have been entered." He
concluded by referring to the depreciated paper of the French
Revolution, to the long suspension of specie currency in England,
and the throes attending return to it in 1822. Quoting Daniel
Webster's words that "gold and silver currency is the law of the
land at home, the law of the world abroad: there can, in the present
condition of the world, be no other currency," Mr. Pendleton made
an earnest appeal to the House "to heed this lesson of wisdom."

Repeated declarations were made during the debate that the Secretary
of the Treasury had not given his approval of the pending measure.
This impression was seriously impeding the progress of the bill,
and, if it had been confirmed, would probably have defeated it.
A belief was prevalent that Mr. Chase would be glad to have the
advantage of the measure in the management of the Treasury without
assuming the responsibility of its recommendation. But it was soon
evident that he could not remain in a passive and receptive position
without defeating the bill. Its real opponents took advantage of
the rumors; and its supporters, annoyed if not angered, by the
suggestion of hostility on the part of the Treasury, were determined
that Secretary Chase should take open ground. The embarrassment
was relieved by a letter from the Secretary to the Committee of
Ways and Means, dated Jan. 29, and read in the House on the 4th of
February by Mr. Spaulding. The letter had great influence on
Congress. Without it, the measure would probably have been
defeated.

Mr. Chase, assuming that "the provision making United-States notes
a legal-tender has doubtless been well considered by the committee,"
deemed it his duty to say that "in respect to the provision his
reflections had conducted him to the same conclusions the committee
had reached." He did not wish to conceal that he felt "a great
aversion to making any thing but coin a legal-tender in payment of
debts." He had been anxious "to avoid the necessity of such
legislation." He found it however "impossible, in consequence of
the large expenditures entailed by the war and the suspension of
the banks, to procure sufficient coin for disbursements." He
declared therefore that it "had become indispensably necessary that
we should resort to the issue of United-States notes. Making them
a legal-tender might however still be avoided, if the willingness
manifested by the people generally, by railroad companies, and by