The farmers' union. (Memphis, Mo.) 1891-1895, 1893-12-14

cOulu not. With the Sta-c BANKS Op-
posed to it, he passed through both
houses of congress for several months
and that SO long delay would be
fatal to the Union cause. The banks
of New York, Boston and Philadelphia
had just suspended specie payments,
which compelled a general suspension
of coin payments by the government,
and all the other banks throughout
the counry. No more gold could
be loaned the government, except in
small and wholly inadequate amounts
because it was not to be had. State
bank bills could still be obtained, but
the banks having suspended specie
payment, this currency WAS deprecia-
ted. and had only local character
and tredit--not being much known
out of the states where the banks
were located. Hesitancy and delay
with the expense of the war running
on ut an average Of $4,000. 900 per
day, would have been fatal. MIR.
Spaulding, therefore. changed the
legal tender section, intended origin
ally to accompany the bank bills,
into Il seperate bill, with alterations
and additions, and on his own motion
introduced it into the house by unan-
imous consent on the Both of Deccm-
ber 1861. 1t was red twice and re-
ferred to the committee on ways and
means and ordered printed blouse
Bill No. 1872 and is rs follows:
Mr.. Spauding, on lcaye, introdu ced
the following bill:
\ BILL
BE 1t enacted by the Senate and
House of Representatives Of the
United states of America in Con
grcss assembled, That, for temporary
purposes, the Secretary Of the Treas
ury be, and he is hereby authorized
to issue fifty millions of dollars of
treasury notes, on the faith Of the
United States, payable on demand,
without specifying any place Of pay
ment, aud of such denominations rs
he may deem expedicnt, not less than
five ,lo'..ars each, which shall be re-
ceivable for all debts and demands
due the United States, and for all
salaries, dues, debts and demands
owing by the United States to indi-
viduals, corporations and associations
within the Uuiteu States and such
Treasury notes shall also be legal
tender in payment of all debts, public
and private, within the United States;
and shall be excllangeablc ut any
time ut their par value, the same rs
coin, at the treasury of the United
States, and the offices of the assistant
treasurcrs ia New York, Boston, Phil
lclphia, st. Louis and Cincinn:.tti,
for any Of the coupon or registered
hon&s which the Secretary Of the
Treasury is now, or may hereafter be
authorized to issue, and such Treas
ury notes may be reissued from time
to time rs the exigencies Of the pub
lie service may require. Such treas
ury notes shall be signed by the
Treasurer Of the United States or 10y
some officer of the Treasury Depart
ment designated by the Secretary OF
the Treasury, and shall be counter
signed by the Register Of the Treas
ury. or by some officer Of the Treas
ury Department, designated by the
Secretary of the Treauury for the
Register, and all the provisions Of the
act entitled "An act to authorize the
issue Of Treasury notes" approved
the twenty-third day of December
one thousand eight bundled ant
tifty-sevcn. SO far rs the same Cal
be applied to the prov isions OF thi,
act, and not inconsistent Herewith
are hereby revived and re-enactcd.
As soon as the bill WAS printed i
was taken up in the committee o
ways. and means, and duly considered
Mr. Hooper took active ground II
favor nf the bill. Mr.. Stevens Il
first had some doubt as to its con
stitutionallty, but very soon decided
to support the measure. MIR. Morrill,
Mr. Horton. and Mr.. Corning activel,
opposed the bill in the committee anf
in the House. Mr.. Maynard and Mr.
Suatton took TO active part IN til,
discussion while the bill was unde
consideration IN the committee.
is believed however. that Mr.. MAY
nard WAS favorable to the bill from
the start. while MIR. S.ratton was yer,