Word: tenderer
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...second speaker for Princeton was R. M. McElroy '96. Reminding the audience that his colleague had already shown how the government was in no way suited to issue legal tender notes, he went on to point out various other reasons for retiring them. He said that their presence continually threaten the financial situation of the country. Confidence is the basis of all financial success. We have $1,000,000,000 of notes resting on a nominal gold reserve of $1,000,000, which may at any time sink lower. The depletion of the gold reserve takes away foreign confidence with...
...second speaker for Harvard was J. P. Warren. After answering the preceding Harvard speaker he showed that all our experience points to the separation of the issue and revenue departments of the treasury, as the necessary step to make the legal tender system as successful as it was between 1879 and 1890. He asserted that this change would assimilate the convertible legal tenders completely to the position of specie, as illustrated in the matters of redundancy and stringency, elasticity and the rate of discount...
...closing, he asked the next speaker on the affirmative to find some flaw in the workings of the system proposed by the negative and to show also some way in which the convertible legal tenders differ from specie, except that they are more convenient. "Unless he does this," asked Warren, "how can he prove that all the legal tender notes should be retired...
Congress in issuing legal tender notes has given us practically flat money, the evils of which are only too well known. For fifteen years our confidence has been undermined by this constant flooding of the currency. Until the legal tender notes are retired confidence can not be restored. We must draw a sharp distinction between the functions of a bank and the true duty and business of a government...
Fletcher Dobyns followed on the negative. He said that his colleagues had already established the negative, but that their resources were not yet exhausted. After showing that there are fatal objections to the substitute which has been proposed for legal tenders and that the legal tender system possesses great, positive advantages that demand its retention, he dwelt upon the point that the principal objection that is urged against the legal tender system is without foundation...