SHERMAN, JOHN. 



SHIELDS, JAMES. 



that the Government had not heen able for 

 more than a week to pay the salaries of mem- 

 bers of Congress and many other demands. Mr. 

 Sherman proved equal to the occasion in pro- 

 viding the means for the future support of the 

 Government. His first step in this direction 

 was securing the passage of a bill authorizing 

 the issue of what have since been known as the 

 Treasury notes of 1860. 



In March, 1861, he was elected to fill the 

 vacancy in the Senate caused by the resignation 

 of Salmon P. Chase. He was reflected Sena- 

 tor in 1867 and in 1873. During the greater 

 part of his Senatorial career he was Chairman 

 of the Committee on Finance, and served also 

 on the Committees on Agriculture, the Pacific 

 Railroad, the Judiciary, and the Patent Office. 

 After the fall of Fort Sumter, under the call 

 of President Lincoln for 75,000 troops, he ten- 

 dered his services to General Patterson, was 

 appointed his aide-de-camp without pay, and 

 remained with the Ohio regiments in his com- 

 mand till the meeting of Congress in July. 

 After the close of this extra session he returned 

 to Ohio, and received authority from Governor 

 Denison to raise a brigade. Largely at his own 

 expense, he recruited two regiments of infan- 

 try, a squadron of cavalry, and a battery of ar- 

 tillery, comprising over 2,300 men. This force 

 served during the whole war, and was known 

 as the " Sherman Brigade." The most valu- 

 able services rendered by him to the Union 

 cause were his eiforts in the Senate to main- 

 tain and strengthen the public credit and to 

 provide for the support of the armies in the 

 field. On the suspension of specie payments, 

 about the first of January, 1862, the issue of 

 United States notes became a necessity. The 

 question of making them a legal tender was not 

 at first received with favor. Mainly through 

 the efforts of Senator Sherman and Secretary 

 Chase, this feature of the bill authorizing their 

 issue was carried through the House and Sen- 

 ate. They justified the legal-tender clause of 

 the bill on the ground of necessity. In the de- 

 bates on this question Mr. Sherman said : " I 

 do believe there is a pressing necessity that 

 these demand-notes should be made legal ten- 

 der, if we want to avoid the evils of a depre- 

 ciated and dishonored paper currency. I do 

 believe we have the constitutional power to 

 pass such a provision, and that the public safe- 

 ty now demands its exercise." The records of 

 the debate show that he made the only speech 

 in the Senate in favor of the national-bank bill. 

 Its final passage was secured only by the per- 

 sonal appeals of Secretary Chase to the Sena- 

 tors who opposed it. Mr. Sherman's speeches 

 on State and national banks are the most im- 

 portant that he made during the war. He in- 

 troduced a refunding act in 1867, which was 

 adopted in 1870, but without the resumption 

 clause. In 1874 a committee of nine, of which 

 he was chairman, was appointed by a Republi- 

 can caucus to secure a concurrence of action. 

 They agreed upon a bill fixing the time for the 



resumption of specie payments at January 1. 

 1879. This bill was reported to the caucus and 

 the Senate with the distinct understanding that 

 there should be no debate on the side of the 

 Republicans, and that Mr. Sherman should be 

 left to manage it according to his own discre- 

 tion. The bill was passed, leaving its execu- 

 tion dependent upon the will of the Secretary 

 of the Treasury for the time being. 



President Hayes appointed Mr. Sherman Sec- 

 retary of the Treasury in March, 1877. His 

 transfer from the Finance Committee of the 

 Senate to the Treasury Department was re- 

 garded with great satisfaction by all who were 

 in favor of refunding the public debt into bonds 

 bearing a low rate of interest, and who desired 

 the success of specie resumption in 1879. What 

 has been accomplished, during his administra- 

 tion, relating to these important measures, is 

 fully given in this volume under the titles RE- 

 SUMPTION OF SPECIE PAYMENTS, and REFUND- 

 ING THE NATIONAL DEBT. 



SHIELDS, General JAMES, born at Dungan- 

 non, Tyrone County, Ireland, in 1810, died at 

 Ottumwa, Iowa, June 1st. He emigrated to 

 the United States in 1826, studied law, and 

 commenced the practice of his profession in 

 Kaskaskia, Illinois, in 1832. He was a man of 

 fine personal presence, and possessed a rich, 

 sonorous voice, which he knew how to use to 

 advantage. His manners were pleasing and 

 cultivated, and there was an attraction about 

 him which made it an easy matter for him to 

 become a leader in anything in which he took 

 a part. Much of the success of his life result- 

 ed from this gift. In 1836 he was elected to 

 the Legislature from Randolph County, and 

 while at the capital made the acquaintance of 

 Stephen A. Douglas, Abraham Lincoln, John 

 J. Hardin, and others of subsequent distinc- 

 tion. In 1839 he was elected State Auditor, 

 in 1843 was appointed a Judge of the State 

 Supreme Court, and in 1845 Commissioner of 

 the General Land-Office. When the war with 

 Mexico broke out he wns appointed a brigadier- 

 general by President Polk, and was assigned 

 to the command of the Illinois Volunteers. He 

 served under General Taylor on the Rio Grande, 

 under General Wool at Chihuahua, and under 

 General Scott at the capture of the city of 

 Mexico. At the battle of Cerro Gordo he was 

 dangerously wounded by a ball passing through 

 his right lung and barely missing his spine. 

 After his recovery he was engaged in the bat- 

 tles around the city of Mexico. At Chapulte- 

 pec he was more seriously wounded by a ball 

 in his stomach, and in recognition of his ser- 

 vices he was brevetted major-general. In 1848 

 he was appointed by the President Governor 

 of Oregon Territory, which office he resigned 

 to accept that of United States Senator from 

 Illinois. He served until 1855, and shortly 

 afterward took up his residence in Minnesota, 

 and upon its admission as a State in 1858 was 

 elected Senator for the term of two years. He 

 then removed to California, where he remained 



