YALE UNIVERblTV LIBRARY 3 9002 05423 3243 Tlv-' life .n-' Pi 1 e joj? icos ite^^/-';" J 0.111 Si>c -u. n- t;-jf,'r. , • i Ben'.Perlcy Pocre. ^\ / "''. Oincii:r<-ti,l ¦-? ,/-"-"' f .',' > -^ - ^^%^~^'i ^ "- ¦; >- . -^^ ^^_ s , r ^ ' ^ * ^-<-::»-^^ f %m. ->' - -3--' -^^-fa. 1" fee. -i- ,-^;«' „. -,jf *3U* rfrv 'r-'-' «»?„,- i ' ,J:' ' I '%^a/e. tkefdi Booh for fhd fin^i&g if a. CiUegi tn. iMs" Colony" 'Y^IL]l«'¥]MlI¥IEI^S2ir¥'' WcMf'VNJtA^ ¦n YALE USJIVen^lTY LIBRARY. , '^- THEtl'iE , AND, p 0 aL,i c ^'1 ¦• _, BYBEJSr^ : PERLEY POpjRfi. 1 ¦¦J. ' ' .-SIIER'.M-^N; CLUBlf'-bF GlkciNNATI. 1880. *- - , 1 _ , t.' ^ ... 1 THB LIFE AIJTD PUBLIC SEEVICES JOHN SHERMAN. ByBEN: perley poore. JOHN SHERMAN'S paternal ancestors emigrated from Essex County, in old England, to' Massachusetts and Connecticut, in New England, at the' time when those colonies rose suddenly, like the dragon's teeth sown by Cadmus, into full-grown strength — not, however, armed, like those fabulous warriors, with weapons for their own d6struction, but with the virtues, the vigor and the intelli gence of the Anglo-Saxon race. His grandfather, Taylor Sherman, of Norwalk, Connecticut, was an accomplished scholar and an able jurist, "%vho received a seat on the Bench, and who was a com missioner of the Fire-lands settlements, when, in 1805, he went to Ohio to arrange some disputed boundary questions. While engaged in this service, he became per sonally interested in tracts of land, located in Sherman Township, Huron County j but he returned to Connecticut, where he died in 181 5, He married, early in life, Elizabeth Stoddard, a lineal descendant of Anthony Stoddard, who emigrated from England to Boston in 1639. She was a sincere and honest woman, devoted to her husband and her children, and lived to a good old age, dying in Ohio aboxit 1848. Charles Robert Sherman, their son (the father of John Sherman), was born and brought up at Norwalk, Connecticut, where he, in due time, commenced the study of the law in the office of his father, who was then associated with Judge Chapman. He was admitted to 'the Bar in 1810, and on the loth of May of that year he married Mary Hoyt, also of Norwalk, who had growji up with him from childhood. She was a^^^dfast, true-hearted woman, devoted to her family and beloved, by her friends.^A few months after his marriage he went to Ohio in search of a home, leaving his wife in Connecticut. . He arrived at Lancaster, on his way to Cincin nati, and was so much pleased with the place and the people that he concluded to remain there. Receiving a cordial welcome, he was soon engi-ossed in the practice of his profession. The following season his wife came to him across the Alle- ghanies on horseback, carrying her infant child (afterward Judge Charles T. Sher man) on a pillow strapped before her saddle. It was a long and dreary road, beset with hardships, but Mrs. Sherman was fortunate in having as companions a con siderable party of emigrants from her native region, who- sought on the western slope of the Alleghanies a new home. 4 JOHN SHERMAN AS A CIVIL ENGINEER. alone, a sudden storm came up, blew their tent down, drenched them with rain,. and left them in a sorry plight for the rest of the night. After the work was carried to maturity, the corps was divided among the- different stations where locks or canals were to be constructed. Sherman was- stationed at Lowell as junior rod-man for Assistant Engineer Coffinbury. In the- spring of 1838, by the resignation of the officer in charge of the work at Beverly, Sherman was temporarily placed in charge and there remained during the rest of his service on the improvement. This necessarily devolved on him. a considerable responsibility, including the measurement of excavations, embank ments and stone materials, the necessary leveling for a lock to the canal, and a great variety of business growing out of the construction of a work that was to cost about ii!300,ooo. Mr. Sherman has always 'regarded the responsibility thus thrown. upon him, and the necessary diligence and care in performing ¦ the duties- assigned to him, as a better education than a\iy he could possibly have had else^yhere in the same time. It taught him" to study accuracy in details and close attention to business, and inspired self-confidence. In the severest month^ of winter, 'work was necessarily suspended, especially in the construction of the dam, and in laying the masonry of the lock. He was thus left a month or two- of leisure in the winter of 1838-39. This he endeavored to occupy by a salt speculation, which was for a long time a subject of joke among his kindred and friends. He purchased a lot of salt and loaded it on a scow, intending to float with it and three or four men down the river to Cincinnati. The prospects of the speculatioVi were very good, as salt was high at Cincinnati and low in Mus kingum, but, unluckily, within one day's float of the mouth of the river Sher man's boat was frozen up tight and remained there two months, until the season passed by and left him a loser instead of a gainer. He, however, when the river permitted, went to Cincinnati, where his brother Lampson P. Sherman. lived, as a member of the family of the somewhat famous Charles Hammond, then the editor of the Cincinnati Gazette. He there spent a week or two in the usual enjoyment of youths of his age, and had many long rambles about Cin cinnati. In the fall of 1838, the Whigs, who had been in jjower, were suddenly thrown out by the election, and during the following winter ^ new Board of Public Works- commenced the common policy of making changes in the employes on the public works. Colonel Curtis, whose politics were well known, was removed from his posi tion in the spring of 1839, simply because he was a Whig. His subordinates were not changed for* a time; but, as a sSnse of their gratitude to Colonel Curtis, most of them' signed a letter expressing their confidence in him and their regret at the official separation. Some of these young men who signed this paper were Democrats, and others were Whigs ; but the letter was construed as an offense by Captain Wall, a member of the Board of Public Works, in charge of the improvement, and all who had signed the letter were summarily turned out. So, in the summer of 1839, young Sherman was removed from his humble position, because he was a Whig. Although but sixteen years of age, John Sherman was by birth and training ail active, earnest Whig boy; and, without much knowledge of the dispute between parties, he was without doubt as honest in his opinions as many grown people who- knevv more of the subject-matter. Upon being thus ousted, he returned to Lancaster and made, up his mind to study law ; but, before doing so, his earnest desire was to go to college and com plete a regular course. During his servicein the Engineer Corps he had improved JOHN SHERMAN STUDIES AND PRACTICES LAW. t, liimself by reading, by reviewing his studies, and by cdtifact with men ; so that he could readily enter the junior year; and that was his wish, but, unfortunately, no pecuniary means were available. Some of his kindred had been embarrassed by the 1-eyulsions of the panic of 1837, and most of them were too poor to aid, and he was too pi-oud to seek aid from others; so that, after a winter of rather listless -Study at Langaster, upon the invitation of his brother Charles, he determined to go to Mansfield to study law, keeping the hope of entering college in reserve. Charles Sherman was then a good lawyer, in active practice, mostly as a com mercial lawyer in the collection of debts of Eastern merchants, unmarried, and nearly thirty years of age. John was just nineteen, tall, strong and active. Mans field was then a village of 1 100 inhabitants, in its earliest stage of growth, without pavements or other improvements, in the midst of a country which had been settled less than thirty years, but which was rapidly becoming peopled with good farmers, most of whom were of Pennsylvania descent and Democratic politics. It was known as the "Berks of Ohio," from its very large Democratic majorities. As a matter of course, any political ambition was entirely out of the question; and^ was fortunate for the young man that it was so for many years. John Sherman's uncle, Jacob Parker, an old, well educated lawyer and a man of influence, lived in Mansfield and took great interest in his nephew's progress. He constantly aided and directed him in his course of studies. After he had read Blackstone and Kent, he was set at work on Coke upon Littleton, and kept three months at this driest of books, being frequently examined as to his progress. Judge Parker was a great lover of the Law of Tenures and of ancient English law. Soon afterward (while young Sherman was still a student), he became a judge of the/common pleas court, and continued so until a short time before his death. While studying law young Sherman regularly prepared the pleadings, and did a good amount of the office business of his brother, practiced before justices of the peacej prosecuted a great variety of business, and after the first year was entirely self-supporting, and lost all interest in his former desire to complete a collegiate course. The bar at Mansfield was then considered a very able one — as much so as any in Ohio. James Stewart, T. W. Bartley, Jacob Brinkerhoff, were then active practi tioners, and all of them were subsequently judges of the higher courts ; and a number of other lawyers of very respectable standing contested with them. Quite a large number of law students were then in Mansfield, among whom were Hon. Samuel J. Kirkwood and Hon. W. B. Allisdn, now United States Senators from Iowa ; rFrank Barker, and others who were admitted to the bar and attained distinction. These younger lawyers organized themselves into a moot court, which for a year or two was very useful, but finally broke up. The four years of life spent as a law student, though longer than necessary, was still not without its value. Under the laws of 'Ohio young Sherman was compelled to wait until he *as twenty-one years of age before he could be admitted, and impatiently did so, as he was prepared for admis sion before, and was restrained from engaging in practice before the court until the day of boyish emancipation came. Those who knew him then, speak of him as having a quiet, determined manner, and once started in a direction he could not be tinned aside until he had succeeded, or satisfied' himself beyond a doubt that he was not working to a successful result. He had no bad habits or evil companions, but gave his whole mind and attention to his professional studies. While not a -jovial companion, in the usual acceptance of the term, he was always genial and :affable'fo all, and seemed more desirous of -w'inning friendship through respect than -establishing a reputation for good fellowship. 