Marietta daily leader. (Marietta, Ohio) 1895-1906, 1900-11-18


"I drew TIE distinction betveen the
ordinary powers of banking and the
issue OF bank bills. The business Of
banking proper consisted of loaning
money, discounting bills, fascilitating
exchanges of productions by the agen-
cy Of commercial paper, and in receiv-
ing and disbursing the deposits of in d.
div,iuals. The issue of bank bills was
an exclusive privilege conferred only
on a few corporations. 1t was a privi-
lege that an individual could not en-
Joy. No person could issue his bills
in the form of paper money without a
corporate franchise granted him and
his associates, either by a general
banking law or by an act of incorpora-
ton. All the business of banking
might be exercised by private individ-
uals except this franchise. There was
no reason why any one individual
or partnership might not carry on all
he business incident to banking eX
cept this one of issuing bills to circu-
late as money.
Another idea, substantially that
adopted in the war of 1912, and "con
ieagned by every stateman since
was plan of carrying on the opera
tons of cur government by an asso-
citation of banks over which Congress
had no control, and which could issue
money without limit 50 far as national
laws affected it. That was the scheme
presented to us by very intelligent
gentlemen engaged in the banking
business. Th;y were honest and earn
est, but it appeared to me as preten-
tious and even ludicrous."
The relations of Salmon p. Chase
and John Sherman were of the closest
nature. Chase resigned the Secretary
.hip of the Treasury on June 90, 1864,
because of his jealousy of Lincoln,
who had just been nominated for
second term. In September, 1864,
Chase visited Mr. Sherman at his
home in Mansfield Chief Justice of
the Supreme Court Taney, had died
and that position was then vacant.
During his visit at Mansfield Mr.. Chase
| frequently mentioned the Office of
Chief Justice and spoke of it as "a po-
sitlon of eminence that ought to sat
isfy the ambition of anyone, but for
which few men were fitted" When
| Mr.. Sherman returned to Washington
at the beginning of the next session,
he called on the President and recon
mended the appointment of Mr.. Chase
IS Chief Justice Mr.. Lincoln had
some doubts as to whether the ap-
pointment would satisfy Mr.. Chase,
but when Sherman said he thought it
would, the President decided to send
the nomination to the Senate on that
day--December 6, 1864.
During the war Mr.. Sherman was
naturally deeply interested in the
movements of General w. T. Sher-
ran. He watched every mail and bull
itln when General Sherman was on
his famous march to the sea. Mr.. Lin
coin gave him such news as he could,
and once said: "Oh, no, we
have no news from General Sherman.
We know what hole he went in at, but
we do not know what hole he will
come OIL: Of"
Whel General Sherman encamped
lear Alexandria, a few miles out of
Washington, John Sherman went 10
see him. The General had been mis-
treated by Mr.. Stanton, Secretary Of
War, and said he would insult Stanton
the first chance he got. Stanton had
countermanded the terms Of surrender
he had proposed to Joe Johnson, and
General Sherman regarded this as a
disgrace. At first he was very angry
and refused to call on Stanton and de-
nounced him in unmeasured terms.
By the time the grand review took
place his anger had somewhat abated
and he seemed to have recovered his
usual manner AT the grand review
he refused to shake hands with Stan
! ton and passed him without even so
much as speaking. These men both
became reconciled before the death of
Mr.. Stanton, and when that man lay
on his dea,h-bed, General Sherman Wis
lied him and showed him every mark
of respect.
81 believe" said Mr.. Sherman, chat
all the acts and Proclamations of
President Johnson before the meeting
OF Congress were wise and expedient,
ard that there would have been no
difficulty between Congress and the
President but for his personal con-
duct, and especially his treatment of
Congress and leading Congressman.
The quarrel with Johnson
did much to weaken the Republican
party. In consequence of it several
Republican senators and members
severed their connection with that
rarty and joined the Democratic par
ty."