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Excerpt from Is a Change Necessary?: Speech of Hon. John Sherman, Secretary of the Treasury, Delivered at Cincinnati, Ohio, Monday, August 30th, 1880
Then again, imder the administration of President Hayes the revenues of the Government have been honestly and faithfully collected, and honestly and faithfully disbursed. Tables have been carefully made showing the losses that have occurred in the receipts and disbursements of the public money, and these exhibit the fact that during this administration the losses by defalcation have been reduced to the smallest percentage that has ever been shown in any administration of this Government, or of any other known to us.
During the three years of this administration, ending June 30, 1880, there was collected from all sources All this vast sum has been para into the Treasury, excepting about and it is believed that even this sum will be recovered. The internal revenue collected in every part of the United States has been paid into the Treasury without the loss of a dollar. Besides the collection of the revenue, the great transactions of the post-office Department, extending all over the country, and collecting and disbursing dur ing the last three years an amount of more than have thus far been made with the loss of less than In the small defalcations that have occurred, suits have been promptly brought against the defaulting of ficers or their sureties, and judgments enforce A system of rigid account ability for public moneys has been applied, without fear or favor, with results that never before have been realized by any administration.
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