The farmers' union. (Memphis, Mo.) 1891-1895, 1894-03-08
A FINANCIAL HISTORY.
Course and Effect Of Legislation
Since 1861.
No 16.

| taken up ana acted upon. Some were
agreed TO-, others rejected, and the
bill returned to the Senate.
Mr.. Fesenden moved that immedia-
te action be had on the amendments,
The motion was agreed to, and after
some preliminary remarks by MIR.
King and Mr.. Sherman, and without
any seperate action on the several
amendments, Mr.. Fessenden said:
II will move, as | understand the
House has adjourned until tomorrow,
that the Senate insists Oh its amend
ments, disagreed to by the House,
and disagree to the amendments OF
the House to the amendments of the
Senate and ask for the committee OF
Conference on the disagreeing vote
of the two Houses
The motion was agreed to anu the
Chair appointed Mr.. Fessenden, Mr..
Sherman Mr.. Carlisle, rs such CON-
mittee.
On the 21st, the action of the Sen
ate was reported to the House, and
on motion of Mr.. Stevens, COM
mittee OF conference was appointed
on the part of the House, as requested
by the Senate, consisting of MIR.
Stevens, Mr.. Horton and Mr.. Sedg-
wick.
The conference committee had a
long consultation, extended through
two or three days. They finally com.
promised some Of the most material
Of the disagreeing votes between the
two Houses.
The most material change made
was to require the duties on imports
to be paid in coin aud held rs u 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 procure coin for that
purpose. Several other alterations
: and amendments were agreed to in
the committee of conference.
On the 25th, Mr.. Stevens reported
to the House the action of the con
ference committee, which was agreed
to-yeas 81; nays %.
On the 25th Mr.. Fessender made
the same report in the Senate with
out u division, and on the same day
President Lincoln approved the bill
and thus the legal tender act, afte
Il most able and determined opposi
ton. became a law.
This act placed what is now callc(
the exception clause on the bacl
of the United States notes whicl
reads as follows: The within not
is a legal tender in payment of al
debts, public and private, excep
duties on imports and interest on th
public debt"
have during the past few number
with the aid Of MIR. Spaulding's his
tory of that event, given in a rathe
extended detail the legislation tina
gave US the present United State
note or greenback, as it is general
called, 1t will be observed by thos
who have carefully followed thes
articles. that the legal tender featur
Of this legislation was the porto
most vigorously contested by tn
bankers and brokers of the period
Since the time there has been cor
tinual war upon this function of tn
United States notes, and is with u
at the present time. There is not tn
least doubt in my mind that the Su
preme Court is now being packe
with special reference to reversal Q
of the last legal tender decision
Both Mr. Hornblower and MIR. Peck
ham, who were rejected by the Ser
ate, were known to be against legs
tender paper money, and VII n til
the test is made it will be discovere
that Mr.. White is of the same opinio
also. | believe that act of Congress
was the most important as touchin
the question of finance that ever wa
enacted into law, in that the peopl
will continue in their demand unit
they are given absolute full leg;
tender paper money to the exclusio
Of all others.