The midland journal. (Rising Sun, Md.) 1885-1947, 1894-02-09
QUESTIONS OF THE DAY,
A FINANCIAL HISTORY.
Course and Effect of Legislation
Since 1851.

Course and Effect of Legislation
Since 1851.
BY N. A. DUNNING.
From The National Waterman.
No. XII.
My only excuse for dwelling at such
length on the history of the first legal
act is to furnish the readers of the
Watchman with facts regarding that
measure that are yearly becoming more
difficult to obtain. The time is near at
hand when an attempt will be made to
reverse the decisions of the courts and
destroy the legal tender function OF
paper money. When that time comes
the files of this paper containing these
articles will be valuable. The debate
continued to intensity and the opposi-
ton Of the gold owners became more
pronounced. Mr.. Kellogg, of Illinois,
(Cong. Globe, page 6oS, Feb. 6, 1852:
Mr.. Chairman, 1 am panied when l
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
will vote six hundr ID thousand Of the
flower of the American youth for the
army, to be sacrificed, without blush ;
but the great interests of capital, OF
currency, must not be touched. We
have summoned the youth they have
come. I would summon the capital !;
and if it does not come voluntarily,
before this Republic shall go down, or
one star is lost, l would take every cent
from the treasury Of the states, from
the treasury of capitalists, from the
treasury of individuals, and press it
into the use of the government.
What is capital worth without gov
eminent? Gentlemen must understand
me, when [ indulge in this strain and
speak in this strain, and speak of this
talk and bubble about capital, that |
do not charge it upon the real CAPT
talists of the country, for they do not
hold back. The true capitalists Of the
country are patriotic; they have fur
nisbed their means literally; but there
is a class Of hucksteriug capitalists,
there is class Of bankers proper, there
is a class of brokers, who would make
merchandise of the hopes and fears of
the Republic.
Mr.. Blake. of Ohio, said: (Con.
Globe, page $50. Feb. 6. 1852
But it is said that this question was
before the convention that framed the
Constitution, and it was decided that
paper money should not be made
legal tender. Sir, I deny it, and to
show that this was not the case. I read
from the debates on the formation Of
the Constitution (vol. 5, page 1850.
Mr.. Mason said he was unwilling to
tie. the hands of the Legislature. He
observed that the late war could not
have been carried on had such pro-
hibition existed.
Mr.. Butler said that paper was
legal tender in no country 10 Europe.
Mr.. Mason was still adverse to tying
the hands of tho legislature altogether.
If there was no example in Europe, as
just remarked, it miOht be observed on
the other side there was none in which
the government was restrained on this
head.
Sir, there the convention left this
question, and there we find it-left to
the legislative wisdom of Congress.
l do not impugn the motives of our
friends who approve this bill in the
House, but it is we'll known that the
money shavers of the city of New
York and all their friends throughout
the country have brought all the IN
fuence within their power to defeat
this bill with the legal tender provision.
In closing the debate on the amend
ments offered by the opponents of legal
tender. Mr.. Spaulding said, (Cong
Globe, page $50, Feb. 6, 1929:
The respective plans of Messrs. Val
landigham, Conking, and Morrill,. re-
quire the same amount of paper to be
issued as the legal tender bill proposed
by the Committee Of Ways and Means,
and supported by the Secretary of the
Treasury. Third, the main difference
between the several plans is, that the
legal tender bill stamps demand notes
as money, with the highest sanction OF
the government to circulate as a nation.
al currency. the same as bank notes,
in all the channels of trade and bust
ness among all the people Of the United
States; whilst all the other plans
proposed contemplate the issue OF an
inferior currency that will not, in my
opinion, circulate as money either
among the banks or the people, but
will, on the contrary, be deprecated
and sold at large discount by all
officers, soldiers, and others that are
compelled to receive it from the gov
ernment in payment for services and
supplies furnished. For myself, pre-
fer to issue the demand notes, based on
adequate texation, and with the highest
legal sanction that can be given to them
by the government, placing the soldiers
aud capitalists all on the same footing