GREENBACKS AND BONDS. 523 



money lender may require, to meet the pressing demands 

 upon the treasury. In the one case the government will 

 be able to pay its debts at fair rates of interest; in the other 

 it must go into the streets shinning for the means, like an 

 individual in failing circumstances, and sure of being used 

 up in the end by the avarice of those who may exact 

 unreasonable terms. 



* ' But, sir, knowing the power of money, and the dis- 

 position among men to use it for acquisition of greater 

 gain, I am unwilling that this government, with all its 

 immense power and resources, should be left in the hands 

 of any class of men, bankers or money lenders, however 

 respectable and patriotic they may be. The government 

 is much stronger than any of them. Its capital is much 

 greater. It has control of all the banker's money, and all 

 the broker's money, and all the property of all the thirty 

 millions of people under its jurisdiction. Why, then, 

 should it go into Wall street, State street, Chestnut street 

 or any other street, begging for money ? Their money is 

 not as secure as government money. All the gold they 

 possess could not carry on the government for ninety days. 

 They issue only promises to pay, which if Congress does 

 its duty, are not half as secure as United States treasury 

 notes based upon adequate taxation upon all the property 

 of the country. 



u Why, then, go into the streets at all to borrow 

 money? I am opposed, in our present extremity, to all 

 shifts of this kind. I prefer to assert the power and dignity 

 of the government, by the issue of its own notes, pledging 

 the faith, the honor and property of the whole loyal people 

 of the country to maintain their circulation -and provide 

 for their redemption. The demand notes put in circulation 

 would meet the present exigencies of the government in 

 discharge of its existing liabilities to the army, navy and 

 contractors, and for supplies, materials, and munitions of 



