The Clerk read, as follows: Treasury Dept. March 23.1866. DEAR Sin: Your favor of them instantis received. tru"nsmittin to me the followmgrcsolution.nninely: Resolve. That a communication be addressed by this committeeto the SecyTreasury. stating that the committee has received.through onepf itsmcmbers.information thnttheSe crctary is nf opinion that he is. without further legislation sufficiently armedwith power to carry out the policy announced in his late annualreport and to requestthe Secretur to inform the committce whether such is his opinion. In reply. I have to say that I must have failed to make myself clearly understood by the honorable mI ember of the committeeto whomreferenceismade. " did not intend to soy to him that the Secretary is. without further legislation. sufficiently nrmtd with power to carry out the policy announcedin his late iafnnual report:" but I did intend to say to him that. it should he found necessaryto modifjn any important particular: the provisionsof the pill reported y the committee.I should prefer that it would not become a law. It will be.in my opinion. a national calamity if Congress shall fail to grant additional powers to the Secretary: for it will be very dilhcult if not impossibleto fund the interest bearing notes under existinglaws; but I donotdesire that the committee or inyselfshould becomein anyway responsi for a.law which is likely to fail in accomplishing itsIobject. regard it a matter of the greatest iniportnnce that the power of the Secretary should not be strictly defined. It. for example. the Secretary should be prohibited from selling bondsbelowpar. it would be easy as the market in the processoffnnding must be liberally "sopplicrl for the enemiesof the Government to fOllll successful combinations for kecping the bonds at such a price as would Rrevent the negotiation of them. On the other h an, if the authority of the Secretary in this respectis not limited. no such coin binntions would he likely to beformed. In myopin iep, the bestway of keeping the bonds at a.premium will be to leave the Secretary unrestrained in thesale of them. Against an undefined poweritwill be difficult to form successfulcombinations. A limitation of the authority of the Secretary in this respectwill beverylikely to prevent funding. I do not. therefore, favor such a limitation and should regret to have the committeeresponsiblefor it. In regard to the other important featureof the bill the authority to withdraw U.S. notes I have merely to remark, that I can oonce iVe it to be ofvast importance to the businessof the country, the welfare of the people and the credit of the nation. that such a financial policy shall be adopted by this Congressas Will preare the we for a return to specie payments. W this can O brought aboutIWwill depend upon the condition of national industry and the trade relations between the U.S and foreign nations. It is not desirable that specie payments should be restored until that restoration can be made permanent by increased industry and a properadjustment of the tradeWith Europe. The tendencies now are all ii itherigbt direction, and if theyshall benssisted by Judicious legislation, I shall be hopeful that the currency of the country may be broug it up to the specie standard without a large reduction of it. The apprehensionwhich existsthat lfpower is givpn to the Secretary to retire U.S. notes, the cir eulation of the country will be ruine usl contracted is withoutany substantial foundation. fno reliance can be placed upon the discretion and carefulnessof the Secretary, the very condition of the finances of the country will prevent such a reduction of the currency as will may c Cl!ll0l & tight mono market or de ress business. Authority to reduce tacurrency wi lgo very farto prevent the necessit forareduction. The battle Will be more than half ought when the Government shall adopt a healthy financial policy. I am, very truly. your obedient servant, H. McCULLOCH. SecyTreasury. HOD “USN! S. MORBILL. Chairman ComWay&Means, HoRep.