Mr. STEVENS. In answer to the gentile man I have no hesitation in doubts which the Secretary sfuygiigqfliltss;; 0i 6 9 came to when he had converted $50,000,000 were solid doubts that he had no power to sell and buy, while he had power to exchange with anybody that chose to exchange and convert the one for the other and it is for the purpose of doing away with those doubts that my substitute has been introduced. I propose by that to give him the power which he has been exercising all along, and not to confine it to that single operation. I am therefore solving his doubt and providin the very power he wishes. Now, sir, for what purpose does he ask any further power? Not to solve a doubt. If thatwere all, he should have a bill so far as I am copeemed; and I propose by my substitute to give him that. gut leasks a vast deal more; that is a very small part of it. I do not believe he violated the laws conse iously; but I do not think he had the power to sell bonds; the power given was one of conversion merely. how, sir, for what more does he ask? The original bill, to which this is an amendment, gave him the power to convert allthese amounts of money which are therein recited from these descriptions of bonds into 520 bonds bearing gold interest. Now, let us look at it for a moment, and see how much power he has under that bill if he should get no more. He has the 4,5, and 6%. tern orar loan of $114,000,000; certificates of indebtedness, $60,000,000; one and 2 year 5%. bonds, $8,000,000; 3 year compound interest legal tender notes, $180,000,000; 3 year 730 treasury notes, $830,000,000; except the U.S. notes, $420,000,000; making $1, 600,000,000, deducting the $420,000,000. All that he now has the power to retire under the law which alread exists;or if he has a doubt that he can exc ange without sellin bonds, he will have the power under the amendment which I propose. Is not that enough? He has now the power to convert $1,600,000,000 of our obligations from 7 30 notes, from compound iutercst notes pay able in currency, into 520 bonds payable in gold, so far as the interest is concerned. That is a power which no man ought ever to have had granted to him. It is increasing be yond all extent ever heard of the interest upon the exchange; for while the one hears interest at the rate of 7 and 3 10ths in currency at the highest, the other bears an interest which at the present rate of gold gives more than 8%. of currency“ But suppose he has a desire to only with draw the circulation, why not be content for another year with withdrawing a circulation of $180,000,000? Inasmuch as these compound interest notes are a legal tender for their face, and inasmuch as ho has the power under the law as it now stands, or will have at any rate under my amendment to withdraw this very year the amount of S180,000,000 of the currency of the country by exchanging them for long bonds, ought not that to be satisfactory? But that is not satisfactory to the SecyTreasury. In his report I see that he thinks that in addition to the $180,000,000 he would probably not exercise the power, if it were given him, beyond $200,000,000 of greenbacks; making a contraction of the currency, according to his own theory and desire, of $380,000,000 in one year. Now, gentlemen, ifyon have ever hem upon the rack. (I hope none of you have p pass this law, and you will have a worse rack than any ou ever were on. I do not believe there is a ranch of business in this country that would survive it. You say that perhaps he will not exercisethe power. Butperhaps he will; there is the difficulty. Give him the power, and he may do one thing or the other. but as he may do it, every man in the country who has any regard to his own interest will be cautious how he wrll put himself into a position to be thus broken, bone and flesh, by this terrible engine of power which it is proposed to give the SecyTreasury. But the SecyTreasury says he has another object in view. He wishes to convert these currency bonds into gold bonds. They are now payable in currency; the interest will then be payable in old. How would that help us? I cannot understand, unless I hold the bonds; then I might have some little idea about it. But how would it help the country, to increase your rate of interest from 6%. to 8 and a uarter% and more? Why convert t cm into gold bearing bonds? By the law as it now stands, we have a right to ay for these 5 twenties in currency at the end of 5 years from their date. We pay the interest in gold, but we may pay the principal in currency. Now, would it not be wiser to sell these bonds for currency, and pay the 5 20 bonds that are outstanding, and thus take away the demand for gold which raises it to 180. Would it not be wiser, instead of addin to the gold bearing list to withdraw from fhe gold bearing list Just the amount of whatever we can sell and pay the balance in U.S. money? But no; the SecyTreasury insists upon putting it into gold bearing bonds. A gentleman near me suggests that the object is to make the interest less. 7 Well, I dare say that the SecyTreasury has so figured it; butI cannot make it out that 6%. in gold is less interest than 6%. in U.S. money. If wehad reached the period of specie payments, then I admit it would not make any dilicrence in what sort of money payment was made. But, sir, the most extraordinary of all the recommendations of the SecyTreas ur is that we should pass an act declaring that alfthese 5 twenties, not only the interest, but the principal, shall be paid in coin. This, he says, would be a great advantage in Europe. An advantage to whom? To the Government? The Government has not a dollar of these loans to sell. There is no loan authorized blaw that has not been already exhausted; an the Secretary does notcall for any other loan except as a substitute forthose outstanding. For whose benefit, then, are you to declare these 5 twenties payable in coin. thus increasing their value 30%? Who hold these bonds? European capitalists. Those men abroad holdin now $600,000,000 of our national loan are, it weadopt the recommendation of the SecyTreasury, to have thirt%. added to the value of their bQnds y a single act of legislation. The Government has no further concern in those bonds except to pay the interest as it accrues and the principal at maturity. Those bonds were purchased, many of them, by European capitalists when goldvwith us was at 2:30. In other words, they bought those bonds at 60%. discount. It is evident that if those bonds should now, in accordance with the recommendation of the SecyTreasury, be made payable in gold the holders of the bonds would obtain $100 for every 40 dollars which they paid. Sir, I cannot understand the philosophy of such a system of finance. I dare say that it is because, residing in a country place where money circulates only in small amounts, I am not able to comprehend financial calculations as this banker is, but the idea that the nation is to be benefited by such a proceeding as that proposed, whether the bonds be held in Europe or America, is beyond my comprchension. Doubtle ss, if I had my pocket all of 5 twenties, I could realize the propriety of making the principal as well as the interest ayable in gold after it has been understood gor 5 years that that principal should be payable in currency. Any gentleman thus comfortably situated will doubtless find it difficult to vote with an unibased conse ience. There may be wisdom in this project of the SecyTreasury, but I confess that to my poor intellect it is inscrutable and ast finding out.