under a dire necessity. The doubt that
prevented several influential Senators, like Fessenden and Collamer,
from voting for the legal tender clause, was that they were not
convinced that our necessities were so extreme as to demand the
issue of irredeemable paper money. Most of those who voted for it
justified their vote upon the ground that the very existence of
the country depended upon its ability to coin into money its promises
to pay. THat was the position taken by me. We were assured by
Secretary Chase that nearly one hundred millions of unpaid requisitions
were lying upon his table, for money due to soldiers in the presence
of the enemy, and for food and clothing to maintain them at the
front. We then provided for the issue of legal tender United States
notes, as an extreme remedy in the nation's peril. It has always
seemed strange that so large and respectable a body of our fellow-
citizens should regard the continuance of irredeemable money as
the permanent policy of a nation so strong and rich as ours, able
to pay every dollar of its debts on demand, after the causes of
its issue had disappeared. To resume is to recover from illness,
to escape danger, to stand sound and healthy in the financial world,
with our currency based upon the intrinsic value of solid coin.

"Therefore I say, may resumption be perpetual. To wish otherwise
is to hope for war, danger, and national peril, calamities to which
our nation, like others, may be subject, but against which the
earnest aspiration of every patriot will be uttered.

"Very respectfully yours,
"John Sherman."

"January 10, 1879.
"H. C. Fahnestock, Esq.,
"Vice President First National Bank, New York.
"Sir:--Your unofficial letter of the 9th inst., suggesting the
danger that may arise from the very large and rapid subscriptions
to the four per cent. bonds, is received.

"The danger is apparent enough to all, and certainly to those who
purchase without ability to pay at the time stipulated, but it is
not one that the government can guard against, except only by taking
care to have ample security for each subscription.

"In the face of the advertisement now outstanding, I could not
withdraw the money from deposit with subscribing banks, until at
or near the time of the maturity of the call, when they must be
prepared to pay. It is not the interest of the government to force
subscriptions beyond the ability of investors, but we cannot check
subsc