e subject, after full
debate and consideration. That resolution has been read by your
secretary. You have also the opinion of the committee of public
safety of the city of New York, composed of distinguished gentlemen,
nearly all of whom are good financiers, who agree fully in the same
opinion. I may say the same in regard to the Chambers of Commerce
of the city of Boston, of the city of Philadelphia, and of almost
every recognized organ of financial opinion in this country. They
have said to us, in the most solemn form, that this measure was
indispensably necessary to maintain the credit of the government,
and to keep these notes anywhere near par. In addition, we have
the deliberate judgment and vote of the House of Representatives.
After a full debate, in which the constitutionality, expediency
and necessity of this measure were discussed, in which all the
objections that have been made here, and many more, were urged,
the House of Representatives, by a large vote, declared that it
was necessary to issue United States notes, and that this clause
was indispensable to their negotiation and credit. . . .

"A hard necessity presses the government. $100,000,000 is now
due the army, and $250,000,000 more up to July first. The banks
of New York, Boston and Philadelphia, have exhausted their capitals
in making loans to the government. They have already tied up their
capital in your bonds. Among others, Mr. Vail, the cashier of the
Bank of Commerce, the largest bank corporation in the United States,
and one that has done much to sustain the government, appeared
before the finance committee, and stated explicitly that the Bank
of Commerce, as well as other banks of New York, could aid the
government no further, unless your proposed currency was stamped
by, and invested with, the attributes of lawful money, which they
could pay to others as well as receive themselves.

"Bonds cannot be sold except at a great sacrifice, because there
is no money to buy them. As soon as the banks suspended, gold and
silver ceased to circulate as money. You cannot sell your bonds
for gold and silver, which is the only money that can now be received
under the sub-treasury law. This currency made a legal tender was
necessary to aid in making further loans. I insisted that the bill
was constitutional. The Senator from Vermont has read extracts
from the debates in the national convention, and from Story's
'Commentaries,' tending to sh