Mr. FESSENDEN. I certain y did notmean to say that the honorable Senator supposed he designed to do so, but such seemsto be the result of his argument that the SecyTreasury having the power, as he says, there is dangerthat he might abuse it in that precise way; erlse his argument amounts to nothing at all as against the bill. I certainly acquit my friend of any sort of desire or intention to throw any imputation on the SecyTreasury. That he did not mean to do. I have been requested by a Senator to state precisely what this bill does. By the bill that Was passed at the last session permission was given to the Secretary to issue acertain description of bonds, and to dispose of those bonds in the market, for the purpose of raising a revenue for the support of the Government. The bonds were to run for acertain length of time, not to exceed 40 years in duration, and they might be made redeemable after 5 years, &c. It is unnecessary for me to read the description of the bonds. The clause at the end of the bill provides: “ and any Treasury notesorother obligations hearing interest. issued under any act of Congress, may, at the discretion of the SecyTreasury, and With the consent of the holder, beconvertedinto any description of bondsauthorized by this act, ” kc. “ Orotherobligationsbearinginterest.” That bill was confined, the Senate will remark, to obligations bearing interest. He might take up an of them, no matter what they were, provied they bore interest, and convert them into any description of bonds authorized by that act, and there was no limitation upon the mode or the terms upon which he might dispose of the bonds in the market. After peace came, the idea of the SecyTreasury was, and is, and I take it that it is the idea of everybody, pretty much, who has thought much on the subect it certainly was mine, with my limited information on the subject; it certainly was that of the former SecyTreasury, Mr. Chase, and has been that of all other men who thought they knew something about financial matters that the sooner we could return to the original condition of things in the country, that is, to a specie basis, safely, the better it would be. The present SecyTreasury, upon taking possession of the Dept, stated that view. He took occasion afterward to restate it in a more formal manner. He alluded to it in his annual report; and he asked Congress to give him power to exchange these bonds, not only for obligations bearing interest, but for what are called the greenbacks or obligations of the country that do not bearinterest. It was received with very great favor, almost universal favor, in the 1st instance; but after awhile it occasioned an emotion. Certain people took very great pains to get up the idea that because the SecyTreasury had developed such views, therefore, necessarily, hisintention was to push that matter directly in the face of all that might be considered beneficial, and to devote himself exclusively to that idea, whatever might be the condition of business in the country; and men calling themselves business men, who desired to have a very expanded currency, busied themselves, according to my observation, to create as much excitement as possible with a view to keep the currency expanded and to prevent the Secretary even from having the power to operate in relation to that subject. that occasioned the very great contest that was carried on for so long a time in the HoRep; and afteravery considerable discussion and a recommittal of the bill once or twice it eventuated in the bill which is now before us, my objection to which is, not its strength, but its weakness. It is as little of a bill, it strikes me, with reference to conveying the (properpowers to the Secretary as could well be evised.