohio, and for more than forty years have been one of its representatives in Congress, or the Cabinet, I feel that a brief sketch of the history and resources of the state may not be out of place in this biography. No adequate history of the state has been written, though many works have given ge

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CHAPTER IV. ADMISSION TO THE BAR AND EARLY POLITICAL LIFE. Law Partnership with my Brother Charles—Change in Methods of Court Practice—Obtaining the Right of Way for a Railroad—Excitement of the Mexican War and its Effect on the Country—My First Visit to Washington—At a Banquet with Daniel Webster—New York Fifty Years Ago—Marriage with Margaret Cecilia Stewart—Beginning of My Political Life—Belief in the Doctrine of Protection—Democratic and Whig Conventions of 1852—The Slavery Question—My Election to Congress in 1854.

After I was admitted to the bar I felt the natural elation of one who had reached the end of a long journey after weary waiting. I spent two or three weeks in visiting my relatives in Dayton and Cincinnati, attending the courts in those cities, where I observed closely the conduct of judges and lawyers in the trial of cases, and returned to Mansfield full of confidence, and with a better opinion of myself than I have entertained since. The first object I sought to accomplish was the removal of m

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CHAPTER V. EARLY DAYS IN CONGRESS. My First Speech in the House—Struggle for the Possession of Kansas —Appointed as a Member of the Kansas Investigating Committee—The Invasion of March 30, 1855—Exciting Scenes in the Second District of Kansas—Similar Violence in Other Territorial Districts—Return and Report of the Committee—No Relief Afforded the People of Kansas —Men of Distinction in the 34th Congress—Long Intimacy with Schuyler Colfax.

In 1854 the Whig party had disappeared from the roll of parties in the United States. It was a bad name for a good party. English in its origin, it had no significance in American politics. The word "Democratic," as applied to the opposing party, was equally a misnomer. The word "Democracy," from which it is derived, means a government of the people, but the controlling power of the Democratic party resided in the southern states, where a large portion of the people were slaves, and the ruling c

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CHAPTER VI. BIRTH OF THE REPUBLICAN PARTY. The Name Formally Adopted at Jackson, Michigan, in 1854—Nomination of John C. Fremont at Philadelphia—Democratic Convention Nominates James Buchanan—Effect of the Latter's Election on the North—My Views Concerning President Pierce and His Administration—French Spoilation Claims—First Year of Buchanan's Administration—Dred Scott Case Decision by Supreme Court—The Slavery Question Once More an Issue in Congress—Douglas' Opposition to the Lecompton Scheme—Turning Point of the Slavery Controversy.

During the first session of the 34th Congress, the opponents of slavery were without a party name or organization. They agreed only in the one demand, that slavery should not be established in Kansas. On other questions they voted on old party lines. The Members elected in 1854 in the northern states were Democrats, Whigs or Free Soilers. Many of the Democrats still supported the administration of President Pierce, and acquiesced in the doctrine of popular sovereignty in the territories. A few o

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CHAPTER VII. RECOLLECTIONS OF THE FINANCIAL PANIC OF 1857. Its Effect on the State Banks—My Maiden Speech in Congress on National Finances—Appointed a Member of the Committee on Naval Affairs—Investigation of the Navy Department and its Results—Trip to Europe with Mrs. Sherman—We Visit Bracklin's Bridge, Made Famous by Sir Walter Scott—Ireland and the Irish—I Pay a Visit to Parliament and Obtain Ready Admission—Notable Places in Paris Viewed With Senator Sumner—The Battlefield of Magenta—Return Home.

In the summer of 1857 there occurred one of those periodical revulsions which seem to come after a term of apparent prosperity. On the 24th of August the Ohio Life Insurance &amp; Trust Company failed. That single event, in itself unimportant, indicated an unhealthy condition of trade, caused by reckless speculation, high prices, the construction of railroads in advance of their need, a great increase of imports, and the excessive development of cities and towns. All credits were expanded. T

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CHAPTER VIII. EXCITING SCENES IN CONGRESS. I am Elected for the Third Term—Invasion of Virginia by John Brown —His Trial and Execution—Spirited Contest for the Speakership— Discussion over Helper's "Impending Crisis"—Angry Controversies and Threats of Violence in the House—Within Three Votes of Election as Speaker—My Reply to Clark's Attack—Withdrawal of my Name and Election of Mr. Pennington—Made Chairman of the Committee of Ways and Means—President Buchanan Objects to Being "Investigated"— Adoption of the Morrill Tariff Act—Views Upon the Tariff Question —My Colleagues.

