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taken without too great hardship to the debtor classes. In a speech in the Senate on January 16, 1873, he committed himself to the resumption policy.

The restoration of our currency to a specie standard is an object of primary importance. The present condition of our currency governs and controls all other questions of political economy, and until we make it conform to and be the equivalent of money—of gold coin, the recognized standard of money among all the civilized nations we cannot rest upon a solid basis for any kind of business or for public or private credit. Every man now buys or sells upon a fluctuating standard of measurement. Every man who borrows feels that he may be compelled to pay in a different money than he receives. Every producer feels that [in addition] to the uncertainty of supply and demand he must also speculate on the uncertainty of the kind and value of money with which he is to be paid. . . . The people at large, while boasting of their restored credit, of vast payments on their public debt, yet must feel that the public debt, held by them in the form of United States notes, is less valuable than gold, which it promises to pay; is less valuable than any other form of public debt. . . .

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Again, all the existing laws authorizing United States notes and bank notes are based on the theory of specie payments. The notes were only issued, however, during war, under a suspension of specie payments; there was no medium of payment except the public credit. Ordinarily the functions of a Government in furnishing money are limited to stamping on gold and silver of a certain weight and fineness its intrinsic value. Here its duty ends. But in war this process of coining did not meet the public necessities, and the United States coined its credit into money. . . . This money is but another form of public debt, a promise to pay specific quantities of gold and silver. . .

If, then, public faith, public policy, and the spirit of our laws demand that our currency be restored to the specie standard, it would seem that the only remaining inquiry should be, What is the best way to resume? But here we meet the objections

of many business men, the most active and enterprising of our people, who tell us that specie payments with them adds largely to the burden of their debts.... Some tell us they are prepared to meet the gradual approach to specie payments caused by the increased business and credit of the country, while others tell us that the country needs more currency; that its growth in population, expansion in business and new enterprises, render an increase of currency indispensable. The effect of any measure upon the interests of active business men should be carefully studied, but individual hardship is not sufficient reason for a violation of public faith, or a disregard of the general interests or policy of the whole country. . . . This argument of hardship will apply forever. If we are controlled by it we can never pay our promises. The lapse of time will not make it easier. Our financial condition is now so strong that we can afford to do right, and yet in such a way as to injure in the least possible degree those who contracted debts on a currency basis. . . .

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Again, a specie standard will also bring gold and silver coin into actual use. The amount now hoarded has been variously estimated, and, with that deposited in the Treasury and in circulation in California, cannot be less than $200,000,000. . . . therefore conclude that the fears of evil results from a specie standard are greatly exaggerated; that there will be no contraction of the currency, no disturbance of real values, no suspension of business, but that our present United States and bank notes will pass as usual in the ordinary exchanges of life, measuring the value of all property . . . equal to the real money of the world, and with no taint of dishonor or depreciation about it. . . .

A careful consideration of the whole subject leads me to the conviction that the simplest and most expedient measure is to declare by law that on and after the 1st day of January next [1874] the United States will redeem its notes either with coin or, at the option of the Secretary of the Treasury, with its bonds of convenient denominations bearing five percent interest in coin. This will be a recognition by the United States of its solemn pledge, made on March 18, 1868, that it will at the earliest practicable period redeem its notes in coin. . .

It was not inconsistency in Senator Sherman that led him, after opposing resumption of specie payments in 1869, to fix a date for resumption in 1873. He was always theoretically in favor of the measure, only he believed that the time was not ripe for it at the earlier date.1 The panic of 1873 ensued, and resumption was delayed five years longer. When it was finally accomplished Sherman himself was Secretary of the Treasury. In order to accumulate gold for the redemption of the greenbacks he invited subscriptions to United States bonds.

Treasury Department

Washington, D.C., January 16, 1878

The Secretary of the Treasury hereby gives notice that, from the 26th instant, and until further notice, he will receive subscriptions for the four percent funded loan of the United States, in denominations as stated below, at par and accrued interest in coin.

The bonds are redeemable July 1907, and bear interest, payable quarterly, on the first day of January, April, July, and October, of each year, and are exempt from the payment of taxes or duties to the United States, as well as from taxation in any form by or under state, municipal, or local authority.

