The farmers' union. (Memphis, Mo.) 1891-1895, 1894-01-25
A FINANCIAL HISTORY.
Course and Eject of Legislation
Since 1861.
No 10.

The speech of Mr.. Spaulding has
been given nearly complete because
it opened up 4 new sy stem OF finance.
His speech was a subject for much
comment and wide discussion. In
mediatly tue bankers and money
owners attacked it upon all sides.
Mr.. Pendleton, cf Ohio, led of with
an elaborate speech against the legal
tender portion Of the bill. Among
others lie made the following state
ment:
These notes are to be made lawful
money and a legal tender in discharge
of all pecuniary obligations, either by
the Government or individuals, u
character which has never been Civ
en- to any note OF the United States,
or any note o; the Bank Of tue United
States by any law ever passed. Not
only, sir. was such law never pas
sed, but such u law was never voted
on, never proposed, never introduced,
never recommended by anv depart
of the Government; the measure was
never seriously entertained in debate
in either branch of Congress-.
Mr.. Pendleton cortended that the
bill, If passed, would Impair the obi
CATION of past as we'll as of future
contracts, and that it would make it
illegal to make a contract for dealing
III gold or silver com. for the reason
that these legal tender notes might be
rendered in payment of coin contracts.
He insisted that there was no ex-
press power granted in the Constitu-
ton to make United State notes law
full money and a legal tender in pay
ment of debts and that the power ''to
regulate commerce" gave no such
power.
In this manner the debate cont,n-
ued, growing more and more earnest
as the matter was considered.
The letter of Secretary Chase
of the 22d inst, was regarded by 4
majority of the Committee of Ways
and Means and many members of the
House, as non commi:tal on the legaI
tender clause of the bill, and many
believed that when pressed to a de-
cision, lie would declare against it:
constitutionality. In order to obtair
the opinion of the Secretary more
fully, Mr.. Corning offered a resolu
ton in the committee Of Ways ant
Means, which was adopted, referrin:
the bill (No. 24O to the Secretary
and requesting him 70 communicat
to the Committee at as early a day a
possible his opinion as to the pre-
priety and necessity Of its imned
ate passage by Congress. After con
siderable delay the Secretary sent t
the Committee of Ways and Mean
the following:
EXTRACT FROM A LETTER OF THE sEt
RETARY OF THE TREASURY TO TIL
COMMITTEE OF WAYS AND MEANS.
TREASURY DEPARTMENT, Jan. 90, 6:
SIR: l have the honor TO acknov
ledge the receipt of resolution {
the Comm ittee of Ways and Mean
referring to me House bill No. 24'
and requesting my opinion as to th
propriety and necessity of its immed
ate passage by Congress.
The condition of the Treasury ce
tainly nee Is immediate action on tt
subject of affording provision for tt
expenditures of the Governmen
both expedient and necessary. Tt
general provisions of the bill subm.
ted to me, seems to me we'll adopte
to the end proposed. There ar
however, some points which ma,
perhaps, be usefully amended.
Tue provision making United Sta
es notes legal tender has doubtle:
been we'll considered by the commi
tee, and their conclusion needs q
support from any observation of min
think II my duty, however, to sa,
that in respect to this provision M
reflections have conducted me to tt
same conclusions they have resche,
1t is not known to them that / ha,
felt, nor do | wish to conceal that
now feel, - great aversion to maxim