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
Roscoe Conklin used this language in the House: "I propose to assign
my reasons briefly for voting against the attempt by legislation to
make paper a legal tender. The proposition is a new one, no precedent
can be found in its favor; no suggestion of the existence of such a
power can be found in the legislative history of the country; and I
submit to my colleague as a lawyer, the proposition that this amounts
to affirmative authority of the highest kind against it. Had such a
power lurked in the Constitution as construed by those who ordained
and administered it, we should find it so recorded. The occasion for
resorting to it, or at least referring to it, has, we know, repeatedly
arisen, and had such a power existed, it would have been recognized and
acted on. It is hardly too much to say, therefore, that the uniform and
universal judgment of statesmen, jurists and lawyers has denied the
constitutional right of Congress to make paper a legal tender for debts
to any extent whatever....
"It will, of course, proclaim throughout the country a saturnalia
of fraud, a carnival for rogues. Every agent, attorney, treasurer,
trustee, guardian, executor, administrator, consignee, commission
merchant, and every debtor of a fiduciary character, who has received
for others money, hard money, worth 100 cents on the dollar, will
forever release himself from liability by buying up for that knavish
purpose, at its depreciated value, the spurious which we shall have put
afloat. Everybody will do it, except those who are more honest than the
American Congress advises them to be. Think of Savings Banks, entrusted
with enormous aggregates of the pittances of the poor, the hungry and
the homeless, the stranger, the needle woman, the widow and the orphan;
and we are arranging for a robbery of 10 per cent, if not of 50 per
cent, of the entire amount, and that by a contrivance so new, as never
to have been discovered under the administrations of Monroe, Adams or
James Buchanan....
"Such a step, if it should ever be taken by a Government, should be
taken when everything else has failed, and the last extremity has
been reached. It is the last expedient to which kings and nations can
resort."
William Pitt Fessenden, of Maine, used this language:
Public-domain text, read in full here on John Shaqi.
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