On the 29th of July, 1858, I received the congressional nomination for my third term without opposition, and, in October following, was elected as a Member of the 36th Congress, by a majority of 2,331 over S. J. Patrick, Democrat. The memorable campaign in Illinois in that year excited profound interest throughout the United States, the debate between Douglas and Lincoln attracting universal attention. The result was favorable to Douglas, and the legislature re-elected him Senator, but Mr. Linco

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CHAPTER IX. LAST DAYS OF THE BUCHANAN ADMINISTRATION. My First Appearance Before a New York Audience—Lincoln's Nomination at the Chicago Convention—I Engage Actively in the Presidential Canvass—Making Speeches for Lincoln—My Letter to Philadelphia Citizens—Acts of Secession by the Southern States—How the South was Equipped by the Secretary of the Navy—Buchanan's Strange Doctrine Regarding State Control by the General Government—Schemes "To Save the Country"—My Reply to Mr. Pendleton on the Condition of the Impending Revolution—The Ohio Delegation in the 36th Congress —Retrospection.

I have followed this important session of Congress to its close, but while the debate continued in Congress a greater debate was being conducted by the people. Never before was such interest felt in the political questions of the day. In many of the cities of the country clubs were organized for political discussions, and persons in public life were pressed to make speeches or lectures on the topics of the day. The Young Men's Central Republican Union, of New York, arranged a series of lectures,

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CHAPTER X. THE BEGINNING OF LINCOLN'S FIRST ADMINISTRATION. Arrival of the President-Elect at Washington—Impressiveness of His Inaugural Address—I am Elected Senator from Ohio to Succeed Salmon P. Chase—Letters Written to and Received from My Brother William Tecumseh—His Arrival at Washington—A Dark Period in the History of the Country—Letter to General Sherman on the Attack Upon Fort Sumter—Departure for Mansfield to Encourage Enlistments —Ohio Regiments Reviewed by the President—General McLaughlin Complimented—My Visit to Ex-President Buchanan—Meeting Between My Brother and Colonel George H. Thomas.

Abraham Lincoln, the President elect, arrived in the city of Washington on the 23rd day of February, 1861, and, with Mrs. Lincoln, stopped at Willard's Hotel where I was then living. On the evening of his arrival I called upon him, and met him for the first time. When introduced to him, he took my hands in both of his, drew himself up to his full height, and, looking at me steadily, said: "You are John Sherman! Well, I am taller than you; let's measure." Thereupon we stood back to back, and some

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CHAPTER XI. SPECIAL SESSION OF CONGRESS TO PROVIDE FOR THE WAR. Condition of the Treasury Immediately Preceding the War—Not Enough Money on Hand to Pay Members of Congress—Value of Fractional Silver of Earlier Coinage—Largely Increased Revenues an Urgent Necessity —Lincoln's Message and Appeal to the People—Issue of New Treasury Notes and Bonds—Union Troops on the Potomac—Battle of Bull Run— Organization of the "Sherman Brigade"—The President's Timely Aid —Personnel of the Brigade.

To understand the measures to be submitted to Congress at its approaching session, it is necessary to have a clear conception of the condition of the treasury at that time, and of the established financial policy of the government immediately before the war. On the meeting of Congress in December, 1860, the treasury was empty. There was not enough money even to pay Members of Congress. The revenues were not sufficient to meet the demands for ordinary expenditures in time of peace. Since 1857 mon

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CHAPTER XII. PASSAGE OF THE LEGAL TENDER ACT IN 1862. My Interview with Lincoln About Ohio Appointments—Governmental Expenses Now Aggregating Nearly $2,000,000 Daily—Secretary Chase's Annual Report to Congress in December, 1861—Treasury Notes a Legal Tender in Payment of Public and Private Debts—Beneficial Results from the Passage of the Bill—The War Not a Question of Men, but of Money—Proposed Organization of National Banks—Bank Bills Not Taxed—Local Banks and Their Absorption by the Government—The 1862 Issue of $150,000,000 in "Greenbacks"—Legal Tender Act a Turning Point in Our Financial History—Compensation of Officers of the Government.