6 JOHN SHERMAN STUDIES AND PRACTICES LAW. Mr. Sherman, was admitted to the bar on the nth of May,- 1844, at Springfield,, Ohio, apd he at once entered into partnership with his brother (Charles T.) at Mansfi.eld. From that time forward he was constantly, actively and profitably einployed in the practice of his profession, until he was elected a member of Congress in 1854. Incessant in his application to business, conciliatory in his deportment, and identified with the people of Mansfield and the surrounding sec tion, he soon occupied a high position in the courts. His oratorical powers were not of that old Rpman school of declamation which was practiced by the Revolu tionary fathers and their immediate descendants; but he argued his cases after a plain, blunt, straight-forward style, which secured him the a,ttention of the court and won the confidence of the jury at the outset. His conversational manner gave freshness and, vigor to his legal arguments, as though his thoughts were spontane ous, and he was quietly drawing all the law and the facts from the case of hi&. client. Occasionally, when deeply interested, he would speak with wonderful rapidity, and although he was at times sarcastic, his words never carried a venom ous sting. To work was apparently Mr. Sherman's ambition, and he succeeded- He not only studied with great Care all cases in which he was retained, searching industriously for decisions bearing upon them, but he kept himself read up in the- legal literature of the day. He also- prosecuted his general reading, especially- uppn the great public questions of the period, and endeavored to ascertain the ¦vyis.hes of the people around him concerning them. No obstacle was ever permitted to remain in his way; and this, if we may believe Abraham Lincoln, is a family trait. When a revolt took place in the earlier part of the war for the suppression of tl>e rebellion, and General William Tecumseh Sherman subdued it, one of the officers complained to President Lincoln that the General had ¦ been very severe in his language, and had said, if a similar disorder took place again, one of the old regiments should fire on the regiment of recruits that was so disorderly. The offi cer asked, Lincoln whether he didn't think that severe. "Well," said Mr. Lin coln, "don't you trust those Shermans; they are so apt to do just as they say they ¦will." The citizens of Mansfield found that their young lawyer, -when he undertook., to do anything, was very apt tPido it. : While, Mr., She^ma.n; had ,been a student, the building and the growth of rail roads had been commenced — three of them being constructed, within a short period, through Richland county, of -vyhich Mansfield is the .coiinty-seat. The first was the road from Mansfield tp Sandusky, no-\v a part of the Baltimore and Ohio Road. It was a flat-bar, illy constructed railroad, but was the best kind then thought of, and answered the purpose of a forerunner to those which followed. It was at times dangerous to ride on it on account of the "snake-heads" or rails; which, by the weight of the cars, would.be bent upward and forced through the cars. Mr. Sher man was the attorney for this road ; attended, to its business and assessed the dam ages for roadway. So strong was the popular current in favor of railroads that the damages assessed on twenty miles of the road -n-ere only ^^2,000, and most' damages- as.sessed on a farm were at the rate of one cent. It was considered unpatriotic and: illiberal to demand any danijtge at all. Some years after the construction of this imperfect rpad, the Cleveland and Columbus Road was built through the north ern part ,of th|e, county ; while the Pittsburgh and Ft. Wayne Road was built through Mftnslield and a rapid growth of the town immediately followed, bringing, with it a large increase of profitable, business to.lawyers and others. Shortly after Mr. Sherman was admitted to the bar his mother removed fromi her own home at Lancaster to Mansfield, where she and her two younger daughters- JOHN SHERMAN SECRETARY OF WHIG CONVENTION. ^ kept house for him, and where she remained until her death in 1852, after her chil dren were all married. In the winter of 1846-47, Mr. Sherman made his first visit to Washington, remaining near a month, during which time he became acquainted w-ith most of the men of the day, and especially with Mr. Douglass, then a promi nent Democratic leader, who tireated him with great kindness; and who, but for his politic's, would have won his hearty support. His refcollections of this visit are quite vivid, and are calrefuUy preserved in a series of interesting letters which he wrote to personal friends at home. In the spring of 1848 Mr. Sherman was selected by the Congressional district in which he' lived as a delegate to the National Convention to be held at Phil adelphia. When the convention was 'being organized, upon motion of Colonel Collyer, he was made a Secretary of the body by the jocular remark that there was a young man there from the State of Ohio -who lived in a district so strongly Democratic that he never could hope to get an office unless that con vention gave liim one, and with the laugh that this created Mr, Sherman advanced to his position. Mr. Defrees, now Public Printer, said there was a young man from Indiana in precisely the same situation, and moved that Schuyler Colfax be made Assistant Secretary. Colfax and Sherman walked up to the stand together. The position of the delegates at Philadelphia was one of high responsibility — each, man bad doubtless his sectional pride and personal feelings to influence him ; but there was an overruling consideration. The enemy was in possession of the Capital — under whom could a change be effected? who was there with pure integrity, tried patriotism, high abilities and known principles, who could rally the Whig forces and inspire them with confidence? The convention followed the example of the ancient Romans and sought an American Cincinnatus, -whose disinterested virtues, simplicity of manners and long public services had won for him a reputation which in the hour of peril filled the hearts of his countrymen and sent them to seek him in his tranquil home to offer him the chief command of the Republic. The history of his life, as inscribed on the records of his' country, was his recommendation; and they selected him because they knew him by his deeds and felt "positive that a civic wreath would be added to the victorious crown of hiiii who "never surren dered." Mr. Sherman cordially supported the nomination and canvassed a portion of Ohio foi- him. "Old Zack'' lost that Statej but he was elected President and occupied the White House. During that same summer (on the 30th of August) Mr. Sherman was married to Miss Cecilia Stewart, the only child of Judge Stev^art, of Mansfield, who came there from Western Pennsylvania. She is a lady of rare accomplishments, and capable of filling any social position, but domestic in her tastes, a thorough house-wife, and kind to the poor and needy. During the winter of 1848-49 the excitement about the discovery of gold in California became very strong. The first clear account received in Ohio was in a letter from Captain, now General Sherman, to his brother John, in which he stated clearly and at length the history of the discovery and its e'ffect upon affairs in CcDlifornia. Mr. Sherman has this letter in his possession, and, in view of subsequent events, it is very interesting. In the spring of 1849, Mr. Sherman built his house at Mansfield. It is a plain, brick edifice, with a corner porch as seen from the front, and has since been remodeled by the addition of a mansard roof. This porch, in summer, is the Secretary's favorite resting-place; and up under the roof is his library and 8 JOHN SHERMAN'S HOME-LIFE AT MANSFIELD. study. The house is surrounded by well-kept grounds, ornamented with a variety of shade trees, , through which a broad drive way leads up to the entrance. For years Mr. Sherman was very actively employed in the common country, law practice of Ohio in those days. He rode the circuits of several counties.,, attended the courts, tried cases, collected debts; and, besides, transacted a variety of miscellaneous business. While he was a public-spirited and generous' citizen, and far removed from any smallness in money matters, he enjoyed the reputation of being a shrewd financier, who never made a mistake in his calcu lations concerning investments. It is stated, by one who knew him well, that. he made it a rule, early in life, to lay aside at least JS500 each year, and to regulate his expenditures in conformity with that determination. He never failed to do it; and when he saw this safely invested, then he used more — if there was more — for pleasure, or was more liberal in personal expenditure^.^ About six years after he commenced the practice of law, he embarked in the manufacture— then new to that part of Ohio — of flooring, doors, sashes, blinds and other wood-work used in house-building. This investment was a profitable one, yielding him a handsome profit for a number of successive years. In the Whig Convention of Ohio, held in 1850, Mr. Sherman took an active stand in favor of General Scott as the next Whig candidate for President, and made a speech which at that time was thought to have had great influence in directing public opinion in Ohio toward him. It was so well received that a proposition was made to nominate Mr, Sherman for Attorney-General; but the Committee thought proper to renominate Henry Stanbury. It has been previ ously stated that John Sherman was a Whig boy; and as he grew older he became more wedded to the principles of Washington and Hamilton, John Marshall, Henry Clay and Daniel Webster — principles that will live and illustrate the history of t|iis country and of constitutional liberty through all coming time. The Whig party was eventually broken up by unscrupulous politicians; but its choicest principles were preserved and embedded into the creed of the Republican party. Those who had advocated them still assert with pride their title to the appellation .of ."an Old Whig." In the summer of 1852 Mr. Sherman was elected by the State Convention a Senatorial delegate to the National Convention to be held at Baltimore. He attended that enthusiastic and able gathering, where he warmly supported Gen eral Scott, who was nominated. He advocated the selection of this old hero not merely for his distinguished military services, but for his eminent qualities as a civilian, his honesty as a man, his integrity as a citizen, and his devotion to the Union, in defense of which he had poured out his life's blood, and for the perpetuation of which he had pledged "his life, his fortune and his sacred honor." Returning to Ohio Mr. Sherman participated in the canvass, hut with very unsatisfactory results. While the election was pending he heard of the sudden death of his mother, and relinquishing his remaining appoint ments he returned home to Mansfield. In the winter of 1853-54, Mr. Sherman opened r. law office in Cleveland, with the intention of removing there at some future -time; but the proposition then pending to repeal the Missouri Compromise, excited the greatest agitation and alarm throughout the State— greater than has been known at any period since. It shook all parties to their foundation. The bad policy of the movement its want of faith, its threatened danger for the future, created a profound impression JOHN SHERMAN A REPRESENTATIVE IN CONGRESS. g Upon public opinion, and upon Mr. Sherman's own mind as well. Up to hat time he had been what might be called a conservative Whig ; anxious to avoid all discussions about slavery ; feeling that it was wrong, indefensible, and ought to be abolished, but believing it was protected by the Constitution, and, there fore, ought not to be assailed. This proposed repeal convinced him that the contest between freedom and slavery must come ; that it was unavoidable, and that the proper and true way was to enter the lists. First, upon the ground that in no event should slavery derive any benefit from the repeal