Mr. FESSENDEN. Undoubtedly; but I am talking now about that part of the Senators argument that the Secretary has nothing to pay or nothing that need embarrass him, because with regard to these certificates of indebtedness which are comin due every monthhe can renew them if he as not the money. So he can; but is it advisable that he should renew them? Is it not very much better, if he cannot pay them in cash, to convert them into standing obligations which do not go into the market in the way in which those certificates of indebt edness do, and which are not used as a species of currency? It is true we have none of those 7 30 notes coming due immediately; but a large portion of them come due before many months, and a veryconsiderable portion of them in the course of the next 2 years. Nobody supposes they will all be paid in money as they mature. No very large portion of this debtis to be extinguished for a considerable period of years. Nobody thinks of it. The question is, will the interest be promptly aid upon it, and can we have it reduced regu arly, in reasonable amounts? Nobody thinks of laying so heavy a load on the country at once, burdened as it is now. Therefore it will become necessary to substitute for it some other kind of security on longer time, and to be preared to meet the interest which we may wel be. I know with regard to other loans the Secretaries have been obliged to begin beforehand to make their calculations. but out their adver tisements, and begin to reeem; and that must be done with reference to these interest bearing obligations; the compound interest notes, 7 and 310ths notes, and others; and we must begin a regular system of funding our debt. The question is, what are we to lose by it? The Senator believes we may borrow money at 5%. interest. It would be a very dangerous experiment to relyupon that belief. You tie the Secretary down to long bonds at 5%. interest, and the experiment we have tried heretofore does not demon strate that it is very likely that it would be successful. It is very much better in my judgment to leave something to the discretion of the Secretary (if you can trust him) as to the mode of doing it. That he ought to have this power to exchange these different obligations in this way, I think no man on looking at the thing can. doubt for a single instant, beCause it will not do to put off the time until the very day approaches. It is a thing necessarily to be anticipated, necessarily to be provided for beforehand, to a very considerable extent. Then, after you have disposed of that, comes the objection which my honorable friend states to the bill in the question, how can the Secretary act under this bill? In the 1st place he can put the bonds in the market and sell them for what he can get. So he could before. It would not be very much for his interest as the financial officer of the Treasury, or or the interest of the country, to run down his own securities by flooding the country with them unwisely an at low prices. It is not to be presumed that he would do that. In the next place the argument of the Senator supposes (because it is the only way he can accomplish it) that he will force into the market immense amounts of these bonds, thus diminishing the value of the securities that are already out running our securities down for the sake o accumulating a large amount of greenbacks, and holding those greenbacks against the will of Congress and against the interests of the country in the Treasurv, and directly in the face of this act as to what he is to retire. Is that supposable? It is the only way he can do it; here the act of Congress says you may exchange for anything you please, but so far as these grcenbacks are concerned you shall not retire over ten millions of them in the next 6 months and only 4 millions a month afterward for a given length of time; but the Son ator points to what he can do, and argues that he Wlll use the power he possesses in that way. It would be contrary to all common sense and the ordinary dealing of men; and it is not to be supposed that he would so act. The argument supposes the Secretary is so bent on get ting non-interest bearing obligations out of the market before he gets interest bearing obligations out of the market, that he will dispose of large amounts of our bonds below par, lessen the market value of them as they stand, reduce their credit and the credit of the Government, for the sake of piling up in the Treasury millions and 100s of millions of greenbacks against the will of Congress, over and above the amount which he is authorized to retire, for he cannot cancel them, as the Senator says he has no authority to cancel them. Now, sir, it is to be supposed that the SecyTreasury is a tolerably honest man, and it is to be supposed that be is a tol erably sensible man. My own opinion is that he is a very honest man and a very sensible man, and understands what he is about. What would be accomplished by overthrowing the business of the country and destroyin it, if such would be the effect? In the 1st Iace by destroying business he would cut clip all the resources of internalrevenue, because people cannot afford to do business that breaks them up. In the next place he takes out of the hands of the tax payers a currency by which alone they are able to meet the obligation upon them to pay taxes and thus, in order to carry out the favorite idea, according to the Senator, he may, and if the argument means anything he probably will, forget all that, and do precisely the thing which it is not intended he should do, and which it is against the interest of the country, and his own interest as the manager of the Treasury, to do. I suppose no such thing, and I do deem it wise to trust him with this power, in the 1st place because he would not exercise it in the manner supposed if he could, and in the next place because between this time and the meeting of Congress at the next session he can do at best but very little. I do not believe he will retire a dollar. He must have a certain amount of money on hand. There is verymuch et to be settled u. He does not know, you O not know, nobody can tell what the business of this country is to require. A short time ago an attempt was made to frighten us very much by the immense importations that were going on, which were to destroy the country unless we did something immediately. Now, the importations are down, so much so that the revenue is falling offlargely. We cannot tell what the changes of business may produce, and even at this time, notwithstanding it is a time of and peace, notwithstanding the fair appearance oi everything with regard to our revenue, a revulsion in trade. which is to be avoided if possible, may occasion to us most severe embarassments with the large pressure which is upon us. The SecyTreasury, in this transition state, when it is necessary to make pro1 vision for the future, and especially With regard to these matters of currency, must necessarily it. He should be limited if you think he has incorrect ideas,but I should be very sorry to base an argument upon the supposition that he will unnecessarily (To that wnch the act intended he should not do, and which it is contrary to his manifest duty in the management of the Treasury and in the management of the affairs of the country, so far as depends on him. I would give this power, more than all else, for the simple reason that while it can do no harm, I should regard it as a severe calamity to recognize the idea that the present state of things with regard to the currency is to become permanent, and that must be the result unless iis policy I begin to hate the word “policy” in any shape or form; it is a very odious wordbut unless his polio is to be recognized as a general principle as tie true policy of the government in this respect. There is really so lit to talk about it to any length. It shows itself to every mans mind. I consider that the evils that my friend alludes to are purely imaginary, rather the result of an excited feelin occasioned by the flame that has been kin led in the country by this talk about the danger of destroying business, and creating pecuniary embarrassment, than anything else. I hope the bill will pass.