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<p>[QUOTE=&quot;scottishmoney, post: 696440, member: 12789&quot;]<img src="http://www.scottishmoney.net/banknotes/usa/national50lancasteroh1909tn.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>One of the devastating effects of the Civil War was the ruin it created on banking in the United States.&nbsp; Banks during that era were state regulated, and regulation was spotty at best depending on the state.&nbsp; Banks failed and cost depositors and note holders money.&nbsp; </p><p><br /></p><p>This note from Lancaster Ohio features a unique hometown son, John Sherman, whilst not so well known as his brother, William Tecumseh Sherman now, during the 19th century. John Sherman, like his now more famous brother, was born in Lancaster, OH in 1823 and rose to prominence during the early part of the Civil War when he was elected to the Senate seat vacated by Salmon Chase when the latter assumed the Treasury Secretary position in the Lincoln Administration. Curiously he opposed Hugh McCullough&#039;s desire to retire the Legal Tender notes issued during the Civil War, but remained an advocate of hard money, ie metal backed currency. In 1863 he was instrumental in the creation of the National Banking System to regulate banks and insure that their banknotes would be paid out by the National Banking System should the bank fail.</p><p><br /></p><p>He was appointed Treasury Secretary by President of the US Rutherford Hayes in 1877. He finished his term with the Hayes administration and resumed his Senatorial seat from Ohio, which he served from until 1897, his most notable piece of legislation was the Sherman Anti-Trust Act of 1890. He served as Secretary of State briefly during the McKinley administration before retiring in 1898. </p><p><br /></p><p>It was not often that a National Bank anywhere could have a hometown son be prominently displayed on their local currency. With the new aspirations and manifest destiny theme so emblematic of this time in American history, it should be no surprise that the reverse of this lovely note portrays a worker, with tools, a contemporary steam locomotive, and yes, the attractive Miss Liberty.[/QUOTE]</p><p><br /></p>

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