of the Missouri Compromise ; and. Second, that it should as rapidly as possible be abolished in all the Territories of the United States. When the Congressional Anti-Nebraska Convention, as it was called, met, composed of those who had been members of the Democratic, the Whig, and the Free Soil parties, great difficulty existed in forming a fusion of opposing elements, jealous of each other. The choice finally fell upon Mr. Sherman, who was then but thirty-one years of age ; and while a prominent Whig, was not so prominent as to be subject to bitter hostility from opposing factions. There was a good deal of feeling in the northern counties of the district because he was not up to their standard of opinion on the slavery -question ; but his personal canvass through the district tended to dissipate these feiirS, and he was elected, receiving 8,617 votes against 5i794 votes for Wm. D. Lindsley, who then represented the district in Congress. Mr; Sherman attended and was President of the first Ohio Republican State Convention, in 1855, which nominated Salmon P. Chase for Governor, and par ticipated in the organization of the great Republican party, which was at once progressive, yet prudent ; radical, yet conservative ; neither afraid of the new hecause it was new, nor contemptuous of the old because it was old. His acute- Tiess of intellect, indefatigable industry and wisdom, which is master of his temper, gave him a commanding position in the ranks of the new political move ment, and since that time his life has been a part of the public life of the country. Mr. Sherman took his seat in the House of Representatives of the Thirty- fourth Congre-ss on the third of December, 1855, six years before the war — six years of political strife, of civil commotion, ripening into open rebellion, which formed an eventful career in our political history. Those who were meditating the establishment of a new empire, based upon the enslavement of the African race, were menacing, bitter and uncompromising; while, affiliated with them by party ties, though not in sympathy, were Cass, Douglass, and other northern Democrats, who vainly struggled against the current of events. Among the great questions debated- during these six years were: the repeal of the Missouri Com promise, the Dred-Scott Decision, the Imposition of Slavery, upon Kansas, the Fugitive Slave Law, the national expenditures and receipts, grave questions of finance, and other kindred measures involving the very existence of the Republic. Mr. Sherman brought with him into the halls of the National House of Representatives, at the commencement of the discussion of these vital questions, the habits of business, and of patient labor and of thorough investigation which his early training had given him; and he very soon acquired the respect of all his associates and the confidence of his political friends in no ordinary degree. He often participated in debate, and by his full comprehension of the subject, the result of careful and dispassionate examination, and by his familiar acquaint ance with public affairs, rose rapidly in reputation. A good speaker, a clear thinker, and a logical reasoner, his strong point was in the proportion of his lo JOHN SHERMAN ON THE INVESTIGATING COMMITTEE. faculties to each other, which made him, without being an extraordinary man in any one particular, equal to the greatest occasion, and to every difficulty. In times of unexampled excitement and difficulties, he conducted himSelf with such dignity that he impresse.d all who approached him with profound respect, and yet inspired all with affection, esteem and confidence; and to this end he united a firm fidelity to his principles, his party and friends, which was proof against all changes and disasters, combining the fariitcr in re with the stcaviier in modo. His bitterest political foes were disarmed by his calm and philosophical bearing ; and his best friends shrank from all attempts to sway him from the path of duty, from his honest convictions, and from his loyalty to the Union. There was a fierce and protracted struggle attending the election of Speaker when Mr. Sherman took his seat, and on the ninety-ninth ballot he gave his, reasons for voting for General Banks, as follows ; "I care not whether he is a member of the American party or not; I have been informed that he is, and I believe that he is; but, I repeat, I care not to what party he belongs, I understand him lo take this positioii — that the repeal of the Missouri Compromise was an act of great dishonor, and that under no circumstances ^^•hatever will he, if he have the power, allow the institution of human slavery to derive any benefit from that repeal. That is my position I I have been a Whig, but I will yield all party preferences, and will act in con cert with men of all parties and opinions who will steadily aid in preserving our western territories for free labor ; and I say now that I never will vote for a man for Speaker of this House unless he convinces me by his conduct and by his views that he never will, if he has the power to prevent it, allow the institution of- slavery to derive any advantage from repealing the compromise of 1-820." , A variety of resolutions were introduced, as the balloting for Speaker was continued, propounding interrogatories as to the political opinions of the several candidates. Mr. Sherman finally introduced one which read \\\\i%:' "ResobKd, That the only tests of the opinions of any candidate for public office are his votes and acts; and that no man ought to occupy the high position of Speaker of this House whose opinions upon important political questions are so unknown that it is necessary to examine him as a witness." ' Kansas had meanwhile become ii battle-ground between the advocates of slavery from the South and the opponents of it from the free States, each faction hoping to secure the ascendancy. A state of violence amounting to actual civil war ensued, and numbers were killed in guerrilla contests. Rival State governments were e,stablished, each with its constitution. Governor and Legislature, while acts of horrible atrocity were committed by organized bands of "Border Ruffians," who roamed about the country plundering, and often murdering peaceable and unoffending settlers. The matter became .so' serious that the House of Representatives passed a resolution on the 19th of March authorizing the appointment of a committee of three by the Speaker, to inquire into and collect evidence in regard to the troubles in Kansas generally and particularly in regard to any fraud or force attempted or practiced in relation to any of the elections which had taken place in that Territory. The appoint ment of Mr. Sherman as a member of that Kansas Investigating Committee was , a turning-point in his political career. It came to him very unexpectedly when he was on his way from IMansfield to Washington. He received a telegram at Pittsburg that Speaker Banks had announced his appointment, and that^'it wa* extremely important that he should go at once, .and without returnine to Wash ington, so he started for Kansas accompanied by Mrs. Sherman. The Commit JOHN SHERMAN AND THE BORDER RUFFIANS. ii tee was composed of Mr. Howard of Michigan, Chairman, Mr. Oliver of, Mis souri, and Mr. Sherman. It -«'as understood that Mr. Sherman was appointed by Speaker Banks because he was a lawyer fresh from practice, familiar with the modes of taking testimony, and -sufficiently industrious to apply himself to it. Mr. Howard was in feeble health, and it was feared that he would not be able to bear the fatigue of great labor. The Committee met at St. Louis, and then proceeded by river to Kansas City, accompanied by five or six persons as clerks, stenographers or sergeants-at-arms. Their arrival created great excitement. They proceeded at once to Lawrence, and commenced taking testimony. The state of society in Kansas was novel to Mr. Sherman, who for the first time found himself in the presence of men armed and r^dy for fighting. Under thp patronage of the New England Emigration Society, a body of able and brave men from that section of the Union, together with active spirits from the theiv Western States, were determined to maintain their right to establish o. free State in Kansas. Among them were Dr. Robinson, afterward Governor, John Browra and General James Lane. On the other side the rough frontier populationi from Western Missouri was reinforced by daring young men from the South, largely from Georgia and South Carolina. Almost every man bore arms, and the condition of society could not have been more lawless and dangerous. Murders had been committed by Missourians for political reasons, and it was: unsafe to travel anywhere along the border. The Settlements were confined to a few along the Missouri River, from Xansas City northward to Atchison, and along the Kansas River from Kansas City to Topeka. But few settlements had been made ten miles from one or the other of these rivers. Lawrence had beera laid out, and the town started with capital furnished no doubt by the Emigrant Aid Society, but there was not a brick house there with the exception of the Free State Hotel, and that was unfinished, having but two or three rooms plas tered, and the plaster was green. The Committee commenced taking testimony, but it was all on one side, as the Missouri people did not think it safe for them to appear, but a very com plete statement was obtained of the Free' State side of the question, and a: general history of the -violence at the previous elections, which was the main. object of the inquiry. The Capital of the State had been , .established by the Border Ruffian Legislature at Lecompton, a place about ten miles west of Lawrence, started as a pro-slavery town, and peopled almost entirely by pro- slavery men. After the committee had finished their work at Lawrence, they \Vent ta Lecompton and' took testimony there. Governor Robinson accompanied the'm„ and it was considered a very daring feat on his part to go to Lecompton, where some of the worst spirits had been' collected. The committee then went to- Topeka, a. town laid out and started by the Free State men, and from there to. Leavenworth, passing through the Indian reservation, where no white settle ments existed. At Leavenworth they took a large mass of testimony, including that of some of the chief officers of the Government. At that time the .spirit of hostility was more manifest than before. Lawrence was sacked by an organized military force from Missouri, who burned the Free State Hotel and many other buildings, and drove many of the inhabitants- away. The same armed band of desperadoes went afterwards to Leavenworth^ / threatening to burn that town, and probably the presence of the, United States- troops at Fort Leavenworth, near by, was all that prevented the sacking 'of the- 3 2 JOHN SHERMAN AND THE BORDER RUFFIANS. itown, and saved the lives of the committee. Notices (headed by drawings of nhe skull and cross-bones) of the border-ruffians to "wipe out" the committee, were posted on the doors of the committee-room. In view of these dangers, the committee had sent forward copies of the testi- inony then taken, by Dr. Robinson, but he was arrested on a boat on the Mis souri River, and returned to the jail at Leavenworth. The testimony was concealed on the person of Mrs. Robinson, who was allowed to proceed on her journey, and she delivered it lo Speaker Banks, to await the coming of the committee. After