Mr. GARFIELD. He does exressly say that the power to protect U.S. secu rities is vested in Congress by the Constitution, and Congress cannot place it elsewhere. This very question has been argued before the Snpreme Court within the last 3 weeks. One of the most distinished lawyers of NewYork, Mr. William M. lvarts, delivered a very able argument to prove that Congress cannot dele gate to a State the power to tax the bonds of the U.S. I trust. this House will not adopt the amendment of the Gentfrom Maine, [Ma PIKE] The Gentfrom Pennsylvania [Mia STE l vans] tells us he is in favor of returning to specie payments when it could be done without disturbing or deranging the business of the country. If he waits for that it can never be done. It cannot be done without 1st contracting the currency and producing a temporary strin ency in the money market. If we have not the nerve to do that, if we have not patriotism to suffer that temporary inconvenience we must go on in the swift road to financial disaster and ultimate national bankruptcy. The gentleman says we must reach specie payments by protection. He says if we protect our manufactures we shall keep goldirom going abroad. This is not his 1st attempt to regulate the value and movement of go d by legislation. After a few days’ trial his law of 1804 for that purpose was repealed. I do not oppose protection. Iam in favor of protecting the sanctity of contracts by bringing all values back to the biisisofauniform standard. Then our iron mills will not stand idle as they now do, because of the risk occasioned. by the violent fluctuation of prices.Mr. Speaker, this is our only remedy. I have faith in the SecyTreasur that he will, by and by, with as little disturance to business as possible, bring us to specie pay ments. We have traveled more than one quarter of the way since Congress met. Gold was then 148, now it is 130. Mercury in the barometer is not more sensitive to atmos pheric influences than is the gold market to the egislation of Congress. Witness the following ppragraph from the financial column of a recent NewYork daily: “ Wall street is more animatedto dnyinconse uence of the report. which is extensivelybelieved, that all loan bills will be made conducive to inflation, and that the temper of Congress is hostilcto all measures looking townrd contraction of the grecnback currency. This is interpretedto be favorable to.high crprices, and is a lready producing its effects in stimulating i speculation.' Defeat this bill and there will be a 'iibilce in Wall street. This House must ta'c the responsibility. {end of Garfield insert}