Mr. CONKLING. No, Mr. Speaker, the gentleman has been here many times when he was useful, but just then he was away. This, however, candor compels me to say, that the event has been far better than the expectation. Opposed as I was to the experiment. of a or being resorted to at the time, dreading asI did, more than I have ever dreaded any final result threatened by the war, the effect of a paperpolicy, I admit and assert that we have ese aped, as we had no righttn expect, the consequences and disasters of the measure. I say that it is something to be thankful for and something which proves the wise administration of the finances, and the efficacy of the legislation of Congress as it stands now that ol has been ra idly falling for weeks an moat s, that it has tallen two%. since Friday, and thata dispatch just put into my hand announces that it is selling in NewYork at this moment for 128. I wish we were safely, not only almost but altogether, back to; but all things are not possible in the twinkingofan eye in finance any more than in other things. So gentlemen think; and I have no quarrel with them for that; the Committee ofl eye and Means has no quarrel with them for that; the SecyIreasury has no quarrel with them for that. He could not if e would, and he would not. if he could, make sudden and violent reductions. When the Secretar said at.Fort Wayne that at the earliestpractica lemomentweoughttocome back to specie payments, he did not mean a crash; he did not mean a shock, a panic; he did not mean to seize the currency and by a single grasp to crush values, to paralyze transactions, or to shrivel and benuinb. The POTUS, by the well chosen words in which he recommended a financial policy, meant no such thing. Not only would disaster follow violence and haste in this re spect, but such an immediate contraction of the currency as would carry it instantly to par, if it could be effected at all, could be effected only by withdrawing obligations of the Government which bear no interest whatever, and issuing in their stead obligations bearinginterest. such a preceeding, beside the interest account it would assume, beside the destructive mutations it involves, would so contract the market that. bonds could not be sold at par either for the present or in future to redeem the comound iuterest notes and 7 and 3/10ths notes which must be motin such enormous sums within the next 2 years. Every holder of a government obligation soon to mature has an Option to demand paymentin money if he will. Should our bonds lie at par or alive, we can fund by mere exchange; but if below par, of course we must sell for what we can get, and ay in. cash. Looking, therefore, merely to tcon ga cmeuts the Government itself must meet, an saying nothing of the affairs of the people, we cannotatford to cramp or convulse the money market by s asrnodic action. However rapidly we approac resumption, the approach must be gradual. Sir, it is a good omen that the House is about to accept a motion to recomniit tln subjectto the appropriate committee. We shall, I trust, be abib to bring forward a measure ade note to the occasion and acceptable alike to teSecyIrcasury and to both Houses of Congress. This is the true solution, and the ComWays&Means will I am sure, willingly profit by the debate and the exrcssion of the House. o matter how well considered the measuremay be, I do not, without an effort to improve it, want it to pass against the sentiment of a majority of our frien s. It is not fit that the committee or the country should accept the necessity of caing on the business 0. this Congress by an alliance between a minority of this side of the House and the whole body of the Opposition. It is not fit thatan accidental and subordinate difference of opinion about the mine r provisions of a bill should be made to look as if any considerable portion of the Union party withheld its support either from a sound financial policy or from an administration measure. The country is notyet reduced to the necessity of dependin upon its enemies for support against its frien s. It is not necessary to seek aid from those who, when the vessel was drifting on the rock, stood idle, if not hostile spectators on the shore. Until a spirit and disposition is discOv erable which has not appeared Yet, it is safe to assume that the people expect those who act together as a majority here to stand together and to originate and pass proor measures, and if these measures common the assent of political opponents so much the better. It will, I thin, be found that that majority is quite competent to the task, and can afford to wait the final verdict to be pronounced upon us. At any rate we will try we will try to do our duty, and to be united too. That great difference of Opinion should prevail as to the necessity and propriet of some of the provisions of the bill as it stun s, is quite natura. These differences grow very largely out of existing acts. I shall not at this time stop to review them, but when reviewed it will be found that eat powers sleep in them, powers which whenever brought into requisition will subject the currency to the control of the Treasury Dept to an extent which for the present would satisfy the most enthu siastic a vocafc ofimmediate contraction. In my view of the existing law, the bill before us gives but one new power, and it takes away one which now exists. We will see hereafter how this is, and if we can all understand it alike, I think we can go together for a sound policy looking to early resumption. Should this come to pass, it will be well for all save those who now, as heretofore, are “taking the chances, ” and operating upon the necessities, political and otherwise, of their countr.