The aggregate amount of bonds refunded from March 4, 1877, to July 21, 1879, was $845,345,950.
The annual interest saved by this operation was $14,290,416.50.
The general approval and appreciation of these results was manifested by the public press, and especially in Europe. Mr. Conant, in a letter dated April 19, said:
"On yesterday morning, at the stock exchange, just after the opening hour, a McLean"s cable dispatch was posted up, stating that you had entered into a contract with a syndicate for the sale of $150,000,000 of four per cent. bonds, against the outstanding 10- 40 five per cent. bonds. People were astounded at the information, and they were all the more astonished because the operation followed so closely upon the transaction of the 4th instant. The effect of this has been to send the price of the bonds up by three-fourths per cent., and to create a demand for them."
From the date of these transactions the bonds of the United States rapidly advanced in value. Many similar transactions of my successors in office have been made at a still lower rate of interest.
Among the agreeable incidents connected with the resumption of specie payments was the adoption of resolutions by the Chamber of Commerce of New York, on the 2nd of July, 1879. The second resolution was as follows:
"_Resolved_, That this Chamber tenders its congratulations to the Honorable the Secretary of the Treasury, at once the framer and executor of the law of 1875, upon the success which has attended his administration of the national finances; as well in the funding of the public debt, as in the measures he has pursued to restore a sound currency."
I subsequently received, by the hands of William E. Dodge, late president of the Chamber of Commerce of New York, a letter from that body asking me to sit for my portrait to be placed on the walls of their Chamber. On the 24th of February I sent the following reply:
"Gentlemen:--I have the honor to acknowledge the receipt, by the hands of Wm. E. Dodge, late president of the Chamber of Commerce of New York, of your letter of the 17th instant, covering a resolution of your body, asking me to sit for my portrait to be placed upon the walls of your Chamber.
"The kinds words of Mr. Dodge in delivering the resolution add greatly to the compliment contained therein. I a.s.sure you that I deeply appreciate the honor of being designated in this manner, by a body so distinguished as the one you represent, composed of members having so large an influence in the commercial transactions, not only of our country, but of other nations, whose familiarity with financial and commercial subjects gives to its opinions great respect and authority.
"The resumption of specie payments has been brought about by the co-operation, not only of many Senators and Members of Congress, but of the leading merchants, bankers and other business men of the country. It was my good fortune to be selected, by my colleagues in the Senate, to present the resumption act, which was framed with their aid and in their councils, and to hold my present office at the time when, by its terms, the law was to be enforced. The only merit I can claim is the honest and earnest effort, with others, to secure the adoption of the policy of resumption, and to have executed the law according to its letter and spirit. I feel that I cannot accept this high compliment, without acknowledging that I am but one of the many who have contributed to the accomplishment of this beneficent object.
"I will, with great pleasure, give every facility to any artist whom you may select to carry your resolution into effect.
"Expressing to you, and the gentlemen you represent, my appreciation of a compliment so highly prized, I have the honor to be,
"Very respectfully, your obedient servant, "John Sherman.
"Messrs. A. A. Lone, James M. Brown, Sam"l D. Babc.o.c.k, Wm. E. Dodge, Henry F. Spaulding, _Committee of the Chamber of Commerce, New York_."
Subsequently, in compliance with this request, I gave to Mr.
Huntington, an eminent artist selected by that body, a number of sittings, and the result was a portrait of great merit, which was placed in the Chamber of Commerce with that of Alexander Hamilton.
I regarded this as a high compliment from so distinguished a body of merchants, but I do not indulge in the vanity of a comparison with Hamilton.
CHAPTER x.x.xVIII.
GENERAL DESIRE TO NOMINATE ME FOR GOVERNOR OF OHIO.
Death of My Brother Charles--The 46th Congress Convened in Special Session--"Mending Fences" at My Home in Mansfield--Efforts to Put Me Forward as a Candidate for the Governorship of Ohio--Letter to Murat Halstead on the Question of the Presidency, etc.--Result of My Letter to John B. Haskin--Reasons of My Refusal of the Nomination for Governor--Invitation from James G. Blaine to Speak in Maine-- My Speech at Portland--Victory of the Republican Party--My Speech at Steubenville, Ohio--Evidences of Prosperity on Every Hand--Visit to Cincinnati and Return to Washington--Results in Ohio.
On the morning of January 1, 1879, I received intelligence of the sudden death of my eldest brother, Charles T. Sherman, at his residence in Cleveland. In company with General Miles and Senator Cameron, his sons-in-law, and General Sherman, I went to Cleveland to attend the funeral. My respect and affection for him has already been stated. As the eldest member of our family he contributed more than any other to the happiness of his mother and the success of his brothers and sisters. He aided and a.s.sisted me in every period of my life, and with uniform kindness did all he could to advance my interests and add to my comfort and happiness. As district judge of the United States, for the northern district of Ohio, he was faithful and just. When, after twelve years service, he was reproached for aiding in securing the reversal of an order of the Commissioner of Internal Revenue in collecting an unlawful and unjust tax in the city of New York, as he had a perfect right to do, he resigned his position rather than engage in a controversy.