About this time I had an interview with Mr. Lincoln which may be of interest. In making the local appointments in Ohio he was naturally governed largely by his strong affinities for old Whig associates in Congress, of one of whom, General Schenck, he was especially fond. I thought some of his appointments in Ohio were not judicious, and concluded I would go to him and make a general complaint of the distribution of these offices. I felt that he failed to consider the fact that the Republican par

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CHAPTER XIII. ABOLISHMENT OF THE STATE BANKS. Measures Introduced to Tax Them out of Existence—Arguments That Induced Congress to Deprive Them of the Power to Issue Their Bills as Money—Bill to Provide a National Currency—Why Congress Authorized an Issue of $400,000,000, of United States Notes—Issue of 5-20 and 10-40 Bonds to Help to Carry on the War—High Rates of Interest Paid—Secretary Chase's Able Management of the Public Debt—Our Internal Revenue System—Repeal of the Income Tax Law—My Views on the Taxability of Incomes.

Long before I became a Member of Congress I had carefully studied the banking laws of the several states. The State of Ohio adopted, in 1846, an improved system of banking. My study and experience as a lawyer in Ohio convinced me that the whole system of state banks, however carefully guarded, was both unconstitutional and inexpedient and that it ought to be overthrown. When I entered Congress I was entirely prepared, not only to tax the circulation of state banks, but to tax such banks out of e

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CHAPTER XIV. LINCOLN'S EMANCIPATION PROCLAMATION. Slavery in the District of Columbia Abolished—Law Goes Into Effect on April 10, 1862—Beginning of the End of Slavery—Military Measures in Congress to Carry on the War—Response to the President's Call —Beneficial Effects of the Confiscation Act—Visits to Soldiers' Camps—Robert S. Granger as a Cook—How I Came to Purchase a Washington Residence—Increase of Compensation to Senators and Members and Its Effect—Excitement in Ohio over Vallandigham's Arrest—News of the Fall of Vicksburg and Defeat of Lee at Gettysburg —John Brough Elected Governor of Ohio—Its Effect on the State.

Another question of grave political significance was presented to the 37th Congress early in this session, that of the abolition of slavery in the District of Columbia. I had from the beginning declared my opposition to any interference with slavery in the District, but the changed condition of the country demanded a change of public policy in this respect. Slavery was made the pretext for, and, I believe, was, the real cause of the war. It had a foothold in the District of Columbia, but it exis

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CHAPTER XV. A MEMORABLE SESSION OF CONGRESS. Dark Period of the War—Effect of the President's Proclamation— Revenue Bill Enacted Increasing Internal Taxes and Adding Many New Objects of Taxation—Additional Bonds Issued—General Prosperity in the North Following the Passage of New Financial Measures—Aid for the Union Pacific Railroad Company—Land Grants to the Northern Pacific—13th Amendment to the Constitution—Resignation of Secretary Chase—Anecdote of Governor Tod of Ohio—Nomination of William P. Fessenden to Succeed Chase—The Latter Made Chief Justice—Lincoln's Second Nomination—Effect of Vallandigham's Resolution—General Sherman's March to the Sea—Second Session of the 38th Congress.

The 38th Congress met on the 7th of December, 1863. The Members of the House of Representatives were elected in the fall of 1862, perhaps the darkest period of the war for the Union cause. The utter failure of McClellan's campaign in Virginia, the defeat of Pope at the second battle of Bull Run, the jealousies then developed among the chief officers of the Union army, the restoration of McClellan to his command, the golden opportunity lost by him at Antietam, the second removal of McClellan from

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CHAPTER XVI. ASSASSINATION OF ABRAHAM LINCOLN. Johnson's Maudlin Stump Speech in the Senate—Inauguration of Lincoln for the Second Term—My Trip to the South—Paying off a Church Debt—Meetings to Celebrate the Success of the Union Army— News of the Death of Lincoln—I Attend the Funeral Services—General Johnston's Surrender to General Sherman—Controversy with Secretary Stanton Over the Event—Review of 65,000 Troops in Washington—Care of the Old Soldiers—Annual Pension List of $150,000,000—I am Re- elected to the Senate—The Wade-Davis Bill—Johnson's Treatment of Public Men—His Veto of the Civil Rights Bill—Reorganization of the Rebel States and Their Final Restoration to the Union.