closing the testimony at Leavenworth, the committee went to Kansas •City and Westport, a town a few miles back of Kansas City, -where armed men were mustered for an invasion of Kansas, and they saw a company parading in the streets, and marching off toward Kansas, where they committed atrocities. The development of the testimony, which was impartially taken from both sides, •disclosed a condition of affairs -worse, if possible, than civil war, and for a time the members of the committee were threatened that they should not leave the lown alive. The presence, as a member of the committee, of Major Oliver, who was proven to have participated in the election, but who was in many respects an excellent man, no doubt tended to protect them from violence. One day an armed company of about sixty men marched into the committee room, dressed in the border style, with red shirts and trousers, with bowie knives and pistols in their boots, and it was thought for the purpose of stopping the investigation. After the committee had spent ahout two months in this way, it concluded its labors in Kansas and started for Washington. Mr. Howard's health became so feeble that, at his request, his colleagues went with him to Detroit to collate the testimony and prepare the report. Arriving there he was so ill that the duty -of preparing the report devolved upon Mr. Sherman, and with the assistance of the clerks who were with him, it was completed in about a week. Every state ment made in the report was verified by the clearest testimony, and has never been controverted by any one. This report, when presented to the House, •created a good deal of feeling, and intensified greatly the antagonisms in Con gress, being made the basis of the campaign of 1856; Mr. 'Sherman believed then, as he believes now, that the stand taken by the Free State men in 1856 was all that prevented the extension of slavery over the Western Territories. In :his speech in the House, he said in conclusion: "The worst evil that could befall our country is civil war ; but the outrages in Kansas can not be continued much longer -B^ithout producing it. To our Southern brethren I especially appeal. In the name of Southern rights crimes have been committed, and are being committed, which I know you can not and do not approve. These have excited a feeling in the Northern States that is deepening and strengthening ¦daily, and may produce acts of retaliation. You are in a minority, and from the nature of your institutions, you relative power is yearly decreasing. In excusing this invasion from Missouri— in attempting to hold on to an advantage obtained by force and fraud— you are setting an example which, in its ultiniate conse- •quences, may trample your rights under foot. Until these wrongs are righted, you must expect northern men to unite to redress them. It may not be this year; but, as sure as there is a God in heaven, such a union will be effected, and you will gain nothing by sustaining northern agitators in violatino- the com promise of your fathers." The administration of President Pierce persisted iu aiding the pro-slavery inter ests in Kansas,' — United States soldiers and officers joining with border ruffians in JOHN SHERMAN OPPOSES SLAVERY IN XANSAS. 13. committing outrages upon the northern settlers. Mr. Sherman in a debate on the appropriations for the Territorial government of Kansas, in which it -vvas stated that the Senate would not consent to certain provisions of the act as proposed by the House, remarked: "It is idle to say that the Senate will not consent, sir. We are- the representatives of the people and can receive no law from them. If the Senate are willing to make the issue with this House, that prosecution for political offenses shall not cease ; if they insist that law and justice should be perverted, and force and violence under the cloak of the judiciary shall reign supreme in Kansas, let them bear the responsibility. We. will have done our duty and will be sustained by those who sent us here," In the Presidential election of 1856, Mr. .Sherman supported Colonel John C. Fremont for the Presidency, in opposition to Mr. Buchanan and Mr. Fillmore. To use his own words, he acted with the Republican party with hundreds of thousands of others, simply because the Republican party resisted the extension,. but did not seek the abolition of slavery. The election of Mr. Buchanan aroused the free States to their utmost energy of action. He not only was pledged to- advance the interests of the slave-holding States by extending that institution in the Territories, but by the acquisition of Cuba. Mr. Sherman stoutly combatted the President's views. In reply to an inquiry put to him in the House of Representatives, as to carrying slavery , into the Territories under the operation of the Constitution, he said: "The Constitution of the United Stales carries- slavery nowhere. It is a local institution, confined within State limits, and goes- nowhere except wlny-e exjiress law .carries it; but, if the Supreme Court of the; United States shouldulecide otherwise, I would -acquiesce in that decision." Mr. Sherman, while a zealous champion of the rights of the Free States, took also an active part in legislation on e then (recommended had been adopted, we. could, have funded the whole of the 7-30 notes and the' floating indebtedness with, a five per cent. bond. He took, however, a. hopeful view of national finances. " We shall not," 30 JOHN SHERMAN ON FUNDING THE DEBT. said he in April, 1866, "have to beg of foreign nations, or even of our own peo ple, money within two or three years. Our natipnal debt will be greatly sought for, I have no doubt. I take a hopeful view of the future. I do not wish now to cripple the industry of the country by adopting the policy of the Secretary of the Treasury, as he Calls it, Of reducing the currency by crippling the operations of the Government, when I think that under any probability of affairs all this debt will take care of itself. I believe if the Secretary of the Treasury would do nothing in the world except sit in his chair, meet the accruing indebtedness and issue his Treasury warrants, this debt will take care of itself, and will fund itself, at foiir or fi-ve per Cent, before very long."- "Credit," said he, at this time, "is based not only upon a strict compli ance with contracts and ability to perform them, but also upon great care in iriakiiig them. We must ha-ve prudence in making a contract, honor in ob serving it, and ability to perform it. These are the elements of public as well as private credit. Our history as a natiori has shown that we have the means and will to fill our contracts ; it' is for us to show our prudence in making them in the future. In private dealing we w-'ill not trust a man who has great means and ample property if he is reckless in making engagements ; but we do trust the man who has no resources but his prudence and property. As a nation we ought not to impair our credit by making engagements more onerous than other nations do, unless we are compelled to do SP by sheer necessity. While we were in war, our Government in discredit, and our people fearing the result of the struggle, we were forced by necessity to pay high rates ; but to do so now is a confession of weakness that I see no foundation for." Mr. Sherman's speeches on funding the national debt, delivered in the Senate, on the 9th of April and the 22d of May, 1866, covered the whole ground and attracted the attention of the country. "Why," he asked, "enter the money market offering usurious interest ? Why pay more than any good merchant in New York will pay ? Why traffic our loans, a mortgage on all our industry, on terms worse than bankrupt nations of Europe offer? Go, backed by your resources, your unclouded and undisputed empire, the love and faith of your people, the respect of all nations— go, I say, with all these, and with confidence in yourselves, to the people who hold your bonds, and you will be able to borrow money at five per cent., yea, before long, at four per cent. Go not to the money changers. If they are allowed to fix the rate of your interest, they will continue it as it is with all its exemptions, until the people, fired at an injustice, will do wrong to correct it. I conclude as I commenced, that to authorize the Secre tary of the Treasury, in the process of refunding, to issue six per cent, bonds, is a political crime. Mr. Sherman stood in the Senate almost alone in opposition to the act passed in April, 1866, which was strongly pressed by Secretary McCulloch, authorizing the refunding of the floating indebtedness into a six per cent. bond. There are reasons for believing now that Mr. Fessenden subsequently became convinced that Mr. Sherman was right ; but the differences between them, which devel oped some feeling, together with failing health, caused Mr. Fessenden to decline to serve as Chairman of the Committee on Finance, after having served for but one session. Mr. Sherman was designated as his successor, and was then identi fied with the various' financial measures of Congress. He can fairly claim to have been the author, in substance, of the refunding act, and to have t.iken the most prominent part in the different financial measures that became laws. JOHN SHERMAN ON THE TARIFF. 31 While Mr. Sherman was earnest in advoca.ting a refunding policy looking to the lowering of the rate of interest on the debt, and to the resumption of specie payments, it was almost impossible; to bring about a concurrence of opinion in either party. A refundirig act had, in substance, been introduced by him as early as 1867, but it was not adopted until 1870, substantially as he had pro posed it, but without the features looking to the resumption of specie payments which he had advocated. The teniper of the public was entirely against the adoption of such measures. Prior to the panic of 1873, l''^ l^ad repeatedly intro duced and urged measures looking to a coin standard, and at one time a bill authorizing the Conversion of United States notes into bonds passed the Senate, but was defeated in the House. '' In supporting the tariff of 1867, Mr. Sherman carried out the opinions which have already been quoted. He has ever believed in the doctrine of protection for a new country like burs, and sustained bills looking ' to large collections of duties on imported goods, and to the rapid repeal of all internal taxes. " Every hour of domestic labor," said he, "contributes some portion of its product to the wants of the nation. Under these circumstances it is the plainest principle of political economy that we should so frariae our tariff laws as to produce the largest possible income from imported goods. Revenue is the first, highest and most pressing want, and it must be so levied as to do the least harhi to our in dustry. It is in the application of this principle that all the difficulty in framing a tariff law exists. This can not be done by applyirig any general rate or rule to all articles. We must discririainate between articles' of luxury and articles of neces sity ; between articles that may be produced in our country, and articles mainly produced abroad ; betw'een raw materials necessary to domestic riiiariufacture, and completed products of industry. The rate of duty must be modified by a multi tude of circumstarices, as varied as human knowledge and with details far more difficult than any subject of legislation." While Mr. Sherman favored the imposition of