The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-28
A FINANCIAL HISTORY.
Course and Eject OF Legislation
Since 1851.
No 6.

NO u.
This conference did not result in
any plan or arrangement
which received the assent OF either
the Finance committee Of the Senate
or the committee Of Ways and Means
Of the House. aud the conference adj
journed.
The bank delegates and others
had further consultation with Secre.
tary Chase, continueing through two
or three days. and which finally re-
suited in an arrangement with the
Secretary alone, which was furnished
to the agent OF the associated press
and published on the 5th Of January
1862 as follows:
''The result OF the various confer
erences held in Washington by repre-
sentatives OF Boards OF Trade, Cham
bers OF Commerce, and banking lnsti-
tutions, among themselves, and with
the Secretary Of the Treasury may
be sumed up as follows:
l. The general views of the Sec
retary of the Treasury are assented
to.
2, The banks will receive and
pay out the United Stotes notes
(authc rized by act of July last) freely,
and sustain in all proper ways the
credit Of the government.
3. The Secretary of the Treasury
will, within the next two weeks, in
addition to the current daily payment
o. 81, ,5OO,O 900 in United States notes,
pay the further sum of ut least $780,
100000 IN Z 30 bonds to such public
creditors as desire to receive them
and thus relieve the existing pressure
upon the community.
4. The issue of United States de-
mand notes to be increased beyond
the $5O,OOO,000 authorized by the
act of last Jaly. but it is desired that
Congress should extend the provisions
of the existing loan act, passed at the
extra session in July, so as to enable
the Secretary to issue IN exchange
for the United States demand notes,
or in payment to creditors, notes
payable in one year, bearing 3.65 per
cent interest, and convertible into
7-3O three year bonds, or to borrow
under the existing provisions to the
amount OF $3.50, 600, 900 or $500, ,6OO,-
900.
5. 1t is thought desirable that
Congress should enact the national
currency bank bill, embracing the
general provisions recommended by
the Secretary in his annual report.
6. 1t is expected that this actic u
and legislation.will render the making
Of the United States demand notes
Il legal tender or their increase beyond
the *5O,OOO,00O authorized in July
last unnecessary.
The committees of the Senate and
House never gave any assent to this
agreement made by Secretary Chase
with the delegation above mentioned,
for the reason that It was not deemed
by them adequete to the criss,s. a
majority Of the committee Ways and
Means adheared to the legal tender
bill, then pending in the House, as
being more available plan, and on
"a much larger scale. They believed
it was necessary to authorize iinmed-
lately an additional issue of $780,
OOO, 900 United States fundable notes
to circulate as money and bc made a
legal tender, and that $500, ,OOO, 600
six per cent twenty year bonds should
be authorized. SO as to enable the
notes when issued, TO fund them
at any time in these bonds.
As soon As the plan of the dele.
gates from New York, Boston and
Philadelphia became fully known to
the country, i: was very generally
disaproved. The press spoke out
plainly against the Secretary bein.
authorized to put United States
bonds ION the market without aIy
Limitation as to the price. he nigh,
obtain fo7 them 10 the Market as
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