On the 4th of March, 1865, at the inauguration of the President and Vice President elect, a scene occurred in the Senate chamber, which made a serious impression, and was indicative of what was to occur in the future. About eleven o'clock of that day Andrew Johnson, Vice President, was shown into the room in the capitol assigned to the Vice President. He complained of feeling unwell and sent for either whisky or brandy, and must have drunk excessively of it. A few minutes before twelve o'clock h

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CHAPTER XVII. INDEBTEDNESS OF THE UNITED STATES IN 1865. Organization of the Greenback Party—Total Debt on October 31st amounts to $2,805,549,437.55—Secretary McCulloch's Desire to Convert All United States Notes into Interest Bearing Bonds—My Discussion with Senator Fessenden Over the Finance Committee's Bill —Too Great Powers Conferred on the Secretary of the Treasury—His Desire to Retire $10,000,000 of United States Notes Each Month— Growth of the Greenback Party—The Secretary's Powers to Reduce the Currency by Retiring or Canceling United States Notes is Suspended—Bill to Reduce Taxes and Provide Internal Revenue—My Trip to Laramie and Other Western Forts with General Sherman— Beginning of the Department of Agriculture.

During this period a party sprang up composed of men of all parties called the Greenback party, who favored an increase of United States notes, and the payment of all United States bonds and securities in such notes. This difference of opinion continued until the resumption of specie payments, in January, 1879. I propose to state here the measures adopted in respect to the national currency and debt during the rest of the administration of President Johnson. The total debt of the United States o

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CHAPTER XVIII. THREE MONTHS IN EUROPE. Short Session of Congress Convened March 4, 1867—I Become Chairman of the Committee on Finance, Succeeding Senator Fessenden—Departure for Europe—Winning a Wager from a Sea Captain—Congressman Kasson's Pistol—Under Surveillance by English Officers—Impressions of John Bright, Disraeli and Other Prominent Englishmen—Visit to France, Belgium, Holland and Germany—An Audience with Bismarck—His Sympathy with the Union Cause—Wonders of the Paris Exposition—Life in Paris—Presented to the Emperor Napoleon III and the Empress Eugenie —A Dinner at the Tuileries—My Return Home—International Money Commission in Session at Paris—Correspondence with Commissioner Ruggles—His Report—Failure to Unify the Coinage of Nations— Relative Value of Gold and Silver.

During the last session of the 39th Congress the relations between President Johnson and Congress became such that it was deemed advisable to provide by law for a session of the new Congress on the 4th of March, 1867, that being the commencement of the term for which the Members were elected. The law, in my opinion, ought to be a permanent one, so that the will of the people, as evidenced by the elections, may be promptly responded to. But such was not the purpose of this act. The reason was tha

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CHAPTER XIX. IMPEACHMENT OF ANDREW JOHNSON. Judiciary Committee's Resolution Fails of Adoption by a Vote of 57 Yeas to 108 Nays—Johnson's Attempt to Remove Secretary Stanton and Create a New Office for General Sherman—Correspondence on the Subject—Report of the Committee on Impeachment, and Other Matters Pertaining to the Appointment of Lorenzo Thomas—Impeachment Resolution Passed by the House by a Vote of 126 Yeas to 47 Nays— Johnson's Trial by the Senate—Acquittal of the President by a Vote of 35 Guilty to 19 Not Guilty—Why I Favored Conviction—General Schofield Becomes Secretary of War—"Tenure of Office Act."

