t be lessened by any depreciation of our local currency. Such
importations were based upon coin values, and the tax levied upon
them was properly required to be paid in coin. This security of
coin payment enabled the government to sell bonds at a far higher
rate than they would have commanded without it, and tended also to
limit the depreciation of United States notes. The bill and
amendments were reported on the 12th, and became the subject of
what was regarded as a very able debate.

There was decided opposition in the Senate to the legal tender
clause, headed by Mr. Fessenden. Mr. Collamer, who also was opposed
to it, made a motion to strike it out. Upon that subject I made
my first lengthy speech in the Senate, a few extracts from which
I insert:

"The motion of the Senator from Vermont now for the first time
presents to the Senate the only question upon which the members of
the committee of finance had any material difference of opinion,
and that is, whether the notes provided for in this bill shall be
made a legal tender in payment of public and private debts. Upon
this point I will commence the argument where the Senator from
Maine left it.

"In the first place, I will say, every organ of financial opinion
--if that is a correct expression--in this country agrees that
there is such a necessity, in case we authorize the issue of demand
notes. You commence with the Secretary of the Treasury, who has
given this subject the most ample consideration. He declares, not
only in his official communications here, but in his private
intercourses with the members of the committee, that this clause
is indispensably necessary to the security and negotiability of
these demand notes. We all know from his antecedents, from his
peculiar opinions, that he would probably be the last man among
the leading politicians of our country to yield to the necessity
of substituting paper money for coin. He has examined this question
in all its length and breadth. He is in a position where he feels
the necessity. He is a statesman of admitted ability, and
distinguished in his high opinion. He informs us that, without
this clause, to attempt to circulate as money the proposed amount
of demand notes of the United States, will prove a fatal experiment.

"In addition to his opinion, we have the concurring opinion of the
Chamber of Commerce of the city of New York. With almost entire
unanimity they have passed a resolution on th