The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-02

other issues were receivable for all debts
public and private except duties on i'm
ports and interest on the public debt 1t
was these latter that were so Disseminated
against that fell so tremendously in value
compared with gold. The change was made
at the demand Of the bankers Of New
York.
Thaddeus Stevens, the great leader Of the
house during the war, and chairman of
the committee on finance, resisted the
change to the utmost. In speech deliv-
cred in the house Feb. 20, 1862 he said:
Il have very few words to say. I ap-
proach this subject with more depression
OF spirit than 1 ever before approached any
question. No personal motive or feeling
influences me. l have a melancholy fore
boding that we are about to consummate
cunningly devised scheme which will
carry great injury and great loss to all
classes Of people throughout this Union,
except one. With my colleague, 1 believe
that no act of legislation of this govern
ment was ever hailed with so much delight
throughout the whole length and breadth
of this Union, by every class of people.
without any exception, as this bill which
we passed and sent to the senate.
congratulations from all classes-mer-
chants, traders, manufacturers, mechanics
and laborers-poured upon US from all
quarters. The Boards of Trades from Bos-
ton, New York, Cincinnati, Louisville, st.
Louis, Chicago and Milwaukee approved it's
provisions and urged it's passage as it was.
L afoh fha
Commerce of Cincinnati, sent to the secre-
tary 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 a
doleful sound came up from the caverns Of
bullion brokers and from the salons of
associated banks. Their cashiers and agents
were soon on the ground and persuaded
the senate, with but little deliberation, to
mangle and destroy what it had cost the
house months to digest, consider and pass
They fell upon the bill in hot haste, and SO
dlsfigured and deformed it that it's very
father would not know it, Instead of be-
ing benehcent and invigorating measure,
it is now positively mischievous 1t has all
the bad qualities that it's enemies charge
on the original bill and none of it's benefits.
1t now creates money and by it's very
terms declares it a deprecated currency.
1t makes two classes of money-one for
the banks and brokers and another for the
people. 1t discriminates between the rights
of different classes of creditors, allowing
the rich capitalist to demand gold and
compelling the ordinary lender of money
on individual security to receive notes
which the government had purposely dis
credited. But now comes the main clause.
All classes Of people shall take these notes
at par for every article Of trade or con-
tract, unless they have money enough to
buy United States bonds; and then they
shall be paid in gold. Who is that favored
class? The banks and brokers and nobody
else"
MIR. Young, like good many other dis
tinguished Republicans and Democrats. is
undoubtedly very familiar with the tariff
on calico and shoe strings, but knows moth
ing Of the financial history of his country.
The facts above given show that $50 600, 900
OF full legal tender greenback went all
through the war at par with gold; and this
proves that similar greenbacks today
would, in time Of peace, be worth as much:
and hence that there is no necessity for
gold or silver or national bank notes The
country has the power in it's own hands,
to make it's own money and give it to the
people in sufficient quantity to insure uni-
versai prosperity. Id.