Year: 1873

gwen, ana liz Tue absence ol any acLlon Ny tne
other branch OF Congress it required bold man to
brave it. Such a one. however, appears 70
be the head OF the finances OF the United States;
and for this reason alone ne would be unsafe as an
adviser. No man who fails In his respect for the
law can be q good executor OF its mandates. so
much for the acts OF Congress and their admins
traitors in finance. But there s, or was, law IN
this country superior TO both-the 'consutution."
And 1t Is still the opinion Of many persons that
Congress has not the lQwsg to reissue this forty,
four .pjllirn sreserve.n We have SAID that we
would not go pack OF


LINcoLN's FIRST ADMINISTRATION


for our promises and, therefore, only refer to the
Legal Tender act OF February 25. 1882 AS is well
known Mr.. Chase, who was Secretary OF the Treas
ury ut the te had despalred ofbeing able to raise
any more money by loans to carry on the war, then
In progress for nearly year, and that he sug-
gested to Congress the issue OF United States
notes the same to be made legal tenders for all
public and private debts and that he firmly be-
eved that without this legal tender clause there
was no hope OF saving the Union, which, for the
time, was superior to all other considerations. He
therefore urged the measure upon Congress with
all the force OF his pei sonal strong WILL Before It's
passage the constitutional questions involved were
fully discussed but even some OF the warmest
friends OF the administration could not be induced
| To vote for IT,.


THE DEBATE IN TIE SENATE
fairly illustrates the temper OF the leading public
men and supporters or the government in the con-
sideration OF the subject. We quote only from the
speeches OF the latter. When the bill came up in
the Senate on February II Mr.. Fessenden said:-
"The ground upon which this clause, making these
notes legal tender is put have already stated.
| 1t is put upon the ground Of absolute, over
| whelming necessity. The government must
have funds, and those funds are not to be
obtained from ordinary sources or from any Of che
expedlents to which we have heretofore had re-
course; anu, therefore, this new, anomalous and
remarkable provision must be resorted to, in order
to enable the government to pay or the debt it
already owes, and provide, &C. The question then
Is, does the necessity exist II the necessity ex-
ists have no hesitation upon the subject, and
shall have none. II there is nothing left for US
but that, and that will effect the object, am per-
iectly willing to do it.n


Mr.. Sherman aid:-sI agree that this measure
can only be justified on the ground OF necessity.
Is there such q necessity?" And so on. Those
who supported the measure at all did so, as stated
by Mr.. Fessenden, on the ground OF absolute,
overwhelming necessity" with the single excep-
tion of Mr.. Sumner, whose friends would not claim
him as a safe gufde on constitutional points.
Mr.. Collamer could not bring himself to vote for
any ufeaSure WHICH was uQcOuSLlLuLlOQll-aQ1nlt-
ted to be SO by it's Iriends-on any plea OF neces-
sity.


Mr.. Cowan was surprised that such question
"could even enter the American Senate. Surely il
anything in the world is settled-settled by the
fathers, BY contemporary history, painful expert
ence and the total absence OF all precedents for
the exercise OF these poWers-it Is that they were
never delegated, nor intended to be delegated.
have never until now heard 1T doubted. II this is
not settled then nothing is settled and we are all
at sea-"


On the motion to strike out the legal tender
clause, under this immense pressure of absolute,
overwhelming necessity" it was saved only by
vote of % to IT. On its final passage the vote was
90 to T. Mr. Collamers and Mr. Cowan's making 2 OF
the votes.


What o contrast is presented by this language,
spoken with hostile army almost laundering at
the doors OF the Senate-the act being adopted as
the only means OF salvation to the Union-and
that which has been uttered in the present Con-
gress Not voice has been raised against the in
lationist on constitutional grounds Gentlemen
OF the Senate and House OF Representatives, there
can be no stability or real prosperity in America
again until this question is settled forever that
you no more have the right to make anything
legal tender but gold and silver than that you can
delegate to Secretary OF the Treasury the privi-





man in the country to make and mar at will.
First call your Secretary to account, and then re-
nounce the power that has never but once been
claimed for you, and then only as war measure,
'an absolute, overwhelming necessity
THE EVENTS THE WEEK
do not require much condensation. The record
shows unusual dulness, although not more than
might be expected from holiday season. The ex-
tremes in prices have not been wide, and but to
those on the bun side OF the speculation in stocks
the result was gratifying The leading features in
the upward movement were Panama, New York
Central, Lake Shore and Rock Island. Northwest
common Wabash, Union Pacific and Pacific Mail
were likewise in good request and enjoyed more
or less the benefit of an advance. The following
are the highest and lowest prices Of the week.


RAILROAD BONDS


OF the older series were largely inquired for and
command high prices. The large amount of money
to be disbursed in dividends and interest by both
the government and corporations during the next
80 days will undoubtedly add fresh impetus to in
vestment, and this market will doubtless feel
the benefit more promptly than any other de-
partment. 1t is noteworthy that there is an
entire absence OF new railway securities and little
disposition TO handle them. The low priced West
ern D0nds especially those which are likely to pay
dividend within six months or year, are those
which are more freely sought for than others.
Chicago and Northwest Alton and Terre Haute,
Union Pacific and others OF this class are freely
and favoraby commented upon in this come ction
and should there be "January'' rise they will
probably move with much activity. #


THE MONEY MARKET


has been encouraging inasmuch as good borrowers
could command what they require on call at rates
ranging from to per cent. 1t is believed that
the rates Will be lower after the lst Of January.
Prime business paper was discounted at from to
10 per cent, the market being unaffected by the
various failures reported during the week. A
feature OF the hour, By no means wholesome in its


influence on the general market, is the slow pro.
cess OF recovery in commercial circles and the
paucity of railway business from East to West,
showing that there is not much fresh business now
being transacted.