"As a matter of course, General Garfield must decide this without haste and free from all embarrassment, but in the meantime I am at a loss what to do. I cannot properly say to my correspondents that I would stay in the treasury if invited to do so, nor can I ask gentlemen to commit themselves until they know definitely what I wish. I cannot afford to be a candidate unless I expect to succeed. I believe, from information already received, that I can succeed, but only after a struggle that is distasteful to me, and which I cannot well afford. I can only act upon the assumption that General Garfield will desire to make an entire change in his cabinet, and upon that basis I would gladly return to the Senate as the only position I could hold, or, if there was any doubt about election, I would cheerfully and without discontent retire from public life. I have now at least a dozen unanswered letters on my table from members of the legislature, tendering their services, and stating that I ought to explicitly inform them my wishes, most of them assuming that I have a choice. I intend to answer them generally that, if elected, I would consider it the highest honor and I would then accept and serve. So I say to you: If I enter the canvass I must depend upon my friends without being able to aid them actively, and with every advantage in the possession of Foster. Such a contest, I see, will open up trouble enough in the politics of Ohio, whatever may be the result. With this explicit statement you will understand best how to proceed. I would regard the support of Senator Perkins as of the utmost importance. After awhile I can give you the names of a score at least of others who avow their preference for me.
"Very truly yours,
"John Sherman.
"Hon. F. Thorpe, Geneva, O."
The letter to Dalzell referred to was hastily and carelessly written, without any expectation of its publication. It was as follows:
"To Hon. J. M. Dalzell, Caldwell, Ohio.
"My Dear Sir:—Your kind note of the 4th is received, for which please accept my thanks. I prefer to do precisely what you recommend, await the judgment of the general assembly of Ohio, unbiased by any expression of my wish in the matter referred to. I do not know what is the desire of General Garfield, but I can see that my election might relieve him from embarrassment and free to do as he thinks best in the formation of his cabinet. Again thanking you for your kind offer, I am very truly yours,
"John Sherman."
The papers, while taking sides between Foster and myself, exaggerated the danger and importance of the contest and thus unduly excited the public mind, for either of us would have cheerfully acquiesced in the decision of the general assembly. Strong appeals were made to Foster to withdraw, especially after it was known that I would not be Secretary of the Treasury in the incoming administration. No such appeals came to me, nor did I take any part in the controversy, but maintained throughout the position taken in my letter to Mr. Thorpe.
In November, 1880, I was engaged in the preparation of my annual report sent to Congress December 6. The ordinary receipts for the fiscal year ending June 30, 1880, were $333,526,610.98. The total ordinary expenditures were $267,642,957.78, leaving a surplus revenue of $65,883,653.20, which, with an amount drawn from cash balance in treasury, of $8,084,434.21, made a surplus of $73,968,087.41, which sum was applied to the reduction of the public debt. The sinking fund for this year was $37,931,643.55, which, deducted from the amount applied to the redemption of bonds, left an excess of $35,972,973.86 over the amount actually required for the year. Compared with the previous fiscal year, the receipts for 1880 increased $62,629,438.23. The increase of expenditures over the previous year was $25,190,360.48. I estimated that the receipts over expenditures for the fiscal year ending June 30, 1881, would be $50,198,115.52.
During the period from 1874 to 1879 the United States had failed to pay on the public debt $87,317,569.21, that being the deficiency of the sum fixed by law to be paid during those years for sinking fund. Deducting from this sum the amount paid in excess for the fiscal year 1880, there was a balance still due on account of the sinking fund of about $50,000,000. This would be met by the estimated surplus of receipts over expenditures during the fiscal year, 1881, thus making good the whole amount of the sinking fund as required by law.
The estimated revenue over expenditures for the fiscal year ending
June 30, 1862, including the sinking fund, was $48,000,000.