Year: 1862

be payable at the pleasure of the United


States that they should be receivable in
payment of public debts only by those who


were willing to receive them at par, where


as these notes are to be received by every


public creditor who is not willing to forfeit


his right to payment at all. These notes


are to be made lawful money, and legal


tender in discharge of all pocuniary obli-


cations, either by the Government or by


individuals,a characteristic which has new


er been given to any note Of the United


States or any note Of the Sank of the Uni


ted States by any law ever passed Not
only, sir, was such a law never passed but
such law was never voted on, never pro.


posed, never introduced, never recommen-


ded by any Department of the G governments;


the measure was never seriously entertain
, ed in either branch Of Congress. 1t is OBJ


viouS, from the COMPARISON which have


drawn between the bill be ore us and the


laws heretofore passed that if this bill shall


pass, W. are about to take departure
from the settled financial policy cf the
| Government We are about TO launch our.


selves, with sails set, npcn an ocean Of ex.


pertinent, upon which the wise men who
| administered the Government before we


came into power, warned by tho example


OF other nations, would not permit it even


to enter, believe that this Government


has reached crisis in its history. l be-


liove that it is approaching a period in the


history of It's legislation which may doter-


mine the question Of its continuance. BY


wisdom it may overcome the evils of Sc


cession; by its great powers and rcsour-


ces it may be able TO defend itself against


those in arms against it; but firmly bo-


lieve that it cannot maintain itself against


the shock OF the accumulated and manifold


dang rs which ioi!ow inevitably, clio sey in


the wake ct an i,l1gal, lnsound and de-


Preclated Government paper currency.


The feature OF this bill which first


strikes every thinking man, even in these


days of novelties, is the proposition tha


these notes shall be made legal tender il


discharge Of all pccuniary obligations, a
well those which have accrued in virtue o


contracts already made, as those whicl
are yet to accrue in pursuance of contracts


which shall hereafter be made. Do gen
tIemen appreciate the full import anc


meaning of that clause Do they realiz
the full extent to which it will carry them
Every contract for tie payment of none,
5 is in legal contemplation contract for tn
: payment CT gold and silver coin. Ever
promlssory note, every bill of exchange


every lease rcsorying rent, every loan c


money receiving interest, every bond is
r sued by this Government, is contract .
a which the faith of the obligor is pledge
+ that the amount, whether rent, interest, 0
y principal, shall be paid in the gold an
c silver coin Of the country, Every COT
e tract for the performance of some othe
II thing than the payment of money carrie
y with it, as the penalty Of its infraction tn;
o these damages shall be assessed, and til;
If these damages shall be paid, even if nee
Y essary at tie end Of an execution, in I'll
II gold and silver coin of the country. I,
= cry verdic which has been rendered ever
Il judgment which has been entered up, ever
s. decree for the payment of money, has bee
j made upon that hypothesis, That is 81
- measure of the obligation of the one part
I and of the right of the other


l The provisions Of this bill oontempla
lo impairing the obligation of every contra
'e of that kind, and disturbing the basis W
g on which every judgment and decree ar
IS verdict has been entered, 1t proposes
lt say to party who has entered into CO,
10 tract, You hall be discharged from Il
E. obligations Of that contract by doing som
IS thing else than tha: which you have agree
y to do 1t proposes to sayto every par
le with whom q contract has been mad
Of "Though you are entitled TO demand CT
le thing, you shall, pcrforce, remain satis6C
W with the taking of another" It propos
IL to say, "Although you have agreed to pt
ut gold and silver, you shall be discharg
m upon the payment of these notes althouI
of you are entitled to demand gold and S


yer, you shall rest content with the rece
y ton of this paper" 1t proposes, in o
io word,to release the one party froN tie o


legation of bis contract, and to diVest t
til other party of the right which has be
ue vested in him by that contract, Sir, {
cd sure need cnly state the proposition
up shock the mind OF the legal profession
IL the country, so thoroughly has it been i