rmine what shall be a lawful tender in
the discharge of obligations payable in money only." The "limitation
of the power to impair the obligation of contracts," as Mr. Bingham
pointed out, was "a limitation upon the States only, and did not
restrain the action of Congress."

Mr. Sheffield of Rhode Island argued earnestly against the bill,
and predicted the same fate for it, if enacted, that overcame a
similar attempt in his State during the Revolutionary war "to make
paper a legal-tender." The people would not submit to it, and "the
courts set it aside as an unlawful exercise of legislative power."

ABLE SPEECH BY MR. PIKE.

Mr. Frederick A. Pike of Maine made one of the clearest and ablest
speeches delivered in the House in favor of the bill. He regarded
it as an experiment forced upon the country by necessity. "We
issue $150,000,000," said Mr. Pike, "on a venture." We measure it
"with population and wealth and existing currency. We compare it
with the action of the past." The issue of Continental notes had
reached $20,000,000 by the month of April, 1777, besides a large
amount of currency by the States. "And yet," said Mr. Pike, "no
marked signs of depreciation had appeared." The whole property of
the country did not at that time in his judgment "exceed five
hundred millions." From these facts he deduced our ability to
stand the proposed issue of paper. Mr. Pike had little faith in
the infallibility of any one's judgment as to the ultimate result
of financial experiments. He recalled the circumstance that Sir
Robert Peel's famous bank bill was introduced in Parliament in 1844
with the confident declaration by Her Majesty's Government that
"inquiry had been exhausted." But in the "first mercantile pinch"
the measure which was "the embodiment of financial wisdom" did not
work favorably, and "the government was compelled to interpose on
behalf of the bank and of the business community." "Tax, fight,
and emancipate," Mr. Pike declared to be "the Trinity of our
situation."

Mr. Valentine B. Horton of Ohio was opposed to giving the legal-
tender quality to government paper. He said "the country was never
so wealthy as to-day; never was so little due to foreign countries;
never were the people so free from embarrassment. The one drawback
is that the Treasury wants money to an immense amount." He believed
that an appeal to the capitalists would call fort