Mr. CHANDLER. but you give the power. Why give the power? I admit that the SecyTreasury is able and honest; but you have no assurance that he will live 3 years or one year. You have no assurance who his successor will be, either. You resume that he will be a good man. But al owing that he is honest; all financiers are not honest. You take a NewYork “ring” of brokers, and they have generally been smart enough to accomplish their purpose, and they would even convince a SecyTreasury that it was for his interest honestly to do what would be greatly against the real interests of the Government. I want to limit hiui to theissuing of 6%. bonds for not over 5 years. In no event would I permit him to issue a bond bearing 6%. interest at over 5 years; in other words, I am for 5 twenties. We have of 5%. bonds, ten forties, have a pretty wide and broad discretion over tle in the bill itself, that it is really impossible up our Government; and we did confer exi $198,000,000. Those ure out of the way, hearing 5%. interest for 40 years. That cannot be chaned except at the will of the Government. rue, if we can borrow money at the end of ten years at 4%., you at your own option can pay them off; but except at your option they stand for 40 years. You have of 6%. bonds of 1881 $283, 715,000. Those are certainly out of the way for 15 years. Why grant the Secretary the power to take those up? He cannot take them up of his own will without paying the market price. Why authorize him to go in and pay a premium for those bonds that are fixed, located for 15 years? Then you have of 6 or cent. 520 bonds $679,000,000. these are placed for 20 years except at the option of the Government. If we can borrow money at less than 6%., we shall of course go into the market, negotiate a loan, and pay oif the 5 twenties. at the end of 5 years; butif we cannot, they are fixed for 20 years. Why grant authority to change that loan? Mr. President, I should like a little further time to examine this bill; but it strikes me as being evil, and only evil; as containin powers, dangerous powers, that no man would be willing to accept. Certainly, if I were SecyTreasury, I should not be willing to accept the powers contained in this bill. I on absolutely authorize him to do what he pleases with the $2, 700,000,000 of the public debt. He can ste into the market tomorrow, under this bill, an say, “I want to borrow $1,000,000,000 ou 40 ear 6%. bonds, and a “ring” in NewYork may say to him, “We will give on 110 or 120 for 40 ear 6%. bon, with the assurance that no more of that kind of bonds will be issued.” They might adord to pay any amountif they had that assurance, for in comparison with another Government securities on earth such bonds are worth more than 160, provided the credit of the Government of the U.S. is as good as the credit of GreatBritain, or any other European Government. There is no limit to the amount of speculation that may be inaugurated and carried out under the powers contained in the bill.