Speeches (in Part) Of Hon. J. Warren Keifer, of Ohio
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| Stand: | 2015-08-04 03:50:33 |
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Excerpt from Speeches (in Part) Of Hon. J. Warren Keifer, of Ohio: In the House of Representatives, Forty-Fifth and Forty-Sixth Congresses, and Certain Parliamentary Decisions Made by Him as Speaker of the Forty-Seventh Congress, 1877-1883 He thinks the use of the word "redeem" in the parts of the act relating to fractional currency and to the excess of United States notes beyond $300,000,000 (when clearly the fractional currency and such excess is, when redeemed, to be destroyed or withdrawn from circulation) furnishes a conclusive argument in favor of the view that when the remaining $300,000,000 of United States notes are redeemed they also must be withdrawn from circulation. This is a legitimate but not a conclusive argument. The context shows, independently of the word "redeem," what disposition is intended to be made of the fractional currency and such excess of United States notes; but the act is purposely silent (as appears by the history of its passage) as to the disposition to be made of the $300,000,000 when redeemed. The word "redeem" is not used in conjunction with the same phraseology of language throughout the act, and hence it is not safe to look to that word alone in construing the different parts of the act. Since paper currency was known the word "redeem" has had a well-settled meaning, and it has been understood to only mean, when applied to such currency, that its payment by the party issuing it did not prevent its reissue. However, there should be a law passed giving a construction that would relieve this act from doubt. The amendment offered by me I now send to the Clerk to be read. The Clerk read as follows: That nothing in the act to provide for the resumption of specie payments, approved January 14, A. D. 1875, shall be so construed as to authorize or require the Secretary of the Treasury to retire and cancel any United States legal-tender notes outstanding which may be redeemed on and after January 1, A.D. 1879, under the provisions of said act, or which may then be in the Treasury of the United States uncanceled, or which may thereafter come into said Treasury otherwise than by redemption: but said act shall be held and construed to authorize and require said Secretary to return said notes to the said Treasury, to be paid out from time to time at their par value in payment of all debts and demands against the Tinted States or in exchange for coin or bullion, and for other purposes, as the exigencies of the public interest may require; the said notes to continue to have the same legal-tender character now given to them by law. Mr. Keifer. It will be observed that this amendment, if enacted into a law, would put an end to contraction of the greenback currency, and continue it, with all its attributes, in free circulation, at the same time appreciated to a coin value. It could still be used by national banks to redeem its currency and as a reserve in such banks. I would amend the national-banking act so as to require the banks (after January 1, 1879)to redeem their currency, on presentation, in gold, silver, or legal-tender notes, at their option. This would bring practical resumption of specie payments by the banks and actual resumption by the Government. This would preserve the volume of the currency substantially where it now is, unless contraction should come through national banks withdrawing their circulation because it was not demanded by the wants of trade or because of unfriendly, unjust, and invidious legislation. It is not my purpose hereto speak for national banks. The burden of the argument so far has been to assume that a repeal of the resumption act would make the poor richer and the rich poorer. There are those on this floor and elsewhere who pretend to believe that depreciated m
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