The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-04-17
TWENTY YEARS AGO.
The Famous Speech of Old Thad
Stevens on the Legal
Tender Act.


The following is the famous speech of
hat grand old Commoner, Thad Stevens Of
Pennsylvania, delivered in Congress Feb
20. 1862, on the Legal Tender Act II Is
good Greenback doctrine and confirms all
that the Greenbackers have ever alleged
concerning the dishonest manipnlations Of
the money power in procuring the passage
Of the amendment making grccnbacks only
n partial legal tender
Mr.. Speaker have very few words
to say. approach the subject with more
depression Of spirits than lever before APP
preached any question. No personal mo-
tive or feeling influences me- I hope not
at least. have "A melancholy foreboding
that we are about to consnmmate cum
ningly devised scheme which will carry
great injury and great loss to all classes of
the people throughout this Union. except
one. With my colleague, believe that no
act Of legislation Of this government was
ever hailed with as much delight through
out the whole length and breadth of this
Union, by every class of people, without
any exception as the bill which we passed
and sent to the Senate. Congratulations
from all classes-merchants, traders, man
ufactlrers, mechanics and laborcrs-poured
in upon us from all quarters The Boards
of Trade from Boston, New York, Phila-
delphia, Cincinnati, Louisville, ST. Louis,
Chicago and Milwaukee, approved its pro-
visions. and urged its passage as it was.
have dispatch from the Chamber Of
Commerce of Cincinnati sent to the Secre-
tary Of the Treasury, and by him to me.
urging the speedy passage of the bill as it
passed the House. n il true there ras
do,etm sound came up from the carerns Of
bullion brokers. and from the saloons Of the
associated hunks Their cashiers and agents
nere soon on tie ground, and persuaded the
Senate, with but little deliberation, to man.
gle and destroy what ii had cost the House
months to digest, consider and pass. They
fell upon the bill in hot haste, and so dis
figured and deformed it that its very father
would not know it. Laughter Instead
of being beneficent and invigorating meas
ure, it is now positively mischievous 1t
has all the bad qualities which its enemies
charged on the original bill, and none of
its benefits n nor creates money, and By
Its reyy terms declares ii a deprecated curren-
co. n makes t,no classes IF money-OlH for
tie banks and brokers, and another far The
people It discriminates between the rights
the rich capitalist to demand gold, and COM
polling the ordinary lender of money on
individual security to receive notes which
the government had purposely discredited.
Let us examine the principal amendments
separately, and see their effect The first
important one (being the fifth,) makes the
notes issued under the laws of July II, a
legal tender, equally with those offered by
this bill. There can be but little wisdom
in putting these two classes on an equality.
The notes of July bear seven and three
tenths per cent interest," and are payable in
three years This gives them a sufficient
advantage over notes bearing no interest
and payable virtually in twenty years bonds
with six per cent interest. Why give them
this additional advantage2 Simply because
the s., 200, OO0, 900 issued are all held by the
associated banks, and this il their amended
bill. They would displace 81. OOO. OOO, DOC
of this money in the circulation, and render
it impossible to use any considerable amount
of these United States notes rs a currency.
These notes have served their purpose.
Why allow them to block up the market
against further relief to the government
The banks took $50. OOO, 900 of six per cen,
bonds, and shaved the government 81, 500.
600 on them, and now ask to shave the gov
eminent fifteen or twenty per cent halt
yearly, to pay themselves the interest on
these very bonds. They paid for the $50,
600, 900 in demand notes, not specie. and
now demand the specie for them. Ye
gentlemen talk about our making othe
loans in these times. They are crazy o.
sleeping. one or the other, | do not know
which.
When this question was discussed before
the distinguished gentleman from Ken
lucky (Mr CrittendeE) asked me whethe
it was the intention or expectation of tn
House to go on and issue more than on
hundred and fifty millions of dollars of lie