l in the public securities. They ask
this currency to enable them to assist further in carrying on the
government. Among others, 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 Committee
on Finance, and stated explicitly that his bank, as well as other
banks of New York, could not further aid the government, unless
its currency was stamped by, and invested with, the legal form and
authority of lawful money, which they could pay to others as well
as receive themselves."

Senator James A. Bayard of Delaware argued that the proposed measure
violated the Constitution. "No one," said he, "can deny the fact
that in the contracts between man and man, and in government
contracts to pay money, the obligation is to pay intrinsic value.
If you violate that by this bill, which you certainly do, how can
you expect that the faith of the community will be given to the
law which you now pass, in which you say that you will pay hereafter
the interest on your debt in coin? Why should they give credit to
that declaration? If you can violate the Constitution of the United
States, in the face of your oaths, in the face of its palpable
provision, what security do you offer to the lender of money?"

Senator Sumner did not join his colleague in enthusiastic support
of the bill. He was indeed much troubled by its provisions. "Is
it necessary," he inquired, "to incur all the unquestionable evils
of inconvertible paper, forced into circulation by Act of Congress,
to suffer the stain upon our national faith, to bear the stigma of
a seeming repudiation, to lose for the present that credit which
in itself is a treasury, and to teach debtors everywhere that
contracts may be varied at the will of the stronger? Surely there
is much in these inquiries which may make us pause. If our country
were poor or feeble, without population and without resources; if
it were already drained by a long war; if the enemy had succeeded
in depriving us of the means of livelihood,--then we should not
even pause. But our country is rich and powerful, with a numerous
population, busy, honest, and determined, and with unparalleled
resources of all kinds, agricultural, mineral, industrial, and
commercial. It is yet undrained by the war in which we are engaged,
nor has the enemy succeeded in depriving us of any of the means of
livelihood." But he con