duties ori imported articles, he was largely instrumental in framing and passing the several acts repealing inter nal revenue taxes, and reducing them to their present low rate on whisky, tobacco, beer, arid « few stamp duties. "During the war," skid Mr. Sherman, "these duties on imports were increased to counterbalance the internal taxes levied upon domestic productions. With a few exceptions the last shred, of these internal taxes will now be repealed,: and our manufacturers can compete with their foreign rivals with no disadvantage but higher-priced labor, which is met by an average duty on the whole list of fifty per cent. ' ® "» In a con troversy like this, between opposing theories, the highest wisdom often lies. between them. While protecting horiie industry -we ought not in any case to levy a duty so high as to exclude the foreign fabric, but only such as will secure 'fair but not excessive wages, and as will induce a competition between the foreign' and domestic fabric that 'shall secure to' the customer the lowest prices' consistent with the maintenance ' in our country of all the industries for which we have equal natural facilities. We must not compel our laborers to compete with the poorly paid labor of Europe; but we ought not by our pro tection laws to secure to 'them higher \vag'es than can be earned in kindred employments;' , , , At the time of the Credit Mobilier investigation all sorts of charges were made against almost every man in public life:'' The air was full of calumny. Up to that time no imputation had ever been cast upon Mr. Sherrii'an of personal 32 JOHN SHERMAN REPLIES TO ACCUSATIONS. connection with anything improper or wrong. He was then severely gttacked by iht Cincinnati Enquirer a.ai otWsr Tyimocta-tic papers in Ohio, because it was said that he amassed great wealth out, of the , war,, and therefore must .h^ye made it improperly. Mr. .Sherman met these, charges on the threshold by writing two letters, one of -which -was -\>Titten to the Cincinnati Enquirer and the, other to Judge Welcker .pf,,Ohip. ,,,,,, , . , , ,, These letter?., stated the exact facts ,a,nd Mr. Sherman's defiant, attitude, to-w;ard all similar, accusations. No man can say, therefore, that Mr. Sherman ever in' the slightest degree received any benefit from the Government iji any business, operatioij conijected with the Government, except the salary given him by law.' It is a matter of public notoriety that no one could have ; been more stringent in severing his connection with any transaction which by possibility could affect the Government, or could be affected by periding legislation pf Congress. He even carried this position to an extreme, , and never bought, or. sold, or dealt in. any stock, bond, or security, or business which could be affected by his action in Congress. The letters mentioned above promptly squelched these accusations at the time, for they were sustained by volunt^ary declarations made by prominent Democrats, especially in Ohio; but the poison of the undefined accusation still continued, and they are, occasionally referred to, although not in the way of a charge, but, rather an imputation founded upon false estimates of his property. Thep^anic pf 1873, created a, profound impression, and led to a debate that continued for siix months, but np .agreement was possible, and both parties were about evenly diyided. This had a very injurious effect upon the fall elections in ,1874, and every one was impressed with the importance of a definite financial policy. At the first caucus held in December, 1874, Mr. Sherman offered a resolutipn aijpointing a Republican committee -with a view to bring about a concurrence of ppinion. It was adopted, and a committee of nine members of vi'hich he was chairman, was appointed, composed nearly equally of those who were classed as inflationists and contractipnists ; but by some yielding on both sides, the resumption, act was adppted by that committee as a compromise measure. There, was nothing in the bill. but what had been proposed on one side or the other in the previous, debates ; but the effective section which fixed the day of resumption and gave to the Secretary of the Treasury power to brincr it about was agreed upon, but for opposite reasons. The members of the com mittee had been so committed by previous opinions that, while they could agree upon the measure, they could not agree upon the reasons for it, and it would not have stood the test of debate. It was distinctly said that if one side stated their, views of the defects of the measure the other would not vote for it, and thus it would be defeated. The Democratic party, as purely a party of oppo sition, would vote against any measure supported by the Republicans, and, therefore, it was necessary for the latter to act together. This necessity o'f con currence was all that secured an agreement upon the bill; and it was reported to Ihe caucus and to the Senate with the distinct understanding that there should be no debate on the side pf the Republicans, but that Mr. Sherman, without conimitting any one, should be left to manage it according lo his own discretion. This timidity on the part of the. friends pf the bill, naturally weak-" ened it before the .country, for the newspapers and the public discussed it; and though it was in the main a wise measure, it was denounced by both parties as a surrender, and was not. satisfactory to the general public. Its execution depended entirely upon the will of the Secretary of the Treasury for the time being. ' John sUFrmAN'S financial confidence. 33 Meanwhile, Mr. Sherman was elected to the United States Senate for a third time. There was no opposition to him developed in the Republican party, and he received an almost unanimous nomination ; but this was at the beginning of the formation of independent parties prior to the Presidential election of 1872, and there was much fear that enough members could be Concentrated upon some third candidate to defeat him after he had received the nominatidn. A spirited effort was made to concentrate the opposition on an independent candi date, to be voted for by the Democrats, but it failed; and in January, 1872, he was elected by a strict party vote. The sinking fund laws' were regarded by Mr. Sherman as inviolable. "Sir,'' said he in March, 1875, "pledges of public faith must be observed literally and truly, and I am very glad the Secretary of the Treasury has taken the position that whatever else comes the sinking fund shall be maintained. Indeed, the law in regard to the sinking fund is so clear and so strong, that a Secretary of the Treasury who would violate that law would clearly be subject to, and ought to be, impeached. That law is an demerit of the public credit and must not be impaired." Throughout the long financial discussions that paved the way to Specie pay ments, and during the dark period of commercial adversity that followed the return of peace, Mr. Sherman never lost courage. " Sir," he said in January, 1876, " we ought to take a hopeful view of things in this centennial year of our great country. Look at the aggregate of results: A century ago we were 3,000,060, now 40,000,000; then, we had a little border on the Atlantic ; we are now eiftended to the Pacific. See what has been accomplished in a hundred years : During that time there have been periods of darkness and doubt. Every seven, or ten, or twelve years, peribdically, there have been times of financial dis tress. We have lived through them all, I believe, and I trust in God that this very year is the beginning of another period of prosperity, and that all these dark clouds which gentlemen are trying to raise up from the misery of the past two or three years and from their own clouded imaginations, will entirely disap pear. I believe that even now we are in the sunshine of increasing prosperity, and that every day and every hour will add to our wealth and relieve us from our distresses." In the political Campaign of 1876, Mr. Sherman made an able speech at Ma rietta, Ohio, which did much to inspire the Republicans with confidence, and which supplied their speakers and editors everywhere with a magazine of facts and figures. In conclusion he urged his Republican friends to enter the contest with a firm confidence that the people would do what was best : "Let us," he said, " again gather around the Republican party, proud of all the good it has done, anxious to repair its errors, determined to advance its standard, to keep fully abreast of the holiest, noblest and highest purposes of our age, to crown the full measure of our faith by protecting all men in equal fights, by redeeming all pledges of the public faith, and by securing all refPrms attaina ble by poor human nature. President Hayes was inaugurated on the 4th of March, 1877, and, in selecting his Cabinet, appointed Mr. Sherman Secretary of the Treasury. The transfer of Mr. Sherman from the Finance Committee of the Senate to the Treasury Depart ment was regarded with great satisfaction by all who were in favor of refunding the public debt into bonds bearing a low rate of interest, and by all who desired • the success pf specie resumption in 1879. 'kis large experience in the- Senate 34 JOHN SHERMAN SECRETARY OF THE TREASUrV. Finance Committee ; his thorough familiarity with all financial legislation and with the business condition and financial needs of the country at that time, and his extensive knowledge of the monetary systems and policies of other countries, all gave assurance that his administration of the Treasury would be successful. During the exciting contest over the Presidential dispute, which had just hap pily closed, the distrust and doubt which had been created in our political affairs had caused such a depression in the public securities that the sale of bonds for refunding was very limited. On taking the office of the Secretary of the Treasury, Mr. Sherman found in existence a contract between the Government and a number of associated bankers in this country and Europe for the sale of $300,000,000 of 4^ per cent, bonds for refunding purppses. This contract had existed since August 12th of the previous year, and under it about $90,000,000 had then been sold. The peaceable solution of the political difficulties, however, had removed the distrust and doubt to a certain extent, and the sales under this contract began to be made with considerable rapidity. Mr. Sherman found there were of redeemable bonds, bearing a rate of interest of five and six per cent., about seven hundred millions; and sound statesmanship demanded that they should be replaced as soon as practiceable by bonds bearing a lower rate of interest. To his viewson this matter there was no opposition from any source. Mr. Sherman also found that under the resumption act, which had then been in existence more than two years, no steps had been taken with a view to the resumption of specie payments by the Government, required by the terms of that act to take place on January 1st, 1879. In the sufficiency of this act to bring about resumption Mr. Sherman had great faith. He had carried it through the Senate; he had fought against its repeal; and he had tried in every way to popularize it with the people, and convince them of its sufficiency and power to bring the country out of the financial distress in which it had been plunged since the panic of 1873. To his views on this matter great opposition sprang up; but so long as the law remained on the statute book there was no alternative for Mr. Sherman even if he had desired it, except to see that the provisions of the law were enforced. So, on April 6th, when he had been Secretary but a few days, he addressed a letter to Messrs. Rothschild & Sons, of the associated bankers, with whom the Government had the contract for placing the 4)^ per cent. bonds, in which letter he stated that when their sales reached $200,000,000, he proposed to withdraw them from the market, and that he desired to sell for refunding purposes, the four per cent, bond ; and he invited their aid in' this policy. He also stated that he was authorized to sell, for resumption purposes, bonds similar to those sold for refunding, and that he desired to do so at the rate of thirty millions a year. At the time that letter was written the 4>^ per cent, bonds were below par in Europe, and were but very little above par at home. But the boldness of the policy which was here outlined, showing the firm faith which Mr. Sherman had in the credit of the country and in his ability to secure a lower rate of interest, gave great confidence to the bankers and business men, and caused such a rise iu the 4>^ per cent, bonds, that he was enabled to sell immediately t-«'0 millions for refunding purposes ; and before the ist of July the whole hundred millions were taken, of which fifteen millions were applied to tion purposes. ^ JOHN SHERMAN ADVOCATES RESUMPTION. 