The farmers' union. (Memphis, Mo.) 1891-1895, 1894-02-01
A FINANCIAL HISTORY.
Course and Effect OF Legislation
Since 1851.
No H..

If anything Mr.. Morrill, was the most
pronounced in his opposition. Among
many other like expressions he de-
clared, Congressional Globe, page
G3l, February i, 1862 "If this
paper money is war measure it is
not waged against the enemy, bat one
that may we'll make him grin with
delight. l would as soon provide
Chinese wooden guns for the army as
paper money alone for the Treasury"
1t might be said at this point that
MIR. Morroll has been in Congress
ever since he made that speech and
is today and has beer for u long
time member and chairman of the
Senate Finance Committee.
Just previous to MIR. Morrill's
speech the following letter was read
from Secretary Chase:
MONDAY, February Sd, 1862.
My DEAR SIR:-Mr. Seward said
to Inc on yesterday that you observed
to him, that my hesitation in coming
up to the legal-tender proposition
embarrassed you, and l am very
sorry to observe it, for my anxious
wish is to support you in all respects.
1t is true that l came with reluc-
tance to the conclusion that the legal
| tender clause is necessity, but l
| come to it decidedly, and l support
it earnestly. l do not hesitate when
have made up my mind, however
| much regret | may feel over the
| necessity of the conclusion to which
come.
have just sent a note to Mr.
Stevens with two sections (penaD in-
] stead one. You will, think, see the
necessity of them. Tue one have
| already sent IS not quite strong enough
What has the committee done about
| the amendments suggested? |
thought them important.
Immediate action is Of great i'm
portance. The Treasury is nearly
empty. have been obliged TO draw
for the last installment Of the No.
vember loan; so soon as it is paid,
fear the banks genneraly will re-
fuse to receive the United States
notes. You will see the necessity
Of urging the bill through without
further delay.
Very sincerely yours,
s. p. CHASE.
Hon. +. G. SpAULDING.
Roscoe Cocklin, then in the House
opposed the bill and especially the
legal tender feature, and insisted that
the war could be carried through on
a specie basis. He aaid:
Already the London Times halls
this $lOO,O0O,00O legal tender bill,
as the downfall of American credit.
Congressional Globe, page 635, Feb.
II, 1862
Mr.. Bingham made a lengthy
speech in favor of the bill and de-
Tended the legal tender feature. He
declared Congressional Globe, page
625 Feb 1, 1862.
AS representative of the people
cannot keep silent when see efforts
made upon this side of the house and
upon that to lay the power of the
American people to control their cur
rency-a power essential to their in
terests-at the feet of brokers and OF
city bankers, who have not q title OF
authority, save by the assent of for
bearance of the people, to deal in their
paper issued as money.
| am here to-day to assert the right
full authority of the American people,
as nationality, sovereignty, under
and by virtue OF their Constitution
In saying that the people of this Re
public are one people, a sovereignty,
Ito not feel that shall be confronted
by any of the great names of the IL
lustrous dead who have sudde nj,
found favor with gentlemen upon the
other side Of the house. l am no,
myself of that class of admirers who
persecute men while living and lleak
tons of granitude pour empty adula
ton upon their heads when dead.
prefer to respect them and thei1
authority while they stand among the
living men Of to-day. These grea
names hsve been envoked in this de
bate. For what purpose? For tn,
purpose Of denatilizing the people
for the purpose of stripping th'
American people Of the attributes o
sovereignty; for the purpose of laying
as said before at the feet and at th,
mercy of brokers and hawkers OF
Change the power Of the people owe
their monetary interests in this hou
Of national exigency.
Sir there ia n0fhino in tho rncorr1