John Sherman (1823-1900) had enjoyed an illustrious career in Congress (1855-1877) before President Rutherford B. Hayes appointed him Secretary of the Treasury in 1877. As a member of the Senate Finance Committee he had led the planning of Secretary Salmon P. Chase's National Banking System. Later, as chairman of that committee, he oversaw national policy on the postwar banking system, dominated by the debate over the inflationary greenback. Champions of reconstruction and westward expansion wanted to continue use of the plentiful greenback while conservative financiers wanted to control inflation and use a currency backed by gold.
This grew matter complicated and became a sectional issue when Westerners advocated a currency based on both gold and the cheaper and more readily available Western silver. Although he was faced with business failures and inflation, which magnified public opposition to "hard money," Secretary Sherman advocated a gold standard and built up the nation's gold reserves. He also recommended in 1880 that sweeping changes be made in public service in order to retain valuable employees. This recommendation resulted in the Civil Service Act of 1883. At the end of Hayes's presidency, Sherman returned to the Senate where he continued his fight against currency backed by silver.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
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