* * * * * * * * * *
Of course I don't
profess to understand either your bill or Mr. Morton's. I should like to see a
consolidated 5 per cent bond gradually substituted to replace the present
bonds, to the extent of 2000 millions, requiring 100 millions annually for
interest, and a greenback for the balance of debt, say five hundred millions,
and all other paper money withdrawn and prohibited. I think Grant won't commit
himself to more than the general idea that the debt is sacred, and leave
Congress to devise the ways and means. He will of course try all means of
practical economy. I agree with him perfectly that no more money subsidies on
land grants should be made now or until the debt is in good shape. . .
SOURCE: Rachel
Sherman Thorndike, Editor, The Sherman Letters: Correspondence Between
General and Senator Sherman from 1837 to 1891, p. 326
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