The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-04-04


templated money should be legal ten
der for all purposes Except duties
on imports and interest on the public
debt" Mis-. Emery claims that
those exceptions were the work of
the bankers. Mr.. Stevens, Chairman
of the Ways and Means Committee
the "grand old cOmmOner' from
Pennsylvania-tells how the crime of
wounding the greenback was COM
mitted
TESTIMONY OF THADDEUS STEVENS.
MR.. SPEAKER:-I have very few
words to say. l approach the subject
with more depression of spirits than
l ever approached any question. No
personal motive influences me. |
hope not at least. l have a melan-
chOly fOrebOding that we are about
to cOnsummate cunningly-devised
scheme, which will carry great injury
and great loss to all classes of people
throughout this Union. except one.
With my colleague, | 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 excep-
ton. as the bill which we passed and
went to the Senate. Generalization
from all claSSeS-merchantS, traders,
anufacturerS, mechanics and la
bOrers-pOured in upon us from all
quarters. The Boards of Trade from
Boston. New York. Philadelphia,
Cincinnati, Louisville, ST. Louis,
Chicago and Milwaukee approved it's
q re
it was | have a dispatch from the
Chamber of Commerce, Cincinnati,
sent to the Treasurer, and by him to
me. urging the speedy passage of the
bill as it passed the House. 1t is
true there was dOleful sound came
up from the caverns of bullion brok-
erS and from the salons of the aSso-
ciated banks. Their cashiers and
agents were soon on the ground and
persuaded the Senate. with but little
elaboration, to mangle and destroy
what it had cost the House months
to digest, consider and pass. They
fell upon the bill in hot haste, and
so distgured and defOrmed it that it's
father would not know it. Instead
of being benefcient and invigor-
ating measure, it is positively mis-
chievous. 1t has all the bad qualities
which its enemies charged on the ORR
ginal bill, and none of its benefits.
1t now creates money, and by its
very terms declares it deprecated
currency. 1t makes two classes of
people. 1t dscriminateS between the
rights of different classes of creditors,
allowing the capitalists to demand
gold, and compelling the ordinary
lender of money on individual secur-
fu fn tnS w 10
ment had purposely discredited.
\ All classes of people
shall take these legal-tender notes at
par for every article of trade or con-
tract, 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 else.-Speech az
House, February 20, 1862.
That is the statement of the chair
man of the committee that originated
the bill. He and Mrs. Emery agree
that the brokers and bankers are re-
sponsible for the exception clause
that deprecated the greenback
money.
Senator Sherman says it is one of
the great pillars of our financial credit.
TESTIMONY OF HENRY WILSON.
1t is a contest between the brokers,
jObberS and mOneychangerS on the
one side, and the people of the United
States on the other. | venture tOeX-
press the opinion that ninetynine of
every hundred of the loyal people of
the United States are for this legal
tender clause. Wilson'S Speech IN the
Senate, February Is. 1862.
THE VOICE OF HISTORY.
The legal tenderl bill was no
sooner made public than delegations
of bankers from New York, Boston
and Philadel phia hurried to Washing
ton to oppose it. They organized in
formal manner by selecting chair
man (S A. Mercer of PHILADELPHIA
and invited the finance Committee
of the Senate and the Committee of
Ways and Means of the House to meet
them at the office of the Secretary of
invita- tiOn was accepted. At the
meeting which followed, the bankers
spoke in opposition to the bill
The bank delegates re-
manned in Washington and held fur
ther consultation with Secretary
Chase extending through several
days, which resulted in an arrange
ment with him to the effect, among
other things, that Congress should
be urged to pass the National Bank
Bill. etc.-Berkey's Monetary System,
1876
TESTIMONY OF WIN. D. KELLEY.
l remember the grand old COM
mOner ThaddeuS Stevens with his hat
in his hand and his cane under his
arm, when he returned to the House
after his final conference Con the ex-
ception clause) and shedding bitter
tears over the result? Eyes" said he,
1--WE had to yield; the Senate was
stubborn. We did not yield until we
found that the country must be lost
or the banks gratified, and we have
sought to save the country in spite
of the cupidity of it's wealthiest citi-
zens. "-Jatdge VIM. ID. Kelley, Philddel-
phio, January Is, 1876.