35 Such -was the success of this policy, that Mr. .Sherman was enabled on the 9th of June to obtain a contract for the sale, firm, of twenty-five millions four per cent, bonds at par, of which five millions could be applied to resumption purposes; with a provision, also, that the loan should be open to public sub scription for a period of one month. Thus, in less than six months, Mr. Sher man had been enabled so to raise the credit of the country that he was ena.bled to sell four per cent, bonds at par, and also to exact of the bankers who took the loan a condition that they should open it to the public, ih order that all might share in the benefits likely to accrue from the purchases; and he had meanwhile secured at least $20,000,000 for resumption purposes. Books for subscription to this loan were opened throughout the country immediately. An enthusiasm in behalf of the loan was raised which reminded one of the patriotic impulses that thrilled the heart of the North in the time of the war. To the surprise of every one, before the close of the thirty days during which the loan was opened to the public at large, more than seventy- five millions of bonds had been sold, of which twenty-five millions were reserved for resumption purposes. About the time this transaction was completed. Congress convened in special session. Among its first measures was the introduction, on one day, of no no fewer than thirteen bills to repeal the resumption act ; and a bill for this purpose passed the House on the 23d of the following month. Bills were also introduced, almost without number, to restore the unlimited coinage of the silver dollar, then worth about eighty-five cents in gold. The agitation of these two measures so alarmed investors that subscriptions for the four per cerit. bonds immediately ceased ; and, despite every effort of Mr. Sherman, neither bankers nor other individuals could be induced to take the loan; which had then fallen two or three per cent, below par ; and it seemed for a while as if a call for six per cent, bonds, which had been made in advance, anticipating the sale of fours, would have to be paid from the cash in the Treasury, and as if the hope of selling any more four per cent. bonds for refunding, or of successfully resuming specie payments, would have to be abandoned. Further .discussion of these measures, however, seemed to indicate that there was not sufficient strength in Congress to pass the silver bill unmodified, or to repeal the resumption act, at all events over the veto of the President, which, it was believed, would be immediately interposed. Consequently, in January, the alarm concerning the public credit somewhat abated. On the 16th of that month Mr. Sheirman, having concluded all contracts for the sale of fours, gave notice that he would receive subscriptions from the public at large for the sale of these bonds ; and he immediately brought to bear all resources and expedi ents within his power to popularize them and facilitate their sale. A poster, advertising the loan, was sent to every postmaster, banker, arid business firm, in the country. On the 28th of February, the bill authorizing the coinage of the silver dollar became a law over the veto of the President ; but it was shorn largely of its power for evil by authorizing the coinage only upon Gov ernmental account, the Government securing the difference between the bullion -value of the gold and silver dollar. This would, for a time, render the coinage harmless ; and there was a general belief that before any evil effects should flow from it, the bill might be repealed, or so modified as to prevent injury in the future. Consequently, subscriptions began again to be received; but Congress still agitated the repeal of th? resumption act, and the doubt and distrust 36 JOHN SHERMAN'S SUCCESS IN PLACING BONDS. arising from this agitation^ kept the credit of the country at such a low ebb that the sale of the four per cent, bonds could be made only with difficulty. On March the 19th, Mr. Sherman was required to appear before the Finance Committee of the Senate, where he was sharply questioned as to the condi tion of the Treasury, the action he had already taken, and the action that he proposed in regard to securing a fund for the redemption of the legal tender notes. His answers vvere so ready and satisfactory, and he showed such inti mate knowledge ^f the matter in all particulars, that very little comfort was given to the agitators for the repeal. Following this, on April Ist, he was summoned before the Committee on Banking and Currency of the House, and there subjected to a searching inquiry concerning the whole matter. The ablest and most sincere of the men who had advocated inflation, and who believed re sumption neither practicable nor wise, were in this committee, and they spared no effort and lost no opportunity to secure from Mr. Sherman a thorough and complete statement of his efforts and purposes concerning resumption. Mr. Sherman clearly showed to them the existing condition of the Treasury,' and did not hesitate to say that he proposed to increase the coin reserve by the sale of bonds of some description or other, as authorized by law, to the amount of $50,000,000. He assured them that he could do it, and that the gold could be obtained and placed in the Treasury before the period fixed for resumption in specie to take effect. He also demonstrated to them that with the fifty millions added to the amount already accumulated, the Treasury would be stronger than was the Bank of England when it resumed in l8'i9, or had been since, although that bank had meanwhile maintained resumption ; that it would be stronger in its reserves than either the Bank of France or the Imperial Bank of Germany ; and the statements he presented, with the reasons given, were so explicit and satisfactory that they cleared away all doubts in the minds of those who favored resumption, and completely discomfitted the opponents of that measure. From the publication of the proceedings of that day the friends of resumption had no good reason to be discouraged Following up the policy which he had indicated in these conferences, Mr. Sherman, four days later, invited several bankers and prominent men in New York to meet him in that city for the purpose of negotiating a sale of bonds for resumption purposes. It was the unanimous opinion of all the bankers present that no sale of four per cent, bonds for this purpose could be effected, and that it was useless to consider any such proposition. A representative of the national banks stated that he thought an arrangement could be made by which the banks - might take fifty millions of \% per cent, bonds, to be paid for on the Ist of Janu ary, the Government to receive whatever the banks could get for the bonds ; but they would give no guarantee that they would sell a single bond. Mr. Sherman replied that he had gone over there to sell fifty millions of bonds for resumption purposes, and that he proposed to do it ; and, further, that if he could not sell the bonds to them he would try to get on without their help. Receiving no better offer from the national banks, Mr. Sherman invited the members of the Rothschild syndicate to make an offer. He received from them a proposition to take fifty millions of the bonds at looi^ ; and this, receiving the approval of the President, was accepted; the representatives of the national banks recommending its acceptance most decidedly, as being better terms than they could pffer. The ability of the contca.qt.ing parties to place the cpin in the Treasury as JOHN SHERMAN AND THE LOUISIANA COUNT. 37 proposed, could not be -doubted; and from -that day resumption was assured. Further efforts to repeal the law were abandoned, and the business of the country commenced to adjust itself on the assured basis of specie payments on and after January 1st, 1879. Meanwhile, the enemies of Mr. Sherman had not been idle. Failing to dis courage him in his effort to prepare the Treasury for resumption, and having, without effect, attributed to him the cause of every business disaster which oc curred that year, they set out to implicate him in questionable transactions during the count of the Presidential vote in Louisiana. A committee of investigation was appointed by the House, and it is supposed that this committee, in some way, came in possession of what purported to be a letter from Mr. Sherman to two supervisors of elections in Louisiana, promising them, in case they stood by their returns and affidavits, that the coming Administration would see them suita bly provided for outside of the State. Unless those affidavits and returns were known by Mr. Sherman to be false, there was nothing in the letter -«'hich he ¦could wish to disown. The supervisors stood by their records, and soon after returning to their homes one of them was shot at midnight from the court-house of his own parish. A promise to provide for political friends for doing their duty . in such a lawless society could hardly be considered an offense. But the alleged letter was never produced, nor was its identity ever established by any reputable witness ; Mr. Sherman himself positively denied writing the letter, though unabje to see any great harm in it, even if he had done so ; and the committee, finding no evidence in any way implicating him, abandoned this line of investigation. This prosecution did not divert him from his financial schemes. This successful sale of 4^ per cent, bonds for resumption clearly evinced faith in the credit of this country by shrewd bankers at home and in Europe, and this faith extended more and more throughout the entire Union. The bonds rapidly rose in value, carrying with them all other United States securities, and ¦ drawing. up from behind them the four per cents, the sale of which had been very languid for several months. The sale of the latter bonds in open market was continued. with more or less success during the remainder of the year. Meanwhile the gold received for resumption -accumulated in the Treasury ; but the changing condition