MANSFIELD, OHIO,
Oct. 10, 1869.
Dear Brother: The
panic in New York, though disastrous to a few, will do good. It will prove the
absolute necessity of getting upon a specie basis. This process is a hard one
and will affect the popularity of Grant's administration, but it must be gone through
with. . . .
Affectionately,
JOHN SHERMAN.
SOURCE: Rachel
Sherman Thorndike, Editor, The Sherman Letters: Correspondence Between
General and Senator Sherman from 1837 to 1891, p. 329
