The midland journal. (Rising Sun, Md.) 1885-1947, 1894-02-23
QUESTIONS OF THE DAY
A FINANCIAL HISTORY

BY N. A. DUNNING.
From The National Waterman.
No. XIV.
Senator Wilson, of Mass, made a
lengthy speech in favor OF legal tender,
in which be said: (Cong. Globe, page
789. Feb. Is, 1922
In my Judgment, if the legal tender
clause is stricken out of the bill. you
will have every curbstone Jew broker
in the country, the bulls and bears OF
the stock exchange, and the class OF
men who fatten upon public calamity
and the wants and necessities of the
people, using all their influence to de-
preciate the credit Of this government
and break down the value of those
demand notes.
/ Look upon this contest as contest
between the curbstone brokers, the
Jew brokers, the money changers, and
the men who speculate in stocks, and
the productive toilipg men of the
country.
Senator John Sherman spoke in
favor of the legal tender clause. He
said: (Cong. Globe, page 78l, Feb.
10, 1922
IF you strike out the legal tender
clause, you do SO with knowledge that
these notes will fall dead upon the
money market Of the world.
Senator Bayard spoke against legal
tender, and ultimately voted for the
amendment to strike it out.
Senator Charles Sumner spoke in
favor of legal tender, and defended il
upon constitutional grounds in an able
and elaborate speech.
The vote upon the amendment to
strike out the legal tender clause was
as follows:
Yeas-Messrs. Anthony, Bayard,
Coilamer. Cowan, Fessendeu, Foot,
Foster. Kennedy, King, Latham, Mes
NTH. Pearce, Powell, Salisbury, Sim
mons, Thompson, and Willey-l7.
Nays-Messrs. Chandler, Clark,
Davis, Dixon. Doolittle, Harrison
Harris, Henderson, Howard, Howe,
Lane (of Indiana), McDougall, Morrill,,
Pomeroy, Rice, Sherman. Sumner, Ten
Eyok, Wade, Wilkinson, Wilson (of
Mass, and Wilson (of Mo,)-22.
So the motion to strike out the legal
tender clause was not agreed to.
After further discussion and a few
minor amendments the bill, as amended.
passed the Senate by the following
vote:
Yeas-Messrs. Anthony, Chandler,
Clark. Davis, Dixon Doolittle, Fessen:
den, Foot, Foster Grimes, Hale Har-
Ian, Harris, Henderson, Howard, Howe
Lane of Indians Latham, M,.Dougall
Morrill,, Pomsroy, Rice, Sherman
Sumner, Ten Eyck, Trumbull, Wade,
Wilkinson, Wilson of Mass, and Will
500 of Mo.-30.
Nays-Messrs. Collamer, Cowan
Kennedy, King, Pearce, Powell, and
Salisbury.
Mr.. Spaulding says. page 1876:
All former loan laws passed by Con-
gress, ifom the organization of the gov
eminent to this time, contained only a
provision to pay dollars" The word
dollars had we'll known legal meaning
under our coinage and local tender laws,
and it was difficult to see any good
reason for changing the phraseology,
and thereby make a departure from
established usages at this time, espec-
tally if 6 per cent bonds (which were
then selling at 49, should, as neces-
sary consequence OF such provision, be
sold at the market price to raise the
coin to pay this interest. At tb stage
Of the bill there was no provision in it.
or in the Senate amendments, to collect
the duties on foreign imports in coin
so that as the bill then stood there was
no other mode of obtaining the coin
except by forced sale of bonds. This
coin provision was deemed by many
members to be an unnecessary discrim-
ination in favor OF the boudholdera over
other creditors of the government
equally mcritorious. 1t was difficult tc
see the propriety of paying coin interest
TO the bondholders while the soldier
and others were paid 10 notes; and
besides, the terms used made the com
payment Of interest applicable to the
7-30 Treasury notes and bonds issued
to the banks during the previous
summer.
In this condition the bill was sen,
back to the House.
The bill and Senate's amendments
were returned to the House on the 18th
inst, aud on motion of Mr.. Stevens
were referred to the committee ON Ways
and Means. This committee ahad 9
long discussion upon the Senate's
amendments and were about equally
divided on the most material and i'm
portant of them. Some were disagreed
to, others were eoncurred iD, and some
unimportant amendments to the Senate
amendments were recommended On
the 18th, DIR Stevens, from the Com
xD;tfan nf Waus onJ Mans ronortaH