During the spring and summer of 1867 the question of impeaching Andrew Johnson, President of the United States, was frequently discussed in the House of Representatives. The resolutions relating to his impeachment were introduced by James M. Ashley, of Ohio, on the 7th of March, 1867, and they were adopted on the same day. These resolutions instructed the judiciary committee, when appointed, to continue the inquiry, previously ordered, into certain charges preferred against the President of the

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CHAPTER XX. THE FORTIETH CONGRESS. Legislation During the Two Years—Further Reduction of the Currency by the Secretary Prohibited—Report of the Committee of Conference —Bill for Refunding the National Debt—Amounted to $2,639,382,572.68 on December 1, 1867—Resumption of Specie Payments Recommended— Refunding Bill in the Senate—Change in My Views—Debate Participated in by Nearly Every Senator—Why the Bill Failed to Become a Law— Breach Between Congress and the President Paralyzes Legislation— Nomination and Election of Grant for President—His Correspondence with General Sherman.

During the 40th Congress, extending from the 4th of March, 1867, to the 4th of March, 1869, the chief subjects of debate were the contraction of the currency, the refunding of the public debt, the payment of United States notes in coin, and a revision of the laws imposing internal taxation and duties on imported goods. Early in the first session of this Congress, the opposition of the people to the policy of contraction, constantly pressed by Secretary McCulloch, became so imperative that both H

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CHAPTER XXI. BEGINNING OF GRANT'S ADMINISTRATION. His Arrival at Washington in 1864 to Take Command of the Armies of the United States—Inaugural Address as President—"An Act to Strengthen the Public Credit"—Becomes a Law on March 19, 1869— Formation of the President's Cabinet—Fifteenth Amendment to the Constitution—Bill to Fund the Public Debt and Aid in the Resumption of Specie Payments—Bill Finally Agreed to by the House and Senate —A Redemption Stipulation Omitted—Reduction of the Public Debt— Problem of Advancing United States Notes to Par with Coin.

President Grant entered into his high office without any experience in civil life. In his training he was a soldier. His education at West Point, his services as a subordinate officer in the Mexican War, and as the principal officer in the Civil War of the Rebellion, had demonstrated his capacity as a soldier, but he was yet to be tested in civil life, where his duties required him to deal with problems widely differing from those he had successfully performed in military life. I do not recall w

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CHAPTER XXII. OUR COINAGE BEFORE AND AFTER THE WAR. But Little Coin in Circulation in 1869—General Use of Spanish Pieces—No Mention of the Dollar Piece in the Act of 1853—Free Circulation of Gold After the 1853 Act—No Truth in the "Demonetization" Charge—Account of the Bill Revising the Laws Relative to the Mint, Assay Offices and Coinage of the United States—Why the Dollar was Dropped from the Coins—Then Known Only as a Coin for the Foreign Market—Establishment of the "Trade Dollar"—A Legal Tender for Only Five Dollars—Repeated Attempts to Have Congress Pass a Free Coinage Act—How It Would Affect Us—Controversy Between Senator Sumner and Secretary Fish.

At the date of the passage of the act "to strengthen the public credit," on March 19, 1869, there was but little coin in circulation in the United States except gold coin, and that was chiefly confined to the Pacific coast, or to the large ports of entry, to be used in payment of duties on imported goods. Silver coins were not in circulation. The amount of silver coined in 1869 was less than one million dollars and that mainly for exportation. Fractional notes of different denominations, from te

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CHAPTER XXIII. SOME EVENTS IN MY PRIVATE LIFE. Feuds and Jealousies During Grant's Administration—Attack on Me by the Cincinnati "Enquirer"—Reply and Statement Regarding My Worldly Possessions—I Am Elected to the Senate for the Third Term —Trip to the Pacific with Colonel Scott and Party—Visit to the Yosemite Valley—San Diego in 1872—Return via Carson City and Salt Lake—We call on Brigham Young—Arrival Home to Enter Into the Greeley-Grant Canvass—Election of General Grant for the Second Term.

