"Again, a stronger objection than all that I have said to this proposition--I am stating the objections which everybody must entertain, because I suppose these facts are palpable--is that the loss is to fall most heavily upon the poor. I believe it never was disputed, it cannot be in the light of experience, that those who are injured most by an inflated currency are the laboringmen, the poor.... The poor laborer suffers in the first place more than all; then small capitalists, if I may so call them; and the rich capitalist, last of all. Such is the necessary result and consequence always of this system." Thaddeus Stevens used this language in the House: "This bill is a measure of necessity, not of choice. No one would willingly issue paper currency, not redeemable on demand and make it a legal tender. It is never desirable to part from that circulating medium which by the common consent of civilized nations forms the standard of value. But it is not a fearful measure, and when rendered necessary by exigencies, it ought to produce no alarm." John Sherman used this language: "I agree that this measure can only be justified on the ground of necessity. I do believe there is a pressing necessity that these demand notes should be made a legal tender, if we want to avoid the evils of a depreciated, dishonored paper currency." E.G. Spalding, the reputed father of the legal tender act, used these words: "These are extraordinary times, and extraordinary measures must be resorted to, in order to save our Government, and preserve our nationality.... "This being accomplished I will be among the first to agitate a speedy return to specie payment, and all measures that are calculated to preserve the honor and dignity of the government in time of peace." MR. MERCHANT: From what transpired there was undoubtedly an overwhelming opinion that there was a necessity, and therefore the issue of United States Notes was justified. No one will deny this power, if placed upon that ground, that the issuance of the Notes was essential to the preservation of the life of the Nation. But certainly that reason no longer exists, and therefore we should now act as we would then have acted, if we had not believed that it was a national necessity.