The subscriptions may be made for coupon bonds of $50, $100, $500, and $1,000, and for registered bonds of $50, $100, $500, $1,000, $5,000, and $10,000.

Two percent of the purchase money must accompany the subscription; the remainder may be paid at the pleasure of the

1 He says in his "Recollections," for example: "At this time [1865] there was a wide difference of opinion between Secretary McCulloch and myself as to the financial policy of the government in respect to the public debt and the currency. ... Both of us were in favor of specie payments, he by contraction, and I by the gradual advancement of the credit and value of our currency to the specie standard. With him specie payment was the primary object. With me it was a secondary object, to follow the advancing credit of the government." — John Sherman, Recollections, Vol. I, pp. 375-376.

purchaser, either at the time of subscription, or thirty days thereafter, with interest on the amount of subscription, at the rate of 4% per annum, to date of payment.

Upon the receipt of full payment, the bonds will be transmitted, free of charge, to the subscribers, and a commission of one fourth of one per cent will be allowed upon the amount of subscriptions, but no commission will be paid upon any single subscription less than $1,000.

Forms of application will be furnished by the treasurer at Washington, the assistant treasurers at Baltimore, Boston, Chicago, Cincinnati, New Orleans, New York, Philadelphia, St. Louis, and San Francisco, and by the national banks and bankers generally. . . .

The interest on the registered bonds will be paid by check, issued by the treasurer of the United States, to the order of the holder, and mailed to his address. . . .

Payments for the bonds may be made in coin to the treasurer of the United States at Washington, or the assistant treasurers at Baltimore, Boston, etc. . . .

...

To promote the convenience of subscribers, the department will also receive, in lieu of coin, called bonds of the United States, coupons past due or maturing within thirty days, or gold certificates issued under the act of March 3, 1863, and national banks will be designated as depositories under the provisions of section 5153, Revised Statutes of the United States, to receive deposits on account of this loan, under regulations to be hereafter prescribed.

John Sherman, Secretary of the Treasury

107. Blaine's tribute to

On December 21, 1881, the Senate and the House Garfield, Feb- passed resolutions for a memorial service for the martyred ruary 27, 1882 President, James A. Garfield, to be held in the Hall of [409] Representatives, February 27, 1882, to which were invited the President, the ex-presidents, the cabinet officers, the justices of the Supreme Court, the governors of states,

the diplomatic corps, and prominent officers of the army and navy.1 Before this distinguished audience James G. Blaine, the most brilliant orator of the House, pronounced the eulogy on his late chief and dearest political friend.

...

Mr. President: For the second time in this generation the great departments of the Government of the United States are assembled in the Hall of Representatives to do honor to the memory of a murdered President. Lincoln fell at the close of a mighty struggle in which the passions of men had been deeply stirred. The tragical termination of his great life added but another to the lengthened succession of horrors which had marked so many lintels with the blood of the first-born. Garfield was slain in a day of peace, when brother had been reconciled to brother, and when anger and hate had been banished from the land. . . . Garfield's early opportunities for securing an education were extremely limited, and yet were sufficient to develop in him an intense desire to learn. He could read at three years of age, and each winter he had the advantage of the district school. He read all the books to be found within the circle of his acquaintance; some of them he got by heart. While yet in childhood he was a constant student of the Bible, and became familiar with its literature. The dignity and earnestness of his speech in his maturer life gave evidence of this early training. At eighteen years of age he was able to teach school, and thenceforward his ambition was to obtain a college education. To this end he bent all his efforts, working in the harvest field, at the carpenter's bench, and, in the winter season, teaching the common schools of the neighborhood. While thus laboriously occupied he found time to prosecute his studies, and was so successful that at twenty-two years of age he was able to enter the junior class at Williams College, then under the presidency of the venerable and honored Mark Hopkins. ...

1 On the beautiful engraved card of invitation appeared the signatures of the chairmen of the Senate and House committees on the memorial service: John Sherman for the Senate, and for the House William McKinley, Jr., destined himself thirty years later to fall as the third presidential victim of the assassin's bullet.

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