Page:The World's Famous Orations Volume 10.djvu/232

 SHERMAN

ON "THE CRIME OF ISyS***

(1895)

Born in 1823, died In 1900; elected to Con^i-ess from Ohio, 1855-61; United States Senator, 1861-77, and 1881-97; Secretary of the Treas- ury, 1877-81; Secretary of State, 1897-98.

When the Republican party came into power in 1861 by the election of Mr. Lincoln, it had to face a formidable rebellion. Gold and silver were alike banished from circulation, and irre- deemable paper of all denominations from ten cents to $1,000 was substituted in place of coin. When the war was over the Republican party sought to restore specie pajonent as soon as prac- ticable. In March, 1869, it pledged the faith of the nation to pa>anent in coin, or its equiva- lent, of all bonds of the United States, and to redeem the United States notes at the earliest practical moment in coin.

In order to carry out this pledge it became necessary to revise the various coinage laws of the United States. This was promptly and verj carefully done by a bill framed in the treasury department while Mr. Boutwell was secretary. It was thoroughly considered by the events of that department, and was printed and submitted

• From a speech before the Ohio Republican Convention on August 15, 1895.

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