Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
Then came that review of the opinions of the framers of the
Constitution and the vote in the Constitutional Convention to strike
out the power to issue "bills of credit" by the general Government by
the decisive vote of 9 to 4, backed up subsequently by the opinions of
Thomas Jefferson and Daniel Webster.
As a result of the night's discussion, Mr. Lawyer was forced to admit
the unwisdom of any such issue of legal tender money, and that in the
light of the evidence, such an issue was without authority of law and
unconstitutional.
MR. BANKER: Uncle Sam, I think it should be stated right here that
every President of the United States and every successive Congress of
the United States down to 1862 recognized the fact that it was the
intention of the members of the Constitutional Convention "to shut and
bar the door against any such issue." Here is what Horace White says:
"During the war of 1812, the Government of the United States issued
Treasury notes to the amount of $36,680,794. All except $3,392,994
were payable to order and payable at a definite time and bore interest
at the rate of five and two-fifths per cent. About two-thirds of them
were of denominations of $100 or more. They did not become a part of
the circulating medium and were not intended to. They were paid to
such creditors of the Government as were willing to receive them, and
they were generally at par until specie payments were suspended in
September, 1814. On November 12, 1814, Mr. Hall, a member of Congress
from Georgia, introduced a bill into the House for an issue of Treasury
notes to be legal tender. The House, by vote of 42 to 95, and without
debate, refused to consider this bill. No other attempt was made to
pass a legal tender bill until 1862.
Public-domain text, read in full here on John Shaqi.
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