GREENBACKS AND BONDS. 521 



burden of debt, I know nothing of my country men. " 

 The object of the House in passing the legal tender act was 

 to create and issue a full legal tender currency, which 

 should be receivable in payment of taxes, duties, imports, 

 excise, debts and demands of every kind due to the United 

 States, and for all salaries, debts and demands owing by the 

 United States to individuals, corporations and associations 

 within the United States, the same to be lawful money and 

 legal tender in payment of all debts, public and private, in 

 the United States. In short, Money; as much so in every 

 sense as gold and silver coin ever were. This Congress 

 did for two reasons: 



i st. Money must be had to carry on the war, and in 

 such quantities as could not be procured from any other 

 source. It was an absolute necessity, on which hung the 

 success of the efforts then being put forth to perpetuate 

 the union and save the nation. 



2nd. Because it had the constitutional right to coin 

 money out of any material it deemed best 



The whole grounds of expediency and constitutionality 

 were thoroughly discussed in both branches of Congress. 

 Mr. Spaulding, the author of the bill, said: 



"The secretary of the treasury, in his annual report, 

 does not recommend the issue of demand treasury notes, 

 although he points out many advantages that would result 

 to the government from the issue. He suggests two plans: 

 First, the issue of demand treasury notes, and, second, a 

 national currency, secured by a pledge of United States 

 stocks to be issued by banks and associations, with proper 

 regulations for their redemption by the banks themselves. 

 On the propriety of the issue of treasury notes by the 

 government, to be put in circulation, the secretary says: 

 ' It has been already suggested that the substitution of a 

 National for a State currency, upon this plan, would be 



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