The American Journal of Politics (Volume 3)

This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1893. Not illustrated. Excerpt: ... THE AMERICAN JOURNAL OF POLITICS. AUGUST, 1893. JOHN SHERMAN AS A GREAT FINANCIER BY J. PRINCE. THE public interest in the last re-election of Senator Sherman, which was not limited to the state of Ohio, but was manifested to a considerable extent in other parts' of the country, undoubtedly arose from the impression that he is something extraordinary as a financial legislator, and that he is and always has been a staunch defender of the doctrine of sound money, as well as being now the special champion of the gold standard, in opposition to the advocates of the free coinage of silver. It may perhaps surprise some readers to be told that such impression is erroneous. Although in recent years he has taken side with the advocates of the gold basis, he has, on that subject, since he has been in the United States Senate, veered about like a weather-vane. In fact, he may, in nautical phrase, be said to have boxed the compass. The official records of Congress, as well as his correspondence with a banker, show that instead of having been always a Pharos, shedding a clear, steady light to guide the fiscal navi gator on the sea of finance, he has sometimes been like a dim lighthouse afloat and drifting--and which, if it had been followed at one critical time, would have lured the financial landtraveler into a quagmire. At one time he took substantially the position held by Gen. Benjamin F. Butler, George H. Pendleton, Thaddeus Stevens, and others--in favor of paying the five-twenty bonds of the United States in greenbacks, then irredeemable paper currency, insisting that it would be lawful to do so; and he assumed this position when there was no call for him to do it upon any ground of public necessity or public policy. He also persisted in adhering to it after...