I have purposely followed the legislation of Congress on financial questions until the passage of the act of 1873, passing over other events in my personal history and that of President Grant. It can hardly be said that we had a strictly Republican administration, during his two terms. While Republicans were selected to fill the leading offices, the policy adopted and the controlling influence around him were purely personal. He consulted but few of the Senators or Members, and they were known a

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CHAPTER XXIV. THE PANIC OF 1873 AND ITS RESULTS. Failure of Jay Cooke and Co.—Wild Schemes "for the Relief of the People"—Congress Called Upon for Help—Finance Committee's Report for the Redemption of United States Notes in Coin—Extracts from My Speech in Favor of the Report—Bill to Fix the Amount of United States Notes—Finally Passed by the Senate and House—Vetoed by President Grant and Failure to Pass Over His Objection—General Effect Throughout the Country of the Struggle for Resumption— Imperative Necessity for Providing Some Measure of Relief.

During the first four years of General Grant's administration the financial condition of the United States was eminently prosperous. The total reduction of the national debt, from the 1st of March, 1869, to the 1st of November, 1873, was $383,629,783, the annual saving of interest resulting therefrom being $27,432,932. During this period the value of United States notes compared with coin steadily increased. The funding of the six per cent. bonds into five per cent. bonds, under the refunding ac

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CHAPTER XXV. BILL FOR THE RESUMPTION OF SPECIE PAYMENTS. Decline in Value of Paper Money—Meeting of Congress in December, 1874—Senate Committee of Eleven to Formulate a Bill to Advance United States Notes to Par in Coin—Widely Differing Views of the Members—Redemption of Fractional Currency Readily Agreed to—Other Sections Finally Adopted—Means to Prepare for and Maintain Resumption —Report of the Bill by the Committee on Finance—Its Passage by the Senate by a Vote of 32 to 14—Full Text of the Measure and an Explanation of What It Was Expected to Accomplish—Approval by the House and the President.

When Congress met in December, 1874, the amount of United States notes outstanding was $382,000,000. The fractional notes outstanding convertible into legal tenders amounted to $44,000,000, and the amount of national bank notes redeemable in lawful money was $354,000,000, in all $780,000,000. Each dollar was worth a fraction less than 89 cents in coin. While these notes were at a discount coin did not and could not circulate as money. The government exacted coin for customs duties and paid coin

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CHAPTER XXVI. RESUMPTION ACT RECEIVED WITH DISFAVOR. It Is Not Well Received by Those Who Wished Immediate Resumption of Specie Payments—Letter to "The Financier" in Reply to a Charge That It Was a "Political Trick," etc.—The Ohio Canvass of 1875— Finance Resolutions in the Democratic and Republican Platforms—R. B. Hayes and Myself Talk in Favor of Resumption—My Recommendation of Him for President—A Democrat Elected as Speaker of the House— The Senate Still Republican—My Speech in Support of Specie Payments Made March 6, 1876—What the Financial Policy of the Government Should Be.

The resumption act was generally received with disfavor by those who wished the immediate resumption of specie payments. It was the subject of much criticism in the financial journals, among others "The Financier," which described it as a political trick, an evasion of a public duty, and as totally inadequate for the purpose sought to be accomplished. I took occasion to reply to this article in the following letter: "United States Senate Chamber,} "Washington, January 10, 1875.} "Dear Sir:—As I

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CHAPTER XXVII. MY CONFIDENCE IN THE SUCCESS OF RESUMPTION. Tendency of Democratic Members of Both Houses to Exaggerate the Evil Times—Debate Over the Bill to Provide for Issuing Silver Coin in Place of Fractional Currency—The Coinage Laws of the United States and Other Countries—Joint Resolution for the Issue of Silver Coins—The "Trade Dollar" Declared Not to Be a Legal Tender—My Views on the Free Coinage of Silver—Bill to Provide for the Completion of the Washington Monument—Resolution Written by Me on the 100th Anniversary of the Declaration of Independence—Unanimously Passed in a Day by Both Houses—Completion of the Structure Under the Act.

