Mr. SPALDING. Iam not skilled in the science of finance; hence I have. felt much embarrassment in coming to a conclusion in regard to the vote I shall give on the question now pending. On ordinary occasions should follow the lead of the distinguished member from Pennsylvania, Mr. STEVENS] who has this day made an ela orate argpment in opposition to this measure. But, sir, when I turn to that gentleman I cannot forget that in the last Congress he led me into an ignis faluus chase after the traffickers in ld, and I assisted him in the passage of a hi 1which remained in force about 3 days, I believe, during which time gold went up faster than at any time previous, so that we were forced to retrace our steps and repeal the bill, when gold began to come down again. Now, that short experience admenishes me not to be too confident in followmg the finan icial them endations of the member from Pennsylvania, [Mr. Srsvsxsd and I have concluded, therefore, to make my own limited experience available for this emergency. I have concluded to giye my vote in flavor of the passage of this bill. I cannot mistake 2 prominent facts. At the breaking out of the late rebellion the cir culating medium of the U.S. was isomewhere about $200,000,000; now, sir, it is more than 3 times as much. At the low lest estimate it is $750,000,000. Now, sir, do we not all realize the fact that the price of living has materially increased during the last 4 or 5 years? Is it not a fact that a man who has now a fixed income, say of $2, 500 a year, finds it difficult to make both ends meet, whereas when we had a specie pnying currency 8. man with that income was enabled to live in a somewhat genteel style. ) I feel as if it is an established fact that our currency, at this time, is redundant. Why it is so has been very well explained by gentlemen who have spoken on the subject. Our object is, or ought to be, to come back as ispeedily as possible to a specie basis, having, duereard to the business relations of the country. undertake to say that at this time we are laboring somewhat under astrain upon our Constitution when we hold that 450 million paperdollars shall be treated as legal tendersin payment of debts. If it had not been for the perils of the rebellion from which we have recently emerged, what man in this House, having any pretension to the name:of a constitutional lawyer, would have admit ted that under our Constitution this papercurrency could have been made a legal tender in place of gold and silver? y But, sir, in this, as in many other things, we were very liberal in construing the Constitution in consequence of the pressure of the rebellion, and for no other reason in the world. I say that we must speedily correct this evil, and do away with this paperlegal tender, if we would preserve the PllnCl les of our Constitution as handed down to us by the fathers and I say further, that this redundant currency has engendered in the land a spirit of mad speculation that has not only deranged business in all its relations, but is demoralizing society itself. Now, sir, this policy of the SecyTreasury is no novel idea thrown before the country. It was 1st indicated in his speech made in Indiana last summer. That speech I think was received with general approbation throughout the country. Itwas indicated more pointedly by his report to this Congress, and then the HoRep early in the session responded in accordance with the views and wishes of the people and said the Secretary should receive our support support him in what? In the very policy indicate by the very bill now under conSideration. Mr. Speaker, I believe that high prices in the country, the expenses ofliving to the masses of the people, are reatl enhanced, 4fold, in consequence oft is reundant currency, which gentlemen are now seeking to kee up, and many of the gentlemen with whom ITiave conversed today differ with me so diametrically in this whole matter, that methinks they would gladly add some 1,000 millions to the cir culation if they had the power at this moment. The could do that with as much propriety as to claim that $450,000,000 has no effect upon the prices of living in this country. I am satisfied that the policy of the SecyTreasury, if supported by Congress, wiil apply a speedy corrective to the evils I thus cursorily enumerate. Believingthis, and feelin that we must repose confidence somewhere, and, ifso, that no more trustworthy man can be found than the present able head of the Treasury, I am disposed to give up the doubts which have, to some extent, old me back, and to vote for the bill. In the issue of new bonds I shall be glad if a rate of interest can be allowed that will enable us to concede to the State and municipal authorities the right of taxation; but of thatI leave the ComWays&Means tojudge. I will vote for the bill.