The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-21
A FINANCIAL HISTORY.
Cause and Effect Of Legislation
Since 1851.
No ;.

Attorney general Bates declined to
give an official opinion, but con-
scnted to write an unofficial note in
favor OF its constitutiona!ity. The
following is copy OF the opinion
thus obtained:
Monday Evening. Jan. 6, 1862.
Hon. +. q. Spaulding, NJ. c.
At the National Hotel:
DEAR SIR-Since You did me the
honor Of Il call this afternoon, and
propounded to me a question arising
out Of the pending bill ''To authorize
the issue Of treasury notes payable
ON demand,' / have given to the
subject such attention as the very
brief interval afforded, and proceed
ut once to answer.
In the first place, permit me to say,
that my views of the place that !
hold forbid me to give your question
a formal and Official answer, but in
proof OF the high respect which [
entertain for you and your honorable
committee, as private man, and \
professed constitutional legist, in all
trankness will give you my opinion
upon tue point proposed, and this,
with all brcvity and without argu-
mment, for the time docs not allow
elaborate consideration.
The bill, after providing for the
issue of treasury notes, contains j. e.
this clause, "and which treasury notes
shal be 4 legal tender in payment for
all debts public and private, within
tue United States,' and you desire
my op,nlon whether this clause is, or
is not, constitutional.
Certainly the Constitution contains
no direct verbal prohibition, aud l
think it contains no infcrential or
argumentative prohibition that can
be fairly drawn from its expressed
terms. The first article of the Cunsl.-
tuition, section eight, grants to Con-
gress specifically II great mass Of
powers. Section nine contains great
diverse limitations upon Congress,
upon the United States, and upon
individuals; ant. section ten contains
restriction upon the several states.
The last section is the only one that
treats On tender. mo state shall
make ANYTHING but gold and silver
coin a tender in payment Of debts. "
This applies to the state only, an
not to the nation; and thus It has
always been understood with reg> rd
to the next preceding clause in the
same section-no state shall ''emi1
bills of credit" The prohibition tc
emit bills OF credit Is quite as strong
us the prohibition to make anything
but gold and silver coin a legal ten
Ter; yet nobody doubts-Congress
does not doubt Its power to issue
bills OF credit. Treasury notes are
bills of credit, and | think the one i.
Just rs much prohibited rs the Other
neither is forbidden in Congress.
The time is too short for argument
and so l remain, with all respect,
Your obedient servant,
EDWARD BATES.
Mr.. Spaulding read this letter t,
the committee OF Ways and Means
The discssion on the bill had con
} continued for several days. and wAel
the vote was finally taken, it appeared
that the committee was at first eluall,
d;vided-Mr. Spaulding, Mr.. Hooper
Mr.. Stevens and Mr.. Maynard votin!
in the affirmative, and Mr.. Morrill,
Mr.. Horton, Mr.. Corning and MI
Stratton in the negative. MIR. STRAIT
:; ton finally consented to vote for tn
= bill, so AS to allow it 10 be reported t
r the House, The bill was thus passe'
Though the Committee of Ways an,
Means.
: On the 18th of January, 1862, NJ,
Spaulding reported the bill from th
, Committee to the House. 1t W..
read twice, committed to the Commit
tee Of the whole House on the stat
Of the Union, and ordered 70 be priu
ted. blouse Bill No. 1879
Mr.. Spaulding from the Committe
!, OF Ways and Means reported tn
following bill:
TO authorize the issue of deman'
: treasury notes.
Be it enacted by the Senate an
House Of Representatives of th
United States of America in Congres
assembled, That, for temporary pu1
poses, the secretary Of tue Treasur
e be-, and he Is hereby authorized t
;, = issue, on the credit of The Unite
States, one hundred million of dollar
of Treasury notes not bearing interes