The farmers' union. (Memphis, Mo.) 1891-1895, 1894-02-08
A FINANCIAL HISTORY.
Course and Effect OF Legislation
Since 1851.
20 l.,

legal tender act is to furnish the
readers of the Waterman with facts
regarding that matter that are yearly
becoming more difficult to obtain.
The time is near at hand when an
attempt will be made to reserve the
decision of the courts and destroy
the legal tender function of paper
moner. When that time comes the
files OF this paper containing these
articles will be valuable. The de-
bate continued to intensity aud the
OPPOSITION of the gold owners became
more pronounced. Mr. kellogg. Of
Illinois, said (Con. Globe, page GoS,
Feb. &, 1862:
Mr.. Chairman. | am panied when |
sit in my place in the House and hear
members talk about the sacredness OF
capital; that the interests Of money
must not be touched. Yes. sir, they
flower of the American youth for the
army, to be sacrificed, without a blush,
but the great interests of capital, OF
currency must not be touched We
have summoned the youth, and they
have come, would Summon the
capitol; and if it does not come vOlun-
tarially, before this Republic shall
90 down. or one star be !os:, ! would
take every cent out of the treasury
of the states, from the treasury of
capitalists. from the treasury Of m
dividuals, and press it into the use OF
the government.
What is capital worth without a
government? Gentlemen must un-
dcrstand me, when | indulge in this
strain and speak in this strain and
speak OF this talk and quibb!e about
capitol. that | Ito not charge it upon
the real capitalists Of the country, for
| they DO not hold back. The true cap
ilallsts of the country are patriotic:
| they have furnished their means lib
orally: but there is class of huck
steriny capitalists, there Is class o!
bankers proper, there is class of
brokers, who would make mcrchan-
disc of the hopes and fears of the Re
public.
Mr. Blake, Of Ohio, said: (Con
Globe, page CSC, Feb 6, 1862
|
But i; is said that this question wa,
before the convention that framed the
Constitution, and j. was decided tha
paper money should not be made ;
legal tender. Sir, deny it, and t
show that this was not the case.
read from the debates on the forma
ton OF the constitution (vol. >, page
1857
Mr.. Mason said he was unwillin!
to tie the hands OF the legislature
He observed that the late war cou!t
not have been carried on had such ;
prohibition existed.
MIR. Butler SAID that paper WAS
lc1al tender in 10 country in Europe
Mr. Mason WAS still adverse tt
tying the hands of the Legislature
altogether If there was no eNampl
in Earope. as just remarked. it NIGH
hc obscrved--on the other side, thcr
was none in which the government wa
retained on ti:is head
Sir, there the convention left thi
question and there we find it, left t
the legislative wisdom of congress.
| do not impu.n the motives o
our friends who approve tnis bill il
the House. but it Is we'll known tha
the money shavers of the city of Ne,
York and all their friends Throughout
the country have brought all the il
tlucncc within their power to defea
this bill with the lesaltender pre-
vision.
In closing the debate On the amend
ments o: legal tender, Mr.. Spauldin
said \Con. Globe, page $50. Feb
1929
The respective plans Of Messr:
Nalland.ngham. Cock!in and Morril
require the same amount of paper
be issued rs the legal tender propose
uy the committee Of Ways and Mean:
and supported hv the secretary OF ii,
the treasury. Third, the main di
ference between the several plans /:
that the legal tender bill stamps q,
mand notes rs money. with the higl
est sanction OF the government t
circulate as a Lational currency. ia
same as bank notes, in all the chal
nels of trade and business among a
the people Of the. United State:
whilst all the other plans propose
contemplate the issue of an inferil
currency that will not in my opinion
circulate rs money either with tt
bankers o. people, but will, on tt
contrary, be deprecated and sold at
large discount by all officers, soldier
and others that are compelled to r