He was unduly sensitive of all accusations or innuendoes touching his honor. He was honest and faithful to every engagement, and had a larger personal following of intimate friends and a.s.sociates than either of his brothers.
On the 4th of March, 1879, President Hayes convened the 46th Congress in special session to meet on the 18th of that month, to provide necessary appropriations for the legislative, executive and judicial expenses of the government, and also for the support of the army, the 45th Congress having failed to pa.s.s bills for these objects on account of a disagreement of the two Houses as to certain provisions relating to the election laws. This session continued until July 1, and was chiefly occupied in political topics, such as reconstruction and elections. The Democratic party, for the first time in twenty years, had control of both Houses, but it neither adopted nor proposed any important financial legislation at that session, the only law pa.s.sed in respect to coin, currency or bonds which I recall being one to provide for the exchange of subsidiary coins for lawful money, and making such coins a legal tender in all sums not exceeding ten dollars. Congress seemed to be content with the operations of the treasury department at that time, and certainly made no obstacle to their success.
About the 1st of May, Mrs. Sherman, accompanied by our adopted daughter, Mary Sherman, then a young schoolgirl twelve years old, and Miss Florence Hoyt, of New York, Miss Jennie Dennison, of Columbus, and Miss Julia Parsons, of Cleveland, three bright and accomplished young ladies, embarked on the steamer Adriatic for a visit to Europe. Mrs. Sherman placed Mary in a very good school at Neuchatel, Switzerland, and then with her companions visited the leading cities of Europe.
After accompanying the party to New York I went to Mansfield, and as my family was absent and the homestead occupied by comparative strangers, I stopped at the St. James hotel where, as was natural, I met a great many of my old neighbors and friends, both Democrats and Republicans, who welcomed me home.
Among my visitors were several reporters from different parts of the country who wanted to interview me and especially to learn if I was a candidate for governor, and why I came home. In the afternoon I visited my farm near by and my homestead of about twenty acres adjoining the city. I found them in the usual neglected condition of the property of a non-resident proprietor, with many of the fences down. In the evening I was serenaded at the hotel and made a brief speech to a large audience, commencing as follows:
"I am very happy to be again in your midst, to see your faces and to greet you as friends. The shaking of your hands is more grateful to me than the music of bands or any parade. I never felt like making an explanation in coming before you until now. I found when I arrived in my old home that the papers said I came west seeking the nomination for governor. I came purely on private business-- to repair my fences and look after neglected property."
The reporters seized upon the reference to my fences, and construed it as having a political significance. The phrase "mending fences"
became a byword, and every politician engaged in strengthening his position is still said to be "mending his fences."
Previous to that time mention had been made of me in different parts of the country, not only for the nomination of Governor of Ohio, but for President of the United States. Charles Foster and Alphonso Taft were then spoken of as the leading candidates for nomination as governor. Both were my personal friends and eminently qualified to perform the duties of the office. Although I regarded the position of governor as dignified and important, well worthy the ambition of any citizen, still there were reasons which would prevent my accepting the nomination if it should be tendered me.
I felt that to abandon my duties in the treasury department might be fairly construed as an evasion of a grave responsibility and an important public duty. I knew that President Hayes was very anxious that I should remain in the office of secretary until the close of his term. I did not desire to compete with the gentlemen already named, and did all I could to discourage the movement short of absolute refusal to accept the nomination. The newspapers of the day, not only in Ohio but in other states, were full of favorable comments upon my probable nomination for governor, and my correspondence upon the subject was very large. I have no doubt that had I consented to be a candidate both Foster and Taft would have acquiesced in my nomination and I, in all human probability, would have been duly elected as Foster was.
As for the nomination for the presidency I made no movement or effort to bring it about, but then believed that General Grant would, upon his return from his tour around the world, be nominated and elected. The following letter will explain fully my position in regard to the office of both governor and president:
"Washington, D. C., May 15, 1879.
"My Dear Sir:--I notice, with heartfelt thanks for your personal kindness in the matter, the course of the "Commercial" in regard to my proposed candidacy for Governor of Ohio, and this induces me to state to you frankly and fully, in confidence, the reasons why I could not accept the nomination if tendered, and why I hope you will give such a turn to the matter as will save me the embarra.s.sment of declining.
"In ordinary circ.u.mstance an election as Governor of Ohio, after my life in the Senate, would be extremely flattering and agreeable; but at present, for several reasons, the least of which are personal, I could not accept it.
