The farmers' union. (Memphis, Mo.) 1891-1895, 1891-12-10

Fortunately we are not left in tine
dark as to the causes and agencies
which placed the exception clause on
the grecnback. Prominent actors in
tho matter have left their words and
acts on record.
The legal tender bill was introduced
in the House by f. G. Spaulding, of
Buffalo. n. V. Chairman of the Sub
Committee of Ways and Means. De-
ccmher 81, 1861. II was discussed in
the House. and perfected, until Febru-
arv &. 1862. 1t passed the House hv
vote of 23 to 50. 1t provided for full
legal tender money, with 10 exception
clauses.
fer passing the House the legal
tender bill went to the Senate The
Senate amended the bill by providing
that the contemplated money should
he legal tender for all purposes '.ex-
ccpt ..uties on imports and interest on
tb. public debt" Mr.. Stevens, Chair
lnan of the Ways and Means Commit tee
the grand old "commoner' from
PENNSYLVANIA tells how the crime of
wounding the greenback was com
nitted:
Mr.. SPEAKER Il have very few
words to say. approach the subject
with more depression of spirits than l
ever approached any question. No
personal motive influences me. l hope
not. at least l have a melancholy
forehoding that We are about to con-
summate a cunninglydevised scheme.
which will carry great injury and great
loss to all classes of people through
out this Union. except one. With my
colleague. l believe that no act of
legislation was ever hailed with as
much delight throughout the length
and breadth of this Union. by every
class of people, without exception, as
the bill which we passed and sent to
the Senate. Congratulations from all
classes es-merchants. traders. manufac-
turers, mechanics and laborers
poured in uron us from all quarters.
The Boards of Trade from Boston, New
York, Philadelphia, Cincinnati. Louis
Vile, ST. Louis, Chicago and Milwau-
kee approved It's provisions and urged
its passage as it was. I have dis
patch from the Chamber Of Commerce.
Cincinnati sent to the Treasurer and
by him TO me. urging the speedy pas
sage of the bill as it passed the House
1t is true there was a doleful sound
came up from the cnverns of bullion
brok RS aad from the saloons of the
associated banks. Their cashiers and
agents were soon on the ground and
persuaded the Senate with but little
deliberate to mangle and destroy
what l. 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 father
would not know it. Instead of being
benef "ent aud invigorating measure.
it is positively miscllievous. 1t has all
the bad qualities which its enemies
charged on the original bill. and none
of is benefits 1t now creates money.
and by its very terms declares it a de-
preciatel currency. 1t makes two
classes Of money: one for banks and
brokers. and another for the people.
1t discliminates between the rights of
different classes Of creditors. allowing
the capitalists to demand gold and
compelling the ordinary lender OF
money on individual security to receive
notes which the government had pur-
posely discredited.
All classes of people shall take these
legal tender notes at par for every
article Of trade or contract. unless they
have money enough to buy United
States bonds, and then they shall be
paid in gold. Who is that favored
class? The banks and brokers. and
nobody elsa.-Spcech in the House
February 90. 1862
And ThaddeJs Stevens was Chair
man Of the committee that originated
the bill
TESTIMONY oE HENRY WILSON.
It is contest between the brokers
iobbcrs and money-changers On the
one side and the people of the United
States on the other. / venture to ex
press the opinion that ninety-nine o
every hundred of the loval people o
the United States are for this lega
tender clause Wilson's Speech in tn,
Senate, February IL, 1862.
THE VOICE OF HISTORY
The legal tender! bill was no soone
made public than delegations of bank
ers from New York. Boston and Phila
delphia hurried to Washington to op
pose it. They organized in a forma
manner by selecting a chairman S. \
Mercer OF Philadelphia. and invitet
the Finance Committee of the Sena.
and the Committee of Ways ant
Means of the House TO meet them Il
the Office of the Secretary of the Treas
urv. Janua1@ II. 1862 The invi alto
was accepted. At the meeting whic
followed the bankers spoke in oppos
ton to tic bill. The ban
delegates remained IN Washington an
held further consultation with Secre
tary Chase, extending through severa
DAYS. which resulted in an arrange
ment with him to the effect anon
other things, that Congress should l.
urged to pass the national bank bill
etc.-Perkey's Monetary System, 1871
TESTIMONY OF wM. II. KELLEY.
I remember the grand old common'
Tha1deus Stevens. with his hat in III
hand and his cane under his arm
when he returned to the House aftt
his final conference Ton the exceptio
clause, and shedding bitter tears ovt
the result "Yes." said he, I'VE la
to yield: the Senate was stubborn. "
did not yield until we found that tt
country must be lost or the banl
gratificd, and we have sought to sa,
the country in spite OF the culidity
of the wealthier citizens. - Juda
VIM. D. Kelley, Philadelphia, JAM
ary Is. 1876.
The object of the exception clau
on the greenback was to canse it's d
probation so that the holders of go
could buy NJ the currency at hal
price and then invest it in bonds
face value. Senator Sherman himse
once explained the whole matter in
single sentence. He said: ''It becan
necessary to depreciate the r.otes
order 70 create market for the bonds
That is, the great rich men, who
Thomas jefferson called ''the traite
Gus class" would not invest in t.
bonds unless they could double the
money by SO doing.