The midland journal. (Rising Sun, Md.) 1885-1947, 1894-03-02
QUESTIONS OF THE DAY
A FINANCIAL HISTORY.
Course and Effect of Legislation
Since 1851.
BY N. A. DUNNING.
From The National Waterman.
No. XIV.

o1c5 PioVAuibS lAao lHeoG IIedeuiJ
notes should be received for all claims
and demands against the United States
of every kind whatsoever, "except for
interest on bonds and notes, which
shall be paid in coin," Mr.. Pendleton
moved an amendment to the effect
"that the officers, soldiers, seamep, and
mariners engaged in the military ser
vice Of the United States" should also
be paid in coin.
The amendment was not agreed to.
The amendments of the Senate
having been acted upon in Committee
Of the Whole, Mr.. Stevens moved that
the committee rise and report the bill
and amendments to the House. which
was agreed to. The bill and amend
ments were accordingly reported to
the House.
On the goth, the House resumed
the consideration of the Senate
amendments.
Mr.. Stevens, of Ps., spoke as follows,
Congressional Globe, page 900, Feb
ruary 20, 1862:
Mr.. Speaker have very few
words to say. I approach the subject
with more depression of spirits than l
ever before approached any question
No personal motive or feeling influences
me. l hope not, at least. I have a
melancholy foreboding that we are
about to consummate cunningly
devised scheme, which will carry great
injury and great loss to all classes OF
the people throughout this Union,
except one. With my colleague, |
believe that no act of legislation of this
Government was ever hailed with as
much delight throughout the whole
length and breadth of this Union. by
every class of people, without any
exception, as the bill which we passed
and sent to the Senate. Congratula-
kions from all classes-merchants,
traders, manufacturers. mechanics, and
laborers,-poured in upon us from all
quarters. The boards of trade from
Boston. New York, Philadelphia,
Cincinnati, Louisville, st. Louis, Chi
cago, and Milwaukee, approved its
provisions, and urged its passage as it
was.
have dispatch from the chamber
of commerce OF Cincinnati, sent to the
Secretary of the Treasury, and by him
to me, urging the speedy passage of the
bill as it passed the House. 1t is true
there was doleful sound came up from
the saloons of the associated banks.
Their cashiers and agents were soon on
the ground, and persuaded the Senate,
with but little elaboration, to mangle
and destroy what it had cost the House
months to digest, consider, and pass.
They fell upou the bill in hot haste, and
SO dis6gured and deformed it, that its
very father would not know it.
Laughter.1 Instead Of being beue-
ticient and invigogating measure; it is
now positively mischieyous. 1t has
all the bad qualities which its enemie:
charged on the original bill. and none
of its benefits 1t now creates money
and by its very terms declares it {
deprecated currency 1t makes two
classes of money-one for the banks
and brokers. and another for the people
1t diseriminates between the rights O
different classes OF creditors. allowing
the rich capitalist to demand gold, anc
compelling the ordinary lender oil
money on individual security to receive
notes which the Government haG
purposely discredited.
Let us examine the principal amend
ments separately, and see their effect
The FIRST important one (being the
ffth), makes the notes issued under the
Laws Of July II, legal tender. equally
with those authorized by this bill
There can be but little wisdom in
putting these two classes on an equality
The notes of July bear I $40 per cen,
interest, and are payable in three years.
This gives them sufficient advantage
over notes bearing no interest and
payable virtually in twenty year bonds,
with 6 per cent interest. Why give
them this additional advantage simply
because the 100000, 900 issued are all
held by the associated banks. aud this
is their amended bill. They would
displace 500, 100000 of this money in
the circulation, and render it impos-
sible to use any considerable amount Of
these United States notes as a currency
These notes have served their purpose.
Why allow them to block up the
market against further relief to the
Government ?
The banks took $50 100000 of 6
per cent bonds, and shaved the Gov
eminent S., 500, 200 oU them, and now
ask to shave the Government Is or 20
per cent, half yearly, to pay themselves
the interest on these very bonds. They
paid for the $50. 100000 in demand
notes. uot specie, and now demand the
specie for them. Vet gentlemen talk
about our making other isans 10 these
times. They are crazy or sleeping, one
or the other, l do not know which.
When this question was discussed
before, the distinguished gentlemen
from Kentucky Mr.. CrittendeD) asked