The farmers' union. (Memphis, Mo.) 1891-1895, 1894-02-22

lcgai tender. In Wnicn he sad: (IOE4
Globe, page 7s9, Feb. Is, 1862
In my judgement, if the legal ten
der clause is stricken out Of the bill
you will have every cur',stoEe Jey
broker in the country, the bulls ant
bares of the stock exchange, and tn,
class Of men who fat,en upon public
calamity and the wants amt neresSi
ties Of the people, useing all their in
tlucnca to Geprecate the credit Of thi:
government and break down tht
value of those demand notes
| look upon this contest rs a con
test between the curbstOnc brokers
tie jew brokers. the money changers
and the men who Speculate in stock /,
and the productive toiliny men Of Tie
country.
Senator John Sherman spoke il,
favor Of the legal tender clause. lie
said: Gong. Globe page Isl, Feb
13, 1922
Ii you strike OF the legal tender
clause, you DO SO with knowlcd1t
that those notes Will fa!! dead upon
the market Of the world.
Senator BayarJ spoke against legal
tender, and ultimately voted for the
ammendment to strike it out.
Senator Charles Sumner spoke in
favor of Il legal tender, and defended
it upon constitutional grounds in al
able and elaborate speech.
The vote upon the amendment to
strike out the legal tender clause was
as follows:
Ycas-Mcssrs. Anthony. Bavard,
ColImer. Cowan, Fcsscntcr, Foot.
Foster, X nnedy, King. Latham, Nes
NTH, Pearce, Powell, Salisbury, Sim
mons, Thompson ant Wilry-l7.
Nays-Messrs. Chandler, Clark,
Davis, Dixon, Doolittle, Harrison,
Harris, Henderson, Howard, Howe.
Lane (of Inl'na), McDauyalI, Morrill,,
pomeroy, Rice, Sherman, Sumner,
Ten Eyck, Wade. Wilkinson, Wilson
of Massachusetts and Wilson (of
Missouri )-2222.
SO the motion to strike out the
legal tender clause was not ed
to-.
After further discussion and few
minor amendments the bill, rs amen
dcd, passed the Senate by the follow
in. vote:
Yeas--Messrs Anthony. Chandler
Clark, Davis, Dixon, Doolittle, Fes-
sender, Foot, Foster, Grimes. Hale,
llarinnd, Harris, Henderson, Howard,
Howe, Lane '(of lndiana,) Latham.
McDougall, Morrill,, Pomeroy, Rice.
Sherman, Sumner, Ten E>ck. Trum-
bull, Wade. Wilkinson, Wilson of
Massachusetts, and Wilson of Mis-
'>ullri-:;U.
Nays - Mcssrs. Colmar, Cowan.
Kennedy, k,nk, Pearce, Powell and
SauIsbury--7.
Mr. Spauld;ng says, page l2j.
All former loan laws passed by
Congress, from the organization OF
of the government to this time, con
tanned only provision of pay dol
lars. The word dollar hau Il well
know legal meaning under our legal
tender laws. and it was difficult to
see any good reason for changing the
phra>coioGy, and thereby make Il de-
parture from established usares ut
this time, especially if six per cent
bonds (Which were then selling at So
should, as Il necessary consequence
OF such provision, be sold ut the
market price to raise the CON to pay
this interest. At this stage of the
bill there was no provision in it, or
or IN the sc ate ammenuments. to
collect the duties Oh foreign imports
IN coin, SO that rs the bill then stood
there was no other mode Of obtaining
the coin except hy Il forced sale of
bonds. This coin provision was
deemed ny many members to be AL |
discrimination in favor of |
ii,no!der> over other creditors O; |
government equally meritorous. Il !
was difficult 20 see the propr.ety of
paving coin interest to the bonduo.u |
crs while the soldiers and others were |
paid in notes; and besides. The terms
l>ed made the coin payment Of inte-
rest applicable to the 80 Treasury
notes anu bonds issued to tle banks
turing The previous summer,
In this condition the bill was sent
,ack to the House.
The bill and Scnate's 5 ammeuiments
vas returned to the house on the 18th.
ns.ant, and on motion Of Mr.. Stevens.
vas referred to the committee on
Ways and Means. THIS committee