Mr. STEVENS. Mr. Speaker, this is a tre mendous bill. It proposes to confer in my judgment, more power upon a sing e man than was ever before conferred upon anyone an in aGovernment claiming to have a constitution. In the remarks I have to make upon this subject, I beg to shy that while I would repose just as much confidence in the present incum bent as in any other man, yet our considerstion as statesmen, it seems to me, should have no regard to the individual who occupies the place. We are called upon to rant to one man a power which no wise legislaure would grant; and although we may expect that he will wisely exercise it, yet we ought not to grant it, because a contingency may arise which will render it pernicious. But there is another reason. Wherever there is a vast power the extent of which is hardly limited at all, and it is uncertain how it will be exercised, there is no business community that ever feel safe; there is no business man ithat will not fear to embark his mone in any enterprise which requires much capita and I think I for one can see already that the very pendency of this bill has tended to throw a damper upon the business of the count, so far aslI know anything about it, which Irhave never before felt or seen from the mere intro duction of a bill. I know that 2 cotton factories that.had commenced and were nearly under roof when this bill was introdu d, have been suspended, and will be entirely a and oned never to be resumed, if this bill granting this mighty power should become a law and I venture to say that there is scarcely any branch of business in the country, whether in cities or in rural districts, thatwill not be immediately so cramped as to reduce all the industrial enterprises of the country and all the great interests of the nation in the revenue paying Dept. Let us for a single moment see whether the provisions of the bill do not bear out my assertion that it proposes to confer a tremendous power. There is no power more terrible ifex er cisederniciously t on that to extend or contractt ecurrency. It is a terrible engine. I remember, when the fight was carried on between President Jackson and the U.S. Bank, although the bank hadbut $35,000,000 at its command, that whenever it found it necessary to carry a State the bank either extended or contracted to execute its purpose. I have seen crash after crash, and house after house of the most flourishing men in the cit of Philadel phia and elsewhere go down under the merci ess operation of that warfare which was thus carried on between them. Now, I venture to say that that power was not one 50th part of the power which this bill proposes to give to the SecyTreasury. What does it propose to give to him? e bill provides that the act of March, 1865, shall be extended and construed to authorize the SecyTreasury at his discretion, unlimited by any law, to receive Treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds authorized by the act to which this in an amendment; and also to dispose of any description of bonds authorized by said act, either in the U.S or elsewhere, to such an amount and in such manner and at such rates as he may think advisable. Now, I ask whether the legislation of this House in the hardest times of the war, whether the legislation of any other nation on the face of the earth, ever confided such discretion in a single man. The lawmaking power has always taken care to guard by proper limitations the acts of its executive officers and although in the executive Dept some discretion has been granted, yet the discretion to borrow just as much as a man pleases, to borrow it wherever he pleases, to borrow it at any rate which he pleases, seems to me to be a power which no wise body of men would ever confide to the purest and ablest man that ever lived and for what is this tremendous power conferred? By the acts of 1864 and 1866 no man can doubt but that the SecyTreasury has now the power to convert all the interest bearing obligations of the U.S. ofevery kind into any kind of bonds which he now proposes to sell. The 2nd section of that. act is as follows: “SEC. 2. Abife: That the secyTreasury may disposeof any of the bonds or other obligations issued under this act. either in the U.S or elsewhere, in such manner and at such rates and under such conditions. ashemay think advisable. forcoin or lor other lawful moneyof the U.S or for any Treasury notes.certificates of indebtedness or certificates of deposit or other repvesentutivus of value. which have beenormuy be issued under any act of Congress: and may. at his dbiyse retion. issue ends or Treasury notesauthorized this act. in payment for any requisitionslormate rials or supplies which shall have been madeby the appropriate Deptor officesupon the Treasury of the U.S. on receiving notice in writing through the Departinent or offiqcmaking the requi siton, that the owner of the claim loi which the requisition is issueddesiresto subscribefor an amount ct loan that will cover said requisition or any part thereof: and all bouds or other obligations issued under this act shall be excinpt from taxation by or under Stateor municipal authority.” and the proviso of the 1st section is as follows: “Andprocided further. That the not entitled An act to provide ways and menusfortho support of the Government and for other purpose sfapproved June 30. 1864 s.hall heso construedasto authorize theissuo of bondsof any description authorized by this act and any Treasury notesorother obligations bearing interest. issued under any act of Congress. may. at the discretion of the SecyTreasury and with the consent of the holder. Be converted into any description of bonds authorized by this act: and no bondsso authorizedshall be considered a part of the amount of $600,000, 0h0corcinbeloreauthorized." Is there anything plainer, anything clearer than that?