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John Sherman

Biography

Born in Lancaster, Ohio. Younger odmitted to the bar in 1844. Practiced law in Mansfield and Cleveland. Married Sarah Cecilia Stewart August 31, 1848.

Elected to the House of Representatives and served March 4, 1855, to March 21, 1861. Elected to the Senate to fill the vacancy left by Salmon P. Chase and served March 21, 1861, to March 8, 1877. Appointed Secretary of the Treasury and served March 8, 1877, to March 3, 1881. His primary objective as Secretary was the resumption of specie payments. He returned to the Senate March 4, 1881, to March 4, 1897. Appointed Secretary of State and served March 5, 1897 to April 25, 1900. He died in Washington, D.C.

Sherman introduced several pieces of legislation relative to coinage. The best known was the "Sherman Act" of July 14, 1890. It provided for the purchase of 4.5 million ounces of silver per month to be coined into dollars. The intent was to support the price of silver. The result was a depreciation of the value of the dollar. It led to the panic of 1891.

Sherman appears on paper money:

$50 National Bank Note, third charter

bio: ApCAB; BDC; BDEB; DAB; Drake; EAB; Limpert; NCAB 3; TCBDA; WAB; WWWA-1

Source credit: Pete Smith, American Numismatic Biographies

 

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