The advocate., 1894-10-03
THE EEeAL-TENDER BILL.

OAA4 w VA0 ASANOAS Va UA@S
tion party in order to show their
ideas Of what the money Of that Pc
riod should be. Mr.. E. G. Spauld-
ing, a banker, is acknowledged to be
the author of the original bill as it
was introduced in the house. On
January 28, 1862, in the beginning
Of the discussion, Mr.. Spaulding
said:
Congress may Judge Of the present exig-
ENJOY. Il may decide whether it will su-
thoHize the secretary Of 1.-TWO treasury TO issue
treasury notes and make them legal ten
der in payments or whether it will put out
its own 7-per cent. bonds on the market at
various rates Of discount and raise the
money at any sacrifice the money lender
may require to meet the pressing demands
upon Che treasury.
In one case the government will be able
TO pay its debts at fair rates Of interest; in
the other, il must 60 into che streets "shin'
ming" for means like an individual in fail
ing circumstances, and sure Of being used
up in the end by the Ryarioe of those who
may exact unreasonable terms. The gov
ernment needs and should have, in her
present peril, the aid aud prOtso tion of all
patriotic citizens. But, sir, knowing the
power Of money, and the disposition there
IL among men TO use il for the acq uisition
OF greater gain, am unwilling shat the
government, with all los immense power
and resources, should be left in the hands
Of any class of men, bankers or money
lenders, however respectable and patriotic
they may DO. The government is much
stronger than any Of them. It's capital is
much greater. II has control Of the bank
ers' money, aud all the property Of 80 mil
lions Of people under its jurisdiction. Why,
then, should il 60 into Wall street, State or
Chestnut streets begging for money! Their
money is not as secure as government
money, All the gold they possess would
not carry on the government for ninety
days. They issue only promises to pay
which, if congress does it's duty, are not
half az secure as United States treasury
notes based on adequate taxation upon all
che property Of the country. am opposed
Ia our present extremity to all shifts Of this
kind. prefer to assert the power and dig
nifty Of the government by the issue Of its
own notes backed by the faith, honor and
integrity of the whole loyal people. s.--Con-
Rrsssional Globe, part l, second session,
ThiEty.se congress, page 626.
Not a word here about gold re-
demption. The notes Mr.. Spauld-
ing desired the government to issue
we're to be based upon adequate tax
alton, and "bscked by the faith,
honor and integrity of the whole loyal
people," and Mr. Spaulding repre-
sented the sentiment of the admins
tration upon this subject.
After the return Of the bill to the
house with senate amendments, Mr..
Hooper, another administration MEM
Der said:
] am opposed to this senate amendment
which requires theinteresb on government
notsg and bonds to be paid in coin, because
its effect will be to deprsOiate these notes as
compared with coin, by declaring them in
advance TO be 80 deprecisNed. AS /
said before, if the opponents of this
bill have proved anything they have
proved to much in reference 10
the question now before the house, which is
30 make distinction in favor of the hold