524 THE IMPENDING REVOLUTION. 



war. These notes would find their way into all channels 

 of trade among the people; * * * These circulating 

 notes in the hands of the people would enable them to pay 

 the taxes imposed, and would facilitate all business opera- 

 tions between farmers, mechanics, commercial business 

 men and banks, and be equally as good as, and, in most 

 cases, better, than the present irredeemable circulation by 

 the banks. 



u The British government and the Bank of England 

 remained under suspension from 1797 to 1821-2 a period 

 of twenty-five years. During this time England success- 

 fully resisted the imperial power of the Emperor Napoleon, 

 and preserved her own imperilled existence. During all 

 this time the people of Great Britain advanced in wealth, 

 population and resources. Gold is not as valuable as the 

 productions of the farmer and mechanic, for it is not as 

 indispensable as food and raiment. " 



The bill finally passed the House and went to the 

 Senate, where the great battle was fought over. On the 

 loth day of February, 1862, Mr. Fessenden, chairman of 

 the Committee on Finance, reported the House bill very 

 materially altered and amended as it had originally passed 

 the House. The most important of these changes was, 

 "That the legal tender notes should be receivable for all 

 claims and demands against the United States, of every 

 kind whatsoever, ( except the interest on the public debt 

 and duties on imports.' n In the long and heated discus- 

 sion which followed it was made obvious to everyone that 

 these amendments would weaken the legal tenders. The 

 jeopardized interest of the country and the welfare of every 

 productive and legitimate operation in the nation demanded 

 that they go forth on their mission, clothed with all the 

 power and strength Congress was able to bestow upon 

 them. 



