ars. Mr. Beck said: "I have introduced several bills to
facilitate the exchange of trade for standard dollars." I said:

"The bill which I have here is a House bill. There is no objection
in my mind to the object of this bill; that is, to provide for the
exchange of the trade dollar for the standard silver dollar; the
only point is whether the trade dollar shall be treated as bullion,
or as a coined dollar of the United States. Now, I am clearly of
the opinion that it ought to be treated as so much bullion, issued
at the expense of merchants, for their convenience and benefit,
and without profit to the United States, and therefore not entitled
to any preference over other bullion, and we might say not to so
much, because it was issued to private parties for their benefit
and at their cost, but stamped by us merely to enable the coins to
be used to better advantage in a foreign market. I have not,
therefore, any objection to the bill if you allow us to pay the
same for these trade dollars as for other bullion."

This reply led to a long examination about silver at home and in
foreign markets, and the objections made to having two silver
dollars, one coined for private persons, from bullion furnished by
them, and the other coined for the United States from bullion
purchased by it.

Mr. Beck next inquired what effect the abolition of the legal tender
quality of the greenbacks would have on our paper currency. This
led to a long colloquy between him and myself, in which all the
laws relating to the subject and the practice of the government,
from its organization to that time, were discussed.

On the question whether United States notes ought still to be a
legal tender, I referred him to my report, in which I said: "The
power of Congress to make them such was asserted by Congress during
the war, and was upheld by the Supreme Court. The power to reissue
them in time of peace, after they are once redeemed, is still
contested in that court."

I soon found that Mr. Bayard and Mr. Beck were quite opposed to
each other on this topic, and I suggested that I thought that the
argument upon it should be between them. My own opinions were
sufficiently stated in the report in which I submitted to Congress
whether the legal tender should not be repealed as to all future
contracts, and parties be left to stipulate the mode of payment.
I said that United States notes should still be receivable for all
dues to the governme