The farmers' union. (Memphis, Mo.) 1891-1895, 1894-01-25
legal tender might, however, still be
avoided, il the willingness manifested

by the people generally, bv railroad
companies, and by many of the bark
ing institutions, to receive and psy |
them as money in all transactions, !
were absolutely or practically un,ver-
sal; but, unfortunately, there arc
some persons and some institutions
which refuse to receive or pay
them, and those action tends not
merely to the unnecessary deprecia-
tion of the notes, but to establish dis
examinations in business > against
those who, in this matter, give cor
dial support to the Government, and
in favor of those who did not Such
determinations should, il possible.
be prevented. and the PROVISION
making the notes a legal t"nder, in u
great measure at least, prevents it, by
putting all citizens; in this respect.
on the same level, both Of rights and
duties.
The committee, doubtless. feel the
necessity Of accompanying this meas
ure by Legislation necessary to secure
the highest credit as we'll as the larg
est currency of these notes. This
security can be found. in my judg-
ment, by proper provisions for fund
ing them in interest bearing bouds;
by well-guarded Legislation authoriz
ing banking associations with circu
lation based ON the bonds in which
the notes are funded; by judicious
system of adequate taxation, which
will not only create demand for the
notes but-by securing the prompt
payment OF interest-raisc and sus
tain the credit of the bonds. Such
legislation. it may be hoped, will d.
vest the legal tender clause of the
bill Of injurious tendencies. and Sc
cure the earliest possible return to a
sound currency Of coin and promptly
convertible notes..
have the honor to be, with very
great respect, yours truly.
S. p. CHASE.
Hon. TBADDEUs STEVENS, Chairman
This letter fully discloses the insin-
cerity OF Mr.. Chase on legal tender
money. lie admits ITS necessity and
the conspiracy existing at that time
to destroy the credit of the nation, and
in order to neutralize its alleged bad
effect, he proposes that - stem, Of
bond plundering which was finally
enacted into law and stands to-day as
the most gigantic swindie that was
ever perpetrated on people of any
country. Not only did this letter
contain bcnd-scheme but q national
banking scheme as we'll. In fact
this letter contains suggestion OF
the beginning of all the financial woes
that have since overtaken the people
of this nation. No man can reat
this letter by the light of the pas
thirty years without realizing that .
master hand other than that of tn,
Secretary framed it. Neither j!
there a doubt at the present tim
that the means proposed for neutra
lizing the effect of the treasury not
have been complete and abiding
success.
The effect of this letter was to dc
lay action until plan could be devils
:, ed whereby the suggestions of the Sc
cretary might be carried out and til
, issue of paper money, which SCENE
,. invitable, turned 10 the benefit of th
4 money owners. 1t was a much NOR
), difficult matter than at frs: supposed
y A full legal tender paper money wa
an ugly weapon against the col
trust. especially in the hands of
r bankrupt government and a peopI
e divided into waring factions. Wa
e street had shown its true characte
:, q to the people and there were a fe
t. men in and out of Congress who col
Il demned its course in no unmeasure
terms. The most vulnerable point /,
- the administration for Wall street |
: operate upon was Mr.. Chase and the
IS lost ne time in dong so. 1t was NJ
t. difficult undertaking and in a ver
. short time the Treasury Departme,
became an annex of Wall street, an
y as such 1t remaines at the preser
e time.
Z The St. Louis papers print day b
| day stirring anneals tn the neonle I