The midland journal. (Rising Sun, Md.) 1885-1947, 1894-02-16

act entitled San act to authorize the
issue of Treasury notes." approved the
23d day of December. 1851, so far as
they can be applied to this act, aud
not inconsistent Herewith, are hereby
revived and re-enacted and the sum
of 100000 is hereby appropriated, out
Of any money in the Treasury not
otherwise appropriated, to enable the
Secretary of the Treasury to carry this
act into effect"
Two penal sections a and s. were
adopted as part of this bill, to guard
against counterfeiting, but it is not
i'm portant to insert them here, as they
do not affect the principle of the bill.
The bill having passed the House
was presented in the Senate on Feb. 7,
1862. On the same day, in order to
tide over an emergency, bill was in
troduced and passed authorizing a
further issue of $40, 900, 600 of demand
notes in addition to the $50 100000
already issued, This bill passed the
House on the 10th, and was immedi-
ately made operative. The bill as sent
to the Senate provided that "such notes
herein authorized shall be receivable in
payment of all taxes, duties, imposts,
excise, debts, and dividends owing by
the United States to individuals, cor
porations, and associations within the
United States, and shall also be lawful
money and legal tender in payment of
all debts, public and private, within
the United States" This constituted
a peoples money, pure and simple,
free from oil bank tribute, and made so
by authority Of law only. This is the
kind of money demanded by the Peo-
pies party, and is the only refuge at
the present time for the people from
the bowling storms of distress and
financial disaster that are sweeping
over this unhappy nation. When this
bill was reported by the Senate Finan-
cial Committee the following amend
ments were recommended:
First. That the legal tepder notes
should be receivable for all claims and
demands against the United States of
every kind whatsoever, "except for
interest on bonds and notes, which shall
be paid in conn.,
Second. That the Secretary might
dispose of United States bonds sat the
market value thereof, for coin or
Treasury notes."
Third. A new SECTION, No. 4, author.
iziDg deposits in the sub. treasures at 5
per cent, for not less than thirty days,
to the amount of $25, 100000 for which
certificates Of deposit might be issued.
Fourth. An additional section, No
5, "that all duties on imported goods
and proceeds of the sale of public
lands" &c., should be set apart to pay
coin interest on the debt of the United
States and l per cent for sinking
fund, &c.
On the 18th debate began in the
Senate and was vigorously carried on
for some time.
Senator Fessepden made speech
that was complete straddIe, Senator
Colamer spoke against the legal tender
portion of it.
After other speeches had been made
Senator Collamer Oh the 18th moved to
strike out the legal tender clause.
This amendmeet was antagonized by
Senator Howe in an able apesch in
which he said (Cong. Globe appendix
page SO and SIS, Feb. 18th 1922
The question remains, who shall issue
that paper-the government or the
banks l answer, the government /
say the government, and not the banks,
should issue that paper, tor all the
reasous and upon all the considerations
which can influence the decision OF the
question. The government should
issue that paper, because it is for it's
own use, and because. also. let who will
issue it, the government must suppl,
the means for taking il up. If the
banks issue it, they will simply loan it
to the government upon its promise to
pay that amount in given period with
interest. The banks will loan the
government one hundred of it's promises
each to pay ten dollars on demand
without interest, 10 exchange fer the
governments promise to pay $1,000
with interest, id ae2 or in twenty
years. No man believes that those one
hundred promises can ever be redeemed
until the banks hRys raised the money
upon the governments promise. Until
that time the people must bold the
bank notes, and pass them from haDd
to hans as money, and must pay interest
upon the note of their own governm INT.
The government should issue that
paper, because its promises are safest to
take the surest to hold. 1t is the only
party ultimately liable for their pay
ment, and it is the oaiy party able to
pay. What we call the Treasury note
10 anOiUalanf N note a;-ool l..