It seemed to be the policy of a majority of the Democratic Members of both the Senate and the House to exaggerate the evils and discouragements of the times, while in fact the people were rapidly recovering from the results of the panic of 1873, and all branches of industry were, to a greater or less extent, starting into life anew, and to prevent the resumption of specie payments, and, if possible, to repeal the act providing for such resumption. This policy undoubtedly checked the process of r

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CHAPTER XXVIII. THE HAYES-TILDEN PRESIDENTIAL CONTEST. Nomination of R. B. Hayes for President—His Fitness for the Responsible Office—Political Shrewdness of Samuel J. Tilden, His Opponent—I Enter Actively Into the Canvass in Ohio and Other States —Frauds in the South—Requested by General Grant to Go to New Orleans and Witness the Canvassing of the Vote of Louisiana— Departure for the South—Personnel of the Republican and Democratic "Visitors"—Report of the Returning Board—My Letter to Governor Hayes from New Orleans—President Grant's Last Message to Congress —Letter from President Hayes—Request to Become his Secretary of the Treasury.

The Republican national convention of 1876 met at Cincinnati on the 14th of June of that year. After the usual organization the following eight nominations for President were made: Blaine, Morton, Conkling, Bristow, Hayes, Hartranft, Wheeler and Jewell. The total number of delegates was 754. Blaine was greatly in the lead, receiving on the first ballot 285 votes, some from nearly every state. Morton received 124, Bristow 113, Conkling 99, Hayes 61, Hartranft 58, Jewell 11, and Wheeler 3. There w

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CHAPTER XXIX. I BEGIN MY DUTIES AS SECRETARY OF THE TREASURY. Legislative Training of Great Advantage to Me in My New Position— Loan Contract in Force When I Took the Portfolio—Appointment of Charles F. Conant as Funding Agent of the Treasury Department in London—Redeeming Called Bonds—Sale of Four Per Cent. Bonds Instead of Four and a Half Per Cents.—Popularity of the New Loan—Great Saving in Interest—On a Tour of Inspection Along the Northern Atlantic Coast—Value of Information Received on This Trip—Effect of the Baltimore and Pittsburg Railroad Strikes in 1877 Upon Our Public Credit.

When I assumed the office of Secretary of the Treasury I had the advantage of some of my predecessors in that I was acquainted with the organization and duties of the treasury department. Ever since 1859 my connection with the committee of ways and means in the House and with the committee on Finance in the Senate had brought me into official relations with the head of that department. This legislative training gave me a full knowledge of the several laws that were to be executed in relation to

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CHAPTER XXX. POLICY OF THE HAYES ADMINISTRATION. Reception at my Home in Mansfield—Given by Friends Irrespective of Party—Introduced by My Old Friend and Partner, Henry C. Hedges —I Reply by Giving a Résumé of the Contests in South Carolina and Louisiana to Decide Who Was Governor—Positions Taken by Presidents Grant and Hayes in These Contests—My Plans to Secure the Resumption of Specie Payments—Effects of a Depreciated Currency—Duties of the Secretary of the Treasury—Two Modes of Resuming—My Mansfield Speech Printed Throughout the Country and in England—Letters to Stanley Matthews and General Robinson—Our Defeat in Ohio—An Extra Session of Congress—Bills Introduced to Repeal the Act Providing for the Resumption of Specie Payments—They All Fail of Passage— Popular Subscription of Bonds All Paid For.

About the 10th of August I made my usual visit to my home at Mansfield. Soon after my arrival I received the following invitation, signed by a great number of my neighbors and friends, without respect to party, expressing a desire to tender me a reception: "Hon. John Sherman. "Dear Sir:—The undersigned, your townsmen, and fellow-citizens of Richland county, desire to give you some manifestation of the very high regard in which we hold your public services. We are glad to know that you are permit

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JOHN SHERMAN'S RECOLLECTIONS OF FORTY YEARS IN THE HOUSE, SENATE AND CABINET AN AUTOBIOGRAPHY.

Copyright, 1895, By John Sherman First Greenwood reprinting, 1968 LIBRARY OF CONGRESS catalogue card number: 68-28647 Printed in the United States of America Mr. Sherman in His Library at Washington, D. C., 1895. Frontispiece Rutherford B. Hayes President Hayes and Cabinet John Sherman (Chamber of Commerce Portrait.) Inauguration of President Garfield Thurman, Sumner, Wade, Chase (Group.) James A. Garfield Chester A. Arthur Invitation to Blaine's Eulogy of Garfield United States Senate Chamber I

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