of the country and of the Treasury required much fore sight, effort and good judgment on the part of Mr. Sherman to prevent any dis order in business or entanglements in public accounts. Every step that the laws would permit was taken to preserve intact, so far as possible, the resumption fund. On the ist of January, about $25,000,000 of interest on the public debt, pay able in gold coin, would 'fall due. The law having required the reserve fund to be. kept in New York, Mr. Sherman determined that the payment of coin on account of interest should thereafter be also made only in that city ; but permission was given the Sub-Treasury officers to pay the interest in legal-tender notes to parties who were willing to accept them. Arrangements were made with the several assay offices by which gold could be purchased for legal-tender notes ; thus feeding the Treasury, to a certain extent, with gold bullion. But the most important precaution that was taken to prevent any run upon the resumption fund was the arrangement by which the Government, to a certain t and for certain purposes, became a member of the New York Clearing House ¦' t' Under this arrangement, in consideration of the Government's ¦ ¦ and collecting its checks through the Clearing House, that body agreed to receiv ^^^ j^^jj^^^es due it at the counter of the Sub-Treasury, and to accept, in pay- 38 JOHN SHERMAN SECURES RESUMPTION. ment of Government checks or drafts of all descriptions, legal-tender notes. As all ' the interest checks and checks issued in payment of called bonds were, by law, payable in coin, this agreement on the part of the Clearing House, through which nearly all the checks passed, relieved the Treasury almost entirely from the necessity of making coin payments. This necessity having been removed, there was no longer any particular reason for requiring the duties to be paid in coin, as required by law ; and as after the 1st of January it was fair to presume that no distinction should be made between the several kinds of money in circulation, Mr. Sherman announced that after that period legal-tender notes would be received in payment of duty and redeemed at New York on Government account whenever it became necessary to do so. Instructions were also given the. Treasury, and other officers of the Depart ment, to close up in their accounts all distinctions between coin and currency, and after January to recognize in the accounts, as well as in the money, that the Government had resumed specie payments, and that no difference in values existed between the several kinds of money in circulation. Having done this, having taken every precaution which human foresight could suggest to fortify the resumption reserve, and having pre-arranged the business of the Government so that it could easily glide into a coin channel, Mr. Sherman awaited the result, not without some anxiety, lest, after all the pains taken, the effort should prove futile and resumption a failure. The Ist of January, however, came ; the New York Sub-Treasury opened, but no one appeared lo demand coin for his legal-tender notes. The celebrated financier, who, a few months before, had said that he would give $50,000 to be at the head of the line on that New Years' day, could have had the whole line to himself for nothing. Later in the day a few stragglers asked for coin, but many more brought coin, or coin obligations, and asked to have them paid in legal-tender notes; so that at the close of the day the Government actually held more coin than it did in the morning ; and this increase of the coin reserve at the expense of the currency in the Treasury has increased from day to day ever since. The triumph of this policy of resumption was complete and satisfactoi^. In its success was found an answer to all the prophecies of evil and a complete vindication of the superior judgment of Mr. Sherman. The confident prediction that resumption would bring financial ruin proved false, for with every step taken to that Jnd business had improved and failures become less frequent. Those who think that resumption came of itself are not those who were intimately associated with Mr. Sherman and conversant with the difficulties that he had to overcome, the interests he had to conciliate, and the political opposition he met even within his Own party, where it was not good policy to have contention. The Board of Trade in New York recognized his services in this achievement by authorizing his portrait to be hung upon the walls of their building, a compliment which had been bestowed upon no financier since the days of Alexander Hamilton. It must be remembered that in making out and pursuing a line of resump tion, Mr. Sherman was obhged to travel a new path, with no precedents of the past to guide him. Heretofore, when the country had been through an era of depreciated paper, it was only depreciated bank paper, with the redemption of which the Govern ment had nothing to do, the effort of getting back to specie payments being left for business men and bankers. But in this case the Government was obliged to JOHN SHERMAN REFUUbS THE DEBT. 39 provide for the redemption in coin of nearly three hundred and fifty millions of its notes ; and the success of any policy under which this could be done depended entirely upon the skill, the energy and good judgment of the Secretary of the 1 reasury , and no amount of equivocation, or of attributing success to good crops, or to our unexampled exportation of manufactured goods, ever can or should divert from Mr Sherman the praise that is due him for the manly courage and great sagacity with which all his, efforts were carried to success. But while the country was standing on tiptoe, awaiting the result of the resumption policy, Mr. Sherman had not for a moment abated his efforts iu refunding; and on the first day of January, the day on which resumption went into effect, he issued a circular, again offering to the public the four per cents, offering to receive subscriptions at all the Sub-Treasury pffices, and inviting all the national banks to become depositaries for this purpose, and all the banks and bankers to aid him in their sale. The premium on gold having disappeared with resumption, American investors could now purchase four per qents without the loss of the premium which they had heretofore suffered ; and the grand triumph of resumption brought the credit of the country to such a condition that the sale of four per cents during the month of January were more than a hundred and fifty millions, against twenty-five millions during the preceding month. Many national banks, which had heretofore stood aloof and rendered no aid in placing the loan, came forward and asked to be designated as deposita ries, also invited and urged their customers to subscribe, and the loan thus became distributed . among smalUlnvestors throughout the whole country. To secure such a distribution of the loan had always been the purpose of Mr. Sherman; and with that purpose in view he had, as soon as it was practicable to do so, dispensed, with the services of a syndicate and thrown open to all banks upon the same. terms the privilege of taking this loan. It should be stated, however, that the immense sales of these bonds, requiring the calling in of an equal amount of outstanding six per cents, many of which were held in Europe, whither coin had to be shipped for their payment, were beginning to cause some disturbance in the exchanges of the country and to unsettle business. To obviate this difficulty, Mr. Sherman concluded a contract on the 21st of January with an European syndicate, by which five millions a month would be taken in England, that being deemed sufficient to prevent the shipment of gold to this country to pay for the called bonds ; and this policy proved to be sound. So rapid had become the sale of the bonds, that, on March 4th, Mr. Sherman announced that when enough four per cents had been sold to redeem the out standing uncalled six per cent, bonds (then about ninety millions), future sales would be probably made upon terms less .favorable to purchasers than those offered in his circular of January Ist, 1879. Owing to apprehensions that the settlements for the bonds sold m January, which would become due in April, might cause embarrassment in the money market the sale of the bonds in March largely fell off, and the market value of the 'four per cents considerably depreciated ; so much so, that the European , g 28th of March, asked for an extension of the time in which they'should'take the next allotment of bonds, and this extension was granted- °^ 'The^Tacilities for the settlement for the bonds had, however, been so jierfected ttl ments were made without any disturbance in the money market. ^ J jjjg market stiffened, and on the Ist of April subscriptions again be^g"nThicrease, and the value of the bonds to appreciate.. 40 JOHN '.SHERMAN ADVANCES THE PRICE OF.BOMDS. On the 4th of that month, while Mr. Sherman was at a Cabinet meeting, a dispatch was received from, the National Bank of Commerce, New York, sub scribing for forty million dollars of the bonds. The dispatch was immediately sent to him ; but the amount was so large that, before taking any action, he required a -repetition of the dispatch. With the repetition came a subscription from another bank of ten millions, another one of two millions, two more of twenty- five millions, and another of thirty millions. Sixty millions were accepted, and sixty millions more rejected as having come too late. The foresight of Mr. Sherman, in announcing that when the six per cents had all been called, terms more favorable to the Government would then be required in the sales of additional- four per cents, was clearly shown, and, as subsequent events proved, was of great value to the Government. Not only had Mr. . Sherman been pushing the sale of the four per cent, bonds, but he had, meanwhile, been setting on foot other schemes for securing the refunding of the public debt. In his annual report of December, 1878,^ he recommended to Con gress that authority be granted to issue certificates of the denomination of ten dollars, which should; be convertible by the Treasurer at any time into four per cent, bonds. He believed that in this way a further distribution of the loan among small holders would be ¦ accomplished. Congress, in February, 1879, in compliance with his recommendation, authorized the issue of such certificates, and, on the 12th of the following month, Mr. Sherman was able to announce that the certificates in question had been prepared, and that subscriptions for them would- be received. All possible means were ''i;:^en to popularize and dis- , tribute these certificates, but the depreciation of the bonds into which they were convertible during that month prevented the sale of them as rapidly as could be wished. But when enough certificates and bonds had been sold to cover the outstanding six peir cents, their sale was suspended, together with the sale of the bonds, as provided by the announcement of March 4. Immediately upon the suspension of the sale of the certificates and bonds as here stated, Mr. Sherman began to consider, in what way he could best advance the price of the bonds, and to what extent he could do so without wholly checking their sale. The large subscriptions of the first four days of the month induced him to be lieve that the bonds could be sold slightly above par, and with less commission to the purchasers. Upon consulting, however, with