many of the banking institutions, to receive and pay them as money
in all transactions were absolutely or practically universal; but
unfortunately there are some persons and some institutions that
refuse to receive and pay them, and their action tends, not merely
to the unnecessary depreciation of the notes, but to establish
discriminations in business against those, who, in this matter,
give a cordial support to the government, and in favor of those
who do not. Such discrimination should if possible be prevented;
and the provision making the notes a legal-tender, in a great
measure at least, prevents it by putting all citizens in this
respect on the same level, both of rights and duties." In addition
to this official communication, Mr. Spaulding felt justified in
reading a personal note from Mr. Chase, in which he said that he
"came with reluctance to the conclusion that the legal-tender clause
is a necessity," but that he "came to it decidedly and supported
it earnestly."

THADDEUS STEVENS IN THE DEBATE.

Thaddeus Stevens threw the whole weight of his influence in favor
of the measure. To alternative propositions which had been submitted,
he made strenuous objection. Certain bankers of New York had
suggested that the immediate wants of the government might be
supplied by pledging seven and three-tenths per cent. bonds with
a liberal margin, payable in one year, to the banks, which would
advance a portion in gold and the rest in currency. Mr. Stevens
argued that "the effect of this would be that the government would
pay out to its creditors the depreciated notes of non-specie-paying
banks. And as there is no possibility that the pledges would be
redeemed when due, they would be thrown into the market and sold
for whatever the banks might choose to pay for them. The folly of
this scheme needs no illustration." Another proposition, pressed
very earnestly, was to strike out the legal-tender clause, and make
the notes receivable for all taxes and public dues, but not to make
any provision for redeeming them in coin on demand. Mr. Stevens
did not "believe that such notes would circulate anywhere except
at a ruinous discount. Notes not redeemable on demand, and not
made a legal-tender, have never been kept at par." Even those who
could use them for taxes and duties would, in Mr. Stevens's opinion,
"discredit them that they might get them low." He was convinced
that