Sherman's financial expertise and his friendship with Hayes made him a natural choice for Treasury Secretary in 1877.
Like Grant before him, Hayes had not consulted party leaders about his cabinet appointments, and the Senate took the then-unusual step of referring all of them to committee.
Two days later, senators approved Sherman's nomination after an hour of debate, and he began lobbying his former colleagues to approve the other nominations, which they eventually did.
Hayes and Sherman became close friends in the next four years, taking regular carriage rides together to discuss matters of state in private.
In the Treasury, as in the Senate, Sherman was confronted with two tasks: first, to prepare for specie resumption when it took effect in 1879; second, to deal with the backlash against the diminution of silver coinage.
Sherman's financial expertise and his friendship with Hayes made him a natural choice for Treasury Secretary in 1877. Like Grant before him, Hayes had not consulted party leaders about his cabinet appointments, and the Senate took the then-unusual step of referring all of them to committee. Two days later, senators approved Sherman's nomination after an hour of debate, and he began lobbying his former colleagues to approve the other nominations, which they eventually did. Hayes and Sherman became close friends in the next four years, taking regular carriage rides together to discuss matters of state in private. In the Treasury, as in the Senate, Sherman was confronted with two tasks: first, to prepare for specie resumption when it took effect in 1879; second, to deal with the backlash against the diminution of silver coinage.
John Sherman