prominent financial men in New York, with members of both Houses of Congress, and with the Cabinet, he received but little encouragement in his declared purpose to advance the price of the bonds. It was generally thought that the sale of four per cents at par was as low as could be expected in this country, arid that the Secretary had better "let well enough alone," and secure, while it was possible, the advan tages which would accrue from placing them at par. Mr. Sherman, however, firmly believed that an advance should be made ; and, accordingly, on April l6th, he offered to the public one hundred and fifty millions of the four per cent, loan, at a premium of one-half of one per cent, above par, and, in addi tion thereto,- abount forty-five millions of the refunding certificates ; the pro ceeds of the whole being deemed sufficient to redeem the outstanding ten-forty bonds, which were all the bonds redeemable at that time. This step of advancing the price of the bonds in opposition to the judgment of so many men, eminent men, was not taken without some hesitancy and doubt as to the result ; and the country could well have justified Mr. Sherman in con fining himself to the successful policy heretofore pursued of selling them at par. JOHN SHERMAN'S GREAT SUCCESS WITH THE LOAN. ¦_t,\ A step of this kind once taken can not be retracted ; and ' a failure to sell , ,4Sthe bonds at an advanced price could only have resulted in a diminution of the jprestige of Mr. Sherman as a financier, and in the embarrassment of the refund ing operations of the. Government. Due regard was jDaid to these considera tions, but the announcement was issued and given to. the. press by noon of the l6th. To the gratification of Mr. Sherman, and somewhat to his surprise, before the close of business that day, a subscription for two. millions of bpnds on the terms just prescribed was received, and it began to look as if the whole loan might be taken at once. , The next morning, however, came without additional subsfcriptions; but later in the day came a subscription from New York for ten million dollars, which was followed by others, for .one million, two millions, and four millions, respect- - ively, and others for still smaller amounts. Just before the close of business oil that day, a subscription was received from the First National Bank of New York, representing a large number of private bankers in that city, for the entire amount of bonds offered and forty millions of the refunding certificates. Thus the whole loan was sold in one day, and seventy-five millions of additional sub- ¦ scriptions, coming too late, were declined. Is it any wonder that Mr. Sherman telegraphed to New York that night that the subscriptions staggered him, and he would like to know if : they were all - crazy ? ' , \ The subscriptions for the forty millions of certificates was absolutely rejected, however, Mr. Shermai^^siring that a further effort be made to jjlace these cer tificates directly among the people. The sale of all the four per cents offered being concluded, no further refund ing operation could be carried on, except the sale of tlie certificates ; and, feeling assured that these could be sold, a call was made for the entire outstanding ten- forJy loan. Under the terms of the act authorizing the issue of the certificates, the latter - could only be exchanged at par for lawful money. This restriction could riot be overcome, and so the certificates had to-be issued at par, although the bonds into which they were convertible had been sold, and were selling at an.advarice. This condition of "affairs rendered the ; certificates extremely desirable, and schemes were set on foot by- bankers, broker's and interested parties, to secure these certificates for immediate conversion into .four per cents. , Every possible . precaution was taken against such- combinations. Postmasters of money Order ffi d all other officers of the Government,, were requested, to^bond.'aijd aop'lv'for"these certificates ; and nearly seven hundred complied. , The certificates were in this way, sent, into almost every State and Territory of the Union for ' . Ai,„„f forty millions of them were thus sold, ahd the money -distribution. About lo'^.y ..-u T.-»o=iirv without loss or embarrassment. With this transaction, returned to the treasury Mr Sherman concluded the refunding operations. - -h- o years at the head, of the Treasury Department he has refunded During ^^ ^ millions of the public; debt, making a saving in nearly eierht nunarcu 1 interest of nearly $xS,<=oo,cxx>. per annum.. annual ^^ greatwork of securing the resumption of specie. payments. Will e g s national debt at the lowest possible rate of interest. Secretary and 01 re -jministered the multifarious duties of the Treasury Department with Sherman ^ ability, decision and promptness. Each official has been held great ex j^.^ own acts and for .the acts of hi^ subordinates, and: the ' strictly^resporisiDie- - • .... 42 JOHN. SHERMAN'S PUBLIC .LIFE. same economy has been introduced and enforced that should characterize a. well managed private mercantile or manufacturing establishment. While conferriftg ,with the bankers of New York who represent the financial, magfe'ates of the ¦world, or answering the ^varied inquiries concerning, the monetary, affairs , of the.. General Government propounded' by Congressional, committees. Secretary Sherman has care fully watched over the national loans, the collection of customs, thenational. bank ing, system, the collection of internal revenue ; duties, the disbursements of public moneys, the printing of notes and bonds, the light-houses on the coast and .the lakes, the coast surveys, the revenue marine, the life-saving service, the national mint, and the other subdivisions df the Treasury. .Department. In each one of . these branches;of the public service, several of whiich extend over:the whole Union, retrenchment and reform; has been prosecuted, ^^supernumarieS) have been weeded out, — the claims of rival candidates for promotion or appointment have been care fully-weighed, and the working of the Treasury Department as an important branch of the National Government have been simplified, reformed and perfected. . Such are the prominent events in the life of John Sherman — a life which rep- reserits ' 'the gi-ovvth a-nd' the; capacities of man, under the free institutions of this Republic, .From the school-room , to -the court-house,, the Capital, and - the Treasury Department, he has done his duty with ability and with fidelity, Self- reliarit, he has risen by the firmness of his character and the brilliancy of his intellect to the high position first graced by Hamilton. "'(jjfje' accomplished scholar, a learned lawyer, a fearless and enlightened .legislator,'^ a' far-seeing and. upright member of the Cabinet, an honorable gentleman in private .life, and a confiding friend, he has ever been rioted for his comprehensive intellect, his conscientious integrity, and his adherence to those conservative and constituitional principles of Government, which secure to every citizen his rights, and to every section its equal consideration under the adiriinistratio'n of just laws. The dark corruptions of the war-epoch have never clouded his reputation, nor has any tongue ever ventured to iriapeach his honor, for his life has been pure and unsullied, while it has been . brilliant and useful. Mr. Sherman is now in the prime of manhood-— tall, firmly built, yet graceful in his movements, and capable of great endurance. His features are expressive, and there is a good-humored twinkle, in his bluish gray eyes, while his forehead and the lower portion of his. face indicate positive determination and adherence. His style of oratory is colloquial and convincing, a vein of practical common sense running through its series of arguments until a convincing conclusion js reached. The rapidity with which he takes up the strong points of a case and suc cessively disposes of them, renders him a formidable adversary in debate. Careful not to infringe upon the.rights, or to wound the feelings of others, he dsmands in return from others perfect respect toward himself. The National Republican Convention, which is to meet at Chicago in June, should nominate for Presiderit of the United States a man capable of sur veying the whole field connected, with the interests of the country, who can furnish Congress vvith the information caUed for by the Constitution, and can make such recommendations as will be of practical value in shaping legislation; — a man of the people, who has been the architect of his own fortunes, upon whose public and personal record there rests no stain; — a man who has been tested by honprably filling high positions, and who is thoroughly acquainted with our maehinerjr of JOHN SHERMAN'S CLAIMS FOR THE PRESIDENCY. 43 government ; — a man whose life, whose principles, whose speeches and whose character are filled with humanity ; — a man whose nomination must strengthen and consolidate the Republican party. If the Convention seeks such a man, let it nominate one whose name is familiar to every intelligent citizen of the Union, as having maintained its credit in dark hours and successfully restored specie pay ments. Let them nominate John Sherman, of Ohio. The nomination of Mr. Sherman in June will result in his triumphant elec tion by the voters of the United States in November. His patriotism, his ability, his private virtues, and his public services, will command him the hearty support of every true Republican, of every friend of good administration, of every lover of honest money. With him as a candidate, the Republican party can receive no assault which can dim the glory of the past or impede the progress of the future. His triumph will be the triumph of Union and liberty, of the rights of the people, of the prosperity and the glory of the Republic. With John Sherman as President, the United States would have a Govern ment whose intercourse with other nations would be marked with that high de gree of international justice which would neither do or tolerate wrong; a Govern ment which would be administered at hpme by sound and pure men, who would regard offices as solemn trusts, and not as partisan spoils ; a Government marked by a lafty tone of public -morality, mild yet efficient, conservative yet liberal ; a Government which would maintain the rights of the humblest citizens and would seek the advanc^nt of American industry and the extension of Ameri can markets; a Gover*it under which Republican principles would be pre dominant through the^th and the breadth of the land; ^^Governmen under which our beloved country would advance rapidly in the highway of prosperity. honor, happiness, and glory. SH,ERly^AM:CtUB', ! C INCI N N ATI. Rooms.: 'Fourth'.and 'Walnut Streetsi^ PRESIDENT, H. WILSON brown'. VICE-PR.,E^|DE,NTS, , FERDlNANp yOGEL^^R, '.'¦/<, ¦ HENRY MU.HLHAUSER, -W,M.', HENRY DAVIS, • .'- " '- ^¦' 'O- '^^J^^MS^&^^ W; Ni, MOBART. SJI^RBTARY, E. O.'iES'IJEtBY'. TR^SMBfR, C. W. ALLEN. ,' '- ^E,X_ECUTIV:f',COM'NrVtT;t'^^' r'S' ,,_ ¦ *A. ¦T..0iOSHi)RN,,bHAiR5«!i*'. ALBERT SCHWILL, ; ; [/I GEORGE W., JONES, JAMES R. MURDOCIf, ' ' ^ .; ; ! Db-Ausijf; ijvuiCsiN, '.- '• ' -¦ ' &c'_v Ex. Cojii. COMMiTj,T„EE OF WAYS AND MEANS, HENRY; MACK;. , '.' JOHK hauck, . v., : JOHN SHILLItO.>( Jr., JAMES' M. GLENN, ''V,.' - , :¦' ' OEOk&E HAFER. ;•. ' ' \ _x ,^,^ " r>v ' ^ Wi^" ^^^"^:-> r-^»i>^'. :i t V v.. ¦ ' y h'-'\ ¦/, ^.¦>iii-« &c .4-" J* >;/- ^ V ir-l