In the Boston invitation it was intimated that some remarks on the national banking system would be acceptable. In declining I wrote a letter expressing my opinion of that system, which I said had realized all the good that had ever been claimed for it by its authors, that it had furnished the best paper money ever issued by banking corporations, that the system was adopted only after the fullest consideration and had won its way into public favor by slow process, and that I regarded it as the best that had ever been created by law. The remarkable success of this system, I said, was not appreciated by those not familiar with the old state banks. It had been adopted by many countries, especially in the far off island of Japan.
The bill to regulate interstate commerce became a law on the 4th of February, 1887. It had passed both Houses at the previous session, but, the Senate having disagreed to amendments of the House, the bill and amendments were sent to a committee of conference. The report of this committee was fully debated. I had taken great interest in this bill, but had not participated in the debate until the 14th of January, when I supported the conference report, while not agreeing to some of the amendments made. Senator Cullom is entitled to the chief credit for its passage.
On the 22nd of February I laid before the Senate the following communication, which was read:
"To the Senate of the United States.
"Senators:—My office as president pro tempore of the Senate will necessarily terminate on the 4th of March next, with my present term as Senator. It will promote the convenience of the Senate and the public service to elect a Senator as president pro tempore whose term extends beyond that date, so that he may administer the oath of office to Senators-elect and aid in the organization. I, therefore, respectfully resign that position, to take effect at one o'clock p. m., on Saturday next, February 26.
"Permit me, in doing so, to express my heartfelt thanks for the uniform courtesy and forbearance shown me, while in discharge of my duties as presiding officer, by every Member of the Senate.
"Very truly yours,
"John Sherman."
I said that if there was no objection the communication would be entered in the journal and placed among the files of the Senate. On the 25th John J. Ingalls was elected president pro tempore, to take effect the next day. On that day I said:
"Before administering the oath of office to his successor the occupant of the chair desires again to return to his fellow Senators his grateful acknowledgments for their kind courtesy and forbearance in the past.
"It is not a difficult duty to preside over the Senate of the United States. From the establishment of our government to this time the Senate has always been noted for its order, decorum, and dignity. We have but few rules, and they are simple and plain; but we have, above all and higher than all, that which pervades all our proceedings —the courtesy of the Senate, which enables us to dispose of nearly all of the business of the Senate without question or without division. I trust that in the future, as in the past, this trait of the Senate of the United States will be preserved intact, and I invoke for my successor the same courtesy and forbearance you have extended to me. I now invite him to come forward and take the oath of office prescribed by law."