"Very truly your friend,
"John Sherman."
During my service as Secretary of the Treasury I had been arraigned in every issue of the Sunday "Capital," a newspaper published in Washington, in the severest terms of denunciation, by Don Piatt, the owner of the paper. He was a brilliant but erratic writer, formerly a member of the Ohio legislature and a native of that state. I believed that his animosity to me grew out of my re- election to the Senate in 1865, when General Schenck, who was warmly supported by Piatt, was my competitor. Schenck and I always maintained friendly relations. He served his district long and faithfully in the House of Representatives, was a brilliant debater, had the power of condensing a statement or argument in the fewest possible words, and uttering them with effective force. Next to Mr. Corwin, and in some respects superior to him, Schenck was ranked as the ablest Member of the House of Representatives from Ohio during his period of active life, from 1840 to his death, at Washington, D. C., March 23, 1890. Schenck freely forgave me for his defeat, but Piatt never did.
At the close of my term as secretary, much to my surprise, Piatt wrote and published in his paper an article, a portion of which I trust I will be pardoned for inserting here:
"When John Sherman took the treasury, in March, 1877, it was plain that the piece de resistance of his administration would be the experiment of the resumption act, which John, as chairman of the Senate finance committee, had elaborated two years before, and which was then just coming upon the threshold of practical test. The question at issue was whether resumption of specie payments, after eighteen years of suspension, could be accomplished through the operation of laws of Congress, which, if not absolutely in conflict with the laws of political economy, were, to every visible appearance, several years in advance of them. Of course, the primary effect of the appreciation of our paper towards par with the standard of coin was the enhancement of the purchasing power of the circulating medium. That made it hard to pay debts which had been contracted on low scales of purchasing power. That which had been bought for a dollar worth sixty cents, must be paid for with a dollar worth eighty, ninety, or a hundred cents, according to the date on which the contract matured. Of course, such a proceedings created an awful squeeze. Many men, struggling under loads of debt, found the weight of their obligations growing upon them faster than their power to meet, and they succumbed.
"For all this John Sherman was blamed. He was named 'The Wrecker,' and the maledictions poured upon his head during the years 1877 and 1878 could not be measured. Every day the columns of the press recorded new failures, and every failure added to the directory of John Sherman's maledictors. But the man persevered. And now, looking back over the record of those two years, with all their stifled ambitions and ruined hopes, the grim resolution with which John, deafening his ears to the cry of distress from every quarter, kept his eye fixed upon the single object of his endeavor, seems hardly human—certainly not humane. And yet there are few reasoning men to be found now ready to deny that it was for the best, and, taken all in all, a benefaction to the country; one of those sad cases, in fact, where it is necessary to be cruel in order to be kind.
"We were not a supporter of John Sherman's policy at any period of its crucial test. We did not believe that his gigantic experiment could be brought to a successful conclusion. The absurd currency theories which were from time to time set up in antagonism to his policy never impressed us; our disbelief was based upon our fear that the commercial and industrial wreckage, consequent upon an increase of forty per cent. in the purchasing power of money within three years, would be infinitely greater than it turned out to be, and, so being, would overwhelm the country in one common ruin. But we were mistaken. John Sherman was right. And it is but common frankness to say of him, even as one would give the devil his due, that he builded wiser than we knew—possibly wiser than he knew himself. At all events, John builded wisely.
"He took the treasury at a period when it was little more than a great national bank of discount, with rates varying from day to day; the coin standard a commodity of speculation on Wall street; the credit of the government a football in the markets of the world; and our bonds begging favor of European capitalists. He leaves it what it ought to be—a treasury pure and simple, making no discounts, offering no concessions, asking no favors; the board that once speculated in coin as a commodity abolished, doors closed by reason of occupation gone; the credit of our government at the head of the list of Christendom; since we are launching at par a three per cent. consol, which even England, banking house of the universe, has never yet been able to maintain steadily above 97.
"This is no small achievement to stand as the record of four years. It is an achievement that entitles the man who accomplished it to rank as one of the four great American financiers who really deserve the title—Robert Morris, Albert Gallatin, Salmon P. Chase, and John Sherman.
"We take off our hat to John; not because we like him personally, but because we admire the force of character, the power of intellect and the courage of conviction that enabled him to face his difficulties, surmount his obstacles and overcome the resistance he met.
"The treasury he took up in 1877 was a battle ground. The treasury he resigns to his successor in 1881 is a well-ordered machine of red tape and routine, requiring for its future successful administration little else than mediocrity, method and laissez faire. As we said before, we take off our hat to John. He is not a magnetic man like Blaine, not a lovable man like our poor, dear friend Matt. Carpenter, not a brilliant man like our Lamar; not like any of these—warm of temperament, captivating of presence or dazzling of intellectual luminosity; but he is a great man, strong in the cold, steadfast nerve that he inherits from his ancestor, and respectable in the symmetry of an intellect which, like a marble masterpiece, leaves nothing to regret except the thought that its perfection excludes the blemish of a soul. John Sherman will figure creditably in history. Mankind soon forgets the sentimental acrimony of the moment, provoked by the suffering of harsh processes, and remembers only the grand results. Thus John Sherman will figure in history as the man who resumed specie payments; and in that the visiting statesman of 1876 and the wrecker of 1877-78 will be forgotten. We congratulate John upon his translation into the history of success as heartily as if we had been his supporter in the midst of all his tribulations. Bully for John."