Mr. BOUTWELL. I am not able to speak from authority, arid whatI have heard may not be authentic. But I have heard that the SecyTreasury had converted 50 millions, and after that conversion doubts arose in his mind. For myself, I think that the course which he pursued is entirely justified by the law, and that he would be justified in proceeding further in the same course. But if any doubt exists in his mind or in the mind of any other intelligent person, I think it proper that such doubt should be removed by legislation. But, inasmuch as the ComWays&Means have thought proper to report a bill which oes further, I am for my self content to trye experiment, thinking it. to be an experiment, of converting the interest bearing obligations of the country into long bonds; but I am not disposed to go further. The 1st fact is that while there has been no reduction in the amount of the currency, the circulating medium of the country, since the close of active hostilities there has been a considerable diminution in the market price of old. g The 2nd fact which I think worthy of observation is this, that the merchandise of the country by that I mean the portable property of the country is today in gold worth more than the same articles of merchandise were in 1859and 1860. The suspension of specie payments seems to me to result from one of 2, or by the combination of 2 causes, a panic, or a panic followed by a decrease in the convertible property of the country. That is a process of industrial exhaustion which finally results in a disproportion in the material, port able wealth in one country as compared with the portable convertible wealth of other countries. It is worthy of consideration, after the Na poleonic war, although GreatBritain persist ently, by legislation, attempted to effect a restoration of specie payments, it was not until after many years that she was able to accomplish that desirable result. I apprehend that our country is at the present time in an analogous condition. I attribute our inability to resume specie payments at the present time to this, that as the result of war and the diversion of a large amount of industrial force from the peaceful labors of life we have today less of convertible property than we had when the war commenced. at me illustrate our condition by a single statement. If I owe my friendfrom NewYork [Mr. COXKLING $100 and have not the money or property with which to pay it, it is entirely use ess for Congress to declare by law I shall pay it unless I am furnished with the means to dvo so; but if time be given, and I employ my capacities in some productive way and earn $100, if disposed, I can pay that $100 without the interposition of Congress. That is the condition of this country at the present time. We have less of iron, less of cotton, less of all the othgr results of productive industry than other nations have With which we are in commercial relation. We must waitflintil, by the application of productive power, the results of our industry agree with the results of the industry of other countries, and then our paper will come to be as valuable as gold; and if by legislation you then command the resumption of specie payments, it will be done without financial disturbance. I think it is the policy of the country to allow things to go on without active interference. In the nature development of events we shall resume specie payments as early as is consist cut with the business interests of the country. I believe, myself, while we should not increase our circulation, that we should wait until another harvest has been gathered in, and until the results of that harvest have been made a rt of the convertible property of the country before we attempt any legislation in the way of enforcing specie payments. do not now that I wish to extend my remarks. I have stated, very generally to be sure, the views I entertain. J not convert those bonds which will mature within the next 2 years into other bonds for a longer time, and also the interest bearing Treasury notes now in the banks, leaving the $450,000,000 of currency circulation. That amount I believe to be necessary for the wants of the country. Perhaps we have not considered that the operationsof the internalrevenue Dept a one require from 50to 100 millions to enable it to go on. collecting as it does 3 or 400 millions a year. Then we have to consider that we have added 4 million people, I mean the colored people, to the trading and consuming population of the country. This new element creates a demand for a large amount of currency. We have also to consider that such has been the increase of the products of the mines of the world since 1860 that we can never expect a return to the old prices, and therefore it will require more of the circulating medium to transact business. The advance in prices in England and upon the continent of Europe since 1860 is from 15 to 25%. of all kinds of merchandise, while the advance in land is considerable, indicating that the advance in this country of which complaint is made is due in part to a financial change which affects the entire commercial world. I will add in conclusion that I will vote for the amendment proposed by the Gentfrom Pennsylvania, [Mr. Sravsss]