The midland journal. (Rising Sun, Md.) 1885-1947, 1894-03-09
QUESTIONS OF THE DAY.
A FINANCIAL HISTORY.
Course and Effect of Legislation Since 1901.
BY N. A. DUNNING.
From The National Waterman.
No. XVI.

BY N. A. DUNNING.
From The National Waterman.
No. XVI.
After the defeat of Mr.. Stevens
amendment those of the Senate were
taken up and acted upon. Some were
agreed to, others rejected, aud the bill
returned to the Senate.
Mr.. Fessenden moved that imme-
diate action be had on the amendments
The motion was agreed to, and after
some preliminary remarks by Mr.. King
and Mr.. Sherman, and without any
separate actions ON the several
amendments, Mr.. Fessenden said i:
II will move, as / understand the
House has adjourned until tomorrow
that the Senate insist on its amend
ments, disagreed to by the House, and
disagree to the amendments of the
House to the amendments Of the SEN
ate, and ask for committee of Confer.
ence on the disagreeiDg votes of the two
Houses"
The motion was agreed to, and the
Chair appointed Mr.. Fessenden, Mr..
Sherman and Mr.. Carlisle, as such
Committee.
On the 21st., the action of the Sen :
ate was reported to the House, and on
motion of Mr.. Stevens, Committee Of
Conference was appointed on the part
of the House, as requested by the SEN
ate, consisting of Mr.. Stevens Mr..
Horton and Mr.. Sedgwick.
The Conference Committee had long
consultation, extending through two or
three days. They finally compromised
some Of the most material of the dis
agreeing votes between the two Houses.
The most material change made was
to require the duties on imports to be
paid in coin, and held as fund to pay
the interest in coin on the funded debt,
thereby doing away with the necessity
of forcing the bonds on the market to
produce coin for that purpose. Several
other alterations and amendments
were agreed to In the Committee of
Conference.
On the oath, Mr.. Stevens reported
to the House the action of the Confer
ence committe, which was agreed to
yeas 81; nays %.
On the Goth Mr.. Fessenden made the
same report in the Senate, which was
agreed to by the Senate without a
division, and on the same day Presi-
dent Lincoln approved the bill, and
thus the legal tender act, after a
most able and determined opposition,
become law.
This act placed what is now called
the exception clause" on the back Of
the United States notes which read as
follows: "The within note is a legal
tender in payment of all debt, public
and private, except duties on imports
and interest on the public debit
| have during the past few numbers,
with the aid Of Mr.. Spaulding's his
tory of that event, given in rather
extended detail the legislation that
gave US the present United States note
or greenback, as it is generally called,
1t will be observed by those who have
carefully followed these articles, that
the legal-tender feature OF this legisla
ton was the portion most vigorously
contested by the bankers and brokers
Of the period. Since that time there
has been continual war upon this
function of the United States notes.
aud Ia with us at the present time.
There is not the least doubt In by
mind that the Supreme Court is low
being packed with especial reference to
reversal of the last legal-tender deeis-
ion. Both Mr.. Hornblower and Mr..
Peckham. who were rejected by the
Senate. were known to be against legal
tender paper money. and when the test
is made it will be discovered that Mr..
White is of the same opinion also. ]
believe that act of Congress was the
most important as touching the ques-
tion of finance that ever was enacted
into law, in that the people will con.
tinue in their demand until they are
given absolute full legal-teudsr paper
money to the exclusion of all others.
Private Banks rIuSt be Superseded
by Government Banks.