Mr. FESSENDEN. “ ommo athic, ” my friend says. It is rather a small ose. Now, what does it do? It says simplythat he may convert any of the existing obligations of the Government, not only those bearing interest, but those not hearing interest, into any description of bonds authorized by the act oflast earnotTrcasurynotes, not7thirties, but onds, and the bonds are specifically described. They are not to run beyond a certain time; they may be anywhere withinthat limit; and they are to bear not more than 6%. interest. This proposition, as I said before, includes not only the conversion into bonds of the obligations bearing interest, but those not bearingiuterest. But for fear that that power would be abused; that the Secretary under it would proceed at once, like a man who had no sense and no discretion, to take up those which did not bearin terest before he took up those which did, for the sake of creating a panic, and with the purpose of paralyzing his own action, tying his own hand, disorganizing the business of the couiitry and preventing people from being able to pay taxes that was about the argument for fear that he might do all this, and in order to limit him a proviso was inserted in the bill that for 6 months to come after the passage of this act, carrying it to about the time that we shall meet again, he shall not retire more than $10,000,000 of U.S. notes, and after that not more than $4,000,000 a month. With that limitation, which is not of the slightest consequence by we of limitation, because he cannot retire a dollar of it, in my judgment, before that time arrives, the bill was satisfactory and the House at last agreed to pass it. Now, the bill is of consequence in this par icular, and it is about the only consequence I ttach to it: it recognizes the principle disnctly, as admitted and avowed, that soon, as soon as it can be done with safety to the interests of the country and the business transactions of the country as they may develop themselves and eve financier must lookupon matters as they develop themselves from dayto day to guide his action as this proceeds Congress 1means that we shall get back at some time or other, and as speedily as the good of the country will admit, to the old system, to specie gayments, the sound basis of our currency. hat is about all there is of it, so far as its practical effect is concerned. It recognizes the principle as a correct one, and begins to carry it out. What will be the effect of rejecting this bill? The effect of rejecting it is to say to everybody “that our idea is to keep an expanded currency, to keep paperin the market, to abandon the old system, to stretch out, and leave everybody who deals in money the advantage of trading upon such an uncertain and unfixed state of things 3” an idea which, according to my judgment, would be a calamitous one, and which we ought at once to discard. That is all there is in the bill in reality except the idea which is advanced by the honorable Senfrom Ohio as to what the Secretary can do. The Senator says that we have got nothing to pay just now. True, we have not. We have got our certificates of indebtedness out, but the Senator says, we can renew them if necessary. Would you renew them? Would on have this floating paperin the market bearing 6%. interest payable in a year, coming due every month? Would you have the Government which is now in a state of peace embarrassed in its operations and embar rassin all other money operations by renewing that which we can well put into adeffiiite shape, taking floating paper out of the market?