History

In arguing against the legal Post Date: Mon, 11 Aug 2008 0:36:31 +0000
Mr Spaulding made a very able speech in behalf of the measure a measure of necessity, not of choice, a measure that the Constitution justified in the emergency, and he declared that by this plan " the Government will be able to get along with its immediate and pressing necessities without being obliged to force its bonds on the market at ruinous rates of discount; the people under heavy taxation will be shielded against high rates of interest, and capitalists will be afforded fair compensation for the use of their money during the pending struggle for national existence." One of the most determined op- poueuts of the measure was Mr Pendletou, of Ohio. In arguing against the legal tender feature of the bill he said, " The feature of this bill which first strikes every thinking man, even in these days of novelties, is the proposition that these notes shall be made a legal tender in discharge of all pecuniary obligations, as well as those which have accrued in virtue of contracts already made as those which shall hereafter be made.

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When legal tender notes were Post Date: Mon, 11 Aug 2008 0:18:21 +0000
Do gentlemen appreciate the full im- port and meaning of that clause? Do they realize the full extent to which it will carry them? Every contract for the payment of gold and silver coin, every promissory note, every bill of exchange, every lease reserving rent, every loan of money reserving interest, every bond issued by this Government, is a contract to which the faith of the obligor is pledged, that the amount, whether rent, interest, or prin- cipal, shall be paid in the gold and silver coin of the country." Six years later he was a candidate for President of the United States on the opposite ground that the principal and interest of United States bonds should be paid in greenbacks. When legal tender notes were necessary to save the Union Mr Pendleton wanted only gold and silver; when the country needed a specie basis to assure its pros- perity he wanted greenbacks.

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It was this provision Post Date: Mon, 11 Aug 2008 0:00:41 +0000
The Democratic contention both in the House and Senate while the bill was before Congress was that it was a departure from the obliga- tion to pay intrinsic value. " If you violate that by this bill, which you certainly do," Mr Bayard, of Delaware, declared, in an em- phatic interrogatory, " how can you expect that the faith of the com- munity will be given to the law which you now pass, in which you say that you will pay hereafter the interest on your debt in coin? Why should they give credit to that declaration? If you can violate the Constitution of the United States, in the face of your oaths, in the face of its palpable provision, what security do you offer to the lender of money? " The Senate had wisely amended the bill, as it passed the House, providing for the payment of the interest on the national debt in coin. It was this provision that the Democrats declared could not be maintained, and that they afterward attempted to annul.

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Indeed his reluctance at one Post Date: Sun, 10 Aug 2008 23:48:05 +0000
That a measure at once so necessary and so dangerous should meet with Republican opposition was to be expected. None was more re- luctant to accept it than the Secretary of the Treasury. Indeed his reluctance at one time threatened its defeat.

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I do not hesitate Post Date: Sun, 10 Aug 2008 23:31:24 +0000
At last he was com- pelled to come out openly in favor of the bill. " It is true," Mr Chase wrote to Mr Spaulding, " I came with reluctance to the conclusion that the legal tender clause is a necessity, but I came to it decidedly and I supported it earnestly. I do not hesitate when I have made up 1113- mind, however much regret I may feel over the necessity of the conclusion to which I came.

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I have been obliged Post Date: Sun, 10 Aug 2008 23:12:42 +0000
Immediate action is of great im- portance. The Treasury is nearly empty. I have been obliged to draw for the last installment of the November loan; so soon as it is paid, I fear the banks generally will refuse to receive the United States notes.

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Among them were Valentine B Post Date: Sun, 10 Aug 2008 23:02:01 +0000
You will see the necessity of urging the bill through without delay.Some of the ablest Republicans in the House voted against the bill. Among them were Valentine B.

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Pom- ero}% of New York Post Date: Sun, 10 Aug 2008 22:42:27 +0000
Horton, of Ohio; Justin Morrill, of Vermont; Roscoe Conkliug, F. Colliding, and Theodore M. Pom- ero}% of New York; Albert Porter, of Indiana; Owen Lovejoy, of Illinois; William Wadsworth, of Kentucky; Benjamin F.

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" The actual condition, however, compelled Post Date: Sun, 10 Aug 2008 22:27:42 +0000
Thomas, of Massachusetts, and Edward Rollins, of New Hampshire. Sen- ator Surnner, apt as he was to be ahead of his party on all questions affecting slavery, was even more reluctant than Secretary Chase to consent " to incur all the unquestionable evils of inconvertible paper, forced into circulation by act of Congress, to suffer the stain upon our national faith, to bear the stigma of a seeming repudiation, to lose for the present that credit which in itself is a treasury, and to teach debtors everywhere that contracts may be varied at the will of the stronger." The actual condition, however, compelled him to consent, " reluctant!}', painfully," but he declared that he could not " give such a vote without warning the Government against the dan- ger of such an experiment.

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On the final passage three Post Date: Sun, 10 Aug 2008 22:14:26 +0000
The medicine of the Constitution must not become its daily bread." The vote in the Senate against the legal tender feature included Anthony, of Rhode Island; Collamer and Foot, of Vermont; Fessenden, of Maine; King, of New York; Cowan, of Pennsylvania; Foster, of Connecticut, and Willey, of Virginia. On the final passage three Republicans Collamer, Cowan, and King and four Democrats voted against the bill.

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