nt, and ample provision should be made to secure
their redemption on demand.

The examination, or, rather, conference, took a wide range between
the members of the committee and myself. Mr. Beck pressed me to
express my opinion of the legal tender which was contained in the
bill introduced by him, providing for a mandatory legal tender of
all forms of money. I answered:

"I do not think, Mr. Senator, you ought to ask me that question,
because that is a matter you are called upon to decide and pass
upon in your sphere as a Senator. I would say, on the other hand,
that I do not think it ought to have any such effect. I suppose,
however, Mr. Bayard would very frankly tell you what the intention
of the resolution is."

Mr. Bayard then said:

"I know one thing: That banks cannot compel me to receive their
notes for debts due me, nor can any man compel me to receive them.
If the government owes me my salary, I think they could, perhaps,
pay me in the national bank notes, under the existing law, but you
cannot compel the payment of a debt between private parties with
it."

I said:

"If you will allow me, I should like to amplify a little on one
point: I think if Congress would take up this question of the
modification of the legal tender note and make certain rules of
evidence (which would be clearly constitutional), which good lawyers
undoubtedly approve, declaring that where a contract is made between
parties upon the basis of United States notes, it shall be presumed
by courts, in the affirmance of contracts, that the payment in
United States notes shall be a sufficient compliance therewith,
and that, in the absence of any absolute provision to the contrary,
paper money, or promises to pay money, shall be a legal tender in
discharge of any obligation."

In respect to the cost of refunding, the next subject of inquiry,
I was able to give them full details, with all the orders of the
treasury department from the 16th of January, 1878, until the close
of these operations in the summer of 1879. Many of these details
had not then been published, but I furnished the fullest information
available. In response to an inquiry as to the amount of commissions
paid to the national banks on account of the sale of the four per
cent. bonds, a full table was exhibited of the subscriptions of,
and commissions paid to, the twenty-six national banks chiefly
engaged in this business, in which the total amount of sales made
b