The National tribune. [volume] (Washington, D.C.) 1877-1917, 1890-11-13
"BANKERS AND CoPPERuEADs.-

L. E. Chittenden, formerly Register of the
Treasury, tells in his "reminiscences in Hdr-
pcr's Magazine, a story which illustrates how
little sympathy the money lords OF Wall
street had with the people in their great
struggle TO save the Government. 1t was
in February, 1862, after the first light had
come with the capture of Fort Donelson by
Grant. We were absolutely without money,
and no one would lend us any. Congress
had, after heated discussion, passed on act
to issue $l50,000,000 of legal tenders, to take
up S50000,000 of demand notes, represent
ing that amount money which had already
been spent, and give balance Of 100000,
600 with which to carry on the war little
longer. The money kings of New York did
self out of difficulty III this way, and dele
CATION of bankers made Lincoln's life mis-
cradle. At length he took refuge in Mr..
Chitienden's office. We will let Mr.. Chit
teRden tell the rest of the story:
W,.at have you TO shy about this lcgal-tendcr
nett Here is n committee Of great hnancers from
the great cities who say that by approving this
act. have wrecked tho country. They know all
about it-or are they mistaken"
You have done nothing of the kind, said.
" The time for argument has passed. Legal tender
is inevitable. The gentlemen you mention have
made IL a necessity. The people would take our
noteS without the lcgai-tcndeT clause. The banks
and de Copperhoads 1piH NOT. We cannot risk tire
country ia their bands. You have followed your
own good judgment ia signing the act The peo-
pie will sustain you and Secretary Chase aud Con-
gress"
Il do not see that am cxciusiv ely esponsibe"
he continued. Il say TO these gentlemen, Go TO
Secretary Chase; lac is managing the iinancoa.'
They persist. and have argued me almost blind.
am worse of than Saint Paul. lio was in - strait
bctWixt two. / am In n strait betwixt 20, aud
they are bankers and iunncicrs."
Nou are right in signing the act" said " that
point has passed debate"
Now ihat IS just where my mind Is troubled
he continued. We owe n lot OF money which
cannot pay we have got to in deb; still deeper.
Our creditors think NC are honest aud will pay la
tae future. They will take our notes, but thoy
want small notes which they can use among them
selves. So far see objection. but do not like
TO say 10 creditor yon shsii accept in payment Of
your debt something that WAS not money when II
WAS contracted. Thni doesn't seem honest. and
do not believe the Constitution sanctions dis
honesty"
No more do l." replied 81 do not claim that
legal tender he upheld abstract right
under the Constitution. But soifprcseryaiion Is n
right higher than the Constitution We are
Taned ia making any sacrifice OF property poii'i-
cal right TO tic Union. Gold and silver are
beyond DOR reach; soldiers must he paid add
fed and clothed. We cnn issue Treasury notes. aud
circulate them currency. Ii il right and honest
that We should give them the quality Of legal
tender, provided we return 10 specie eoon ~ tho
necessity has passed have watched ile debates
in Congress. have read tho opinion OF your A.
toTney General There arc those WHO hint and
suggest that legal tender IL provided for in the
Constitution. have read no spsech la which ihat
right Is broadly asserted believe il safer 10 de-
fend our position on Ihe ground Of necessity"
understand that is Chase's Efeuna thongll lac
does not put Il so strongly. WHsiAIi see We viii
wait 10 hear from the country districts from the
people"
Could anything depict the situation more
clearly than this? Bankers aud Copper
herds were in alliance against the people
then, as they are in alliance against the
soldiers o-day,