Arizona weekly citizen., 1882-02-12

During the present session of Con- gress no subject Is occupying greater prominence Tn the councils of the Senate than that of finance. Shall or shall not the public debt be refunded at a lower than the present rate of interest? Sen atOr Sherman thinks that 1t should be refunded at three per cent, which view of a great question IS opposed by those who legislste For the payment of the debt, and consequently do all they can ta defeat any scheme that tends to defer said payment. as refunding at a low rate of interest undoubtedly would do On the other hand, Senator Sherman's proposal is favored by those who see iD the continuance of the debt a source Oi strength to the Government, in that a large number of persons are directly in- terested in its financial policy.
 His "recOrd' gives the subject of this sketch great authority on the question of finance. He IS an Ohio man, born al Lancaster on the 10th of May, 1923, in family of English extraction, whose first American ancestry settled in COnnectI- cat and Massachusetts. His father. Charles Robert Sherman, was made judge of the Supreme Court of Ono,
  the eighth child in family of twelve When his father died, John was only six years old, and the widows eleven surviving children were divided by harsh necessity, only three being left IL their mothers care. In 1851 John was taken by a cousin of his father, named John Sherman, to live with him at Mount Vernon. This kinsman had him fE anticipation of giving him a college edu- cation. At twelve, John entered the Academy at Lancaster. While in the sophomore class, the youth was decided to a change of intention, and We next find him acting as junior rod man iu corps of engineers engaged iu the Musk ingum improvement. In 1858, when only fifteen, he was given charge of the wOrks at Beverly. His next move was to study law in the office of Charles T. Sherman, an older brother, who afterwards was Judge of the United States DIstric Court. He entered into partnership witE this brother at Mansfield in 1Sii. FOuI years later, he began his political life a. delegate to the Whg Convention whicl nominated General Taylor for President In the same year, lS4S, he married a daughter of Judge Stewart of Mansfield. He was delegate in the Baltimore Con ventiOn of 1855. which nominated Gen eral Scott. His first election to Congress was in 1855 where he gained distinction in Committee work. He was a supporter of John c. Fremont, in 1856, believing that the area of slavery should not be extended while the existence of the ''In- stitution" itself could not be disturbed in the States which supported it. Mir Sherman was elected tO the 35th and 36ti Congresses, and was near being elected as Speaker in the latter. When, In March, 1881, Salmon P. Chase retired from the Senate, John Sherman was elected to take his place, and was reelected in 1867 and 1873. He was conspicuous for pa triotism in the war, spending money, time and service in the Federal cause. The making Treasury notes legal ten der in 1862 was mainly due to him and Salmon F. Chase. In 1866, he proposed the Refunding Act, passed in 1870, and tine resumption of specie payments on January l, 1879, was the leading triumph of his financial policy. President Hayes made him Secretary of the Treasury ln March, 1877. Upon retirement from Of fee with the incumbency of President Garfield, the veteran fnancier resumed his seat in the United States Senate, tC whose deliberations he gives the weight of great ability and experience.