"My wife has gone to Europe on a visit of recreation greatly needed by her, my house in Mansfield is rented, and all my arrangements are made to be here during the summer. The nomination would require me to recall her, to resume my house, and to break up my plans for the summer. If this alone stood in the way, I could easily overcome it, but I know from letters received that my resignation as secretary would be regarded as a desertion of a public trust important to the whole country, with the selfish view of promoting my personal ambition, not for the governorship merely but for the presidency, which would impair rather than improve any chance I may have in that direction.
"The President would regard this change as a great inconvenience and as defeating a desire he has frequently expressed to maintain his cabinet intact during his term, so that my obligations to him forbid this.
"All these objections might be met except the one which I think is unanswerable, that my presence here in the completion of a public duty is far more important to the whole country and the cause we advocate than if I were to run as a candidate for Governor of Ohio and even succeed with a large majority.
"All things now tend to our success in Ohio and that is likely to be as complete with any other candidate for governor as myself, while if left here I will be able to so finish my business that no one can say it is incomplete.
"As for the mention of my name for the presidency, I am not so blind as not to perceive some favorable signs for me, but I have thus far observed and intend strictly to adhere to the policy of taking no step in that direction, doing no act to promote that object, and using none of the influence of my office towards it, except so far as a strict and close attention to duty here may help. I am not now, and do not intend to get, infected with the presidential fever.
"With high regard, I am, very truly yours, "John Sherman.
"M. Halstead, Esq., Cincinnati, Ohio."
During 1879 and the following year I received a mult.i.tude of letters and newspaper paragraphs advocating my nomination for President.
Among the first of such letters was one from an old friend, John B. Haskin, formerly a Member of Congress from New York. On the 10th of May, 1879, I wrote him in answer a letter, not intended for publication, but expressing what I would do in the contingency mentioned by him, as follows:
"What I would aspire to, in case public opinion should decide to make me a candidate for President, would be to unite in co-operation with the Republican party all the national elements of the country that contributed to or aided in any way in the successful vindication of national authority during the war. I would do this, not for the purpose of irritating the south or oppressing them in any way, but to a.s.sert and maintain the supremacy of national authority to the full extent of all the powers conferred by the const.i.tution.
This, as I understand it, is the Jacksonian as well as the Republican view of national powers.
"You see my general ideas would lead me to lean greatly upon the war Democrats and soldiers in the service, who have been influenced by political events since the war to withhold support from the Republican party.
"The true issue for 1880 is national supremacy in national matters, honest money and an honest dollar."
Mr. Haskin gave, or showed, this letter to a New York paper, and it was published. I expressed my opinion, but it was not one that should have been made public without authority. The letter was the subject of comment and criticism, and was treated as an open declaration of my candidacy for the office of President. It was not written with this purpose, as the context clearly shows. This incident was a caution to me not to answer such letters, unless I was a.s.sured that my replies would be treated as confidential. Yet I do not see how a man in public life can refuse to answer a friendly letter, even if his meaning can be perverted.
During the months of May and June I had a correspondence with John B. Henderson, of St. Louis, in which he expressed his great interest in my nomination. This resulted in a conference, which he advised, with President Hayes. My reply was as follows:
"Treasury Department, June 23, 1879.
"My Dear Sir:--In compliance with your suggestion, I yesterday mentioned to the President my embarra.s.sment from the general discussion of my name as a possible candidate for the Republican nomination. The points I mentioned were how far I should commit myself to a candidacy and what I should do to promote it, and second whether, under certain circ.u.mstances, he would not, in spite of his declination, become a candidate for re-election. He was very explicit on both points--first that I ought at once to let it be understood that I was a candidate in the sense stated in the Haskin letter, and no more--that great care should be taken that while a candidate, I ought not to take part in any movement of opposition to others named--especially General Grant. The feeling is growing daily that General Grant will not allow his name to be used and that, while his eminent services should be fully recognized and rewarded, it is neither right nor politic to elect him to the presidency for the third term. The President very truly said that any appearance of a personal hostility or opposition to General Grant, would be inconsistent with my constant support of his administration during eight years, and would induce a concentration that would surely defeat me. Upon the second point he was very explicit--that he would not be a candidate under any circ.u.mstances, and as far as he could properly, without any unseemly interference, he would favor my election. This was the general tenor of his conversation, which he said he would repeat to General Schurz.
This relieves me from some embarra.s.sment, but I still think it is better for us to remain absolutely quiet, awaiting the development of public opinion or the voluntary action of personal and political friends. Unless there is a clear preponderance of opinion in preference for my nomination against all others, I do not want to enter upon the scramble. As yet I do not see any concentration.
Hoping to see you soon, I remain,