Mr. FARQUHAR. I offer the following amendment: Providrd, That the legal tender notes known as greenbacks shall not be diminished from the amount now in circulation. I offer this amendment in order that I may state to the House the reasons that induced me to favor the amended bill as reported from the committee. [voted against the passage of the bill last before the House. My objection to that bill I had not an opportunity to state at the time. I bjected to it on account of the fact that it gave to the SecyTreasur an unlimited power to retire at pleasure all the outstanding circulation of the U.S. currency. To that I was opposed, and I recorded my vote accordingly. The amount of local indebtedness arising from township and county boun ties, and in my State made payable in the next 2 years, would by too sudden contraction prove disastrous in the extreme to our people. This amended bill limits the amount at the disposal of the SecyTreasury to such a degree that I think there is no responsibility taken by any member of the House, who is in favor of retaining the greenbacks asa circulating medium, in voting for the measure. Gentlemen express their unlimited confidence in the present incumbent. I also have confidence in him, and I am willing to show that confidence by casting a vote that will sat isf the country on the subject. I do not believe in that kind of profession is a small estimate of the amount of our secu whioh declares, great confidence in the ability and integrity of that officer, and at the same time hol s out to this House and the country that a responsibility is being reposed in him which gentlemen do not place in his hands. “hat is the responsibility? Gentlemen tell us that under existing laws the SecyTreasury has power to retire $180,000,000 of compound interest notes. Ifhe has that power what additional power do you place in his hands? It will be but 8 months before this Congress will convene again. Pass this bill and you place in the hands of the SecyTreasury, until you can arrest him by your action 8 months hence, the power to do what? To issue $18,000,000 of bonds for currency; that is to say, $10,000,000 in the 1st 6 months, and $4,000,000 in each of the 2 succeeding months. Iask on, Mr. Chair man and gentlemen of this House, you who have stood up and backed the Administration during the hours of its peril, when the existence of the nation was at stake; I appeal to you now in the hour of its financial struggle, will You not place in the hands of its SecyTreasury the power of funding the $18,000,000 that this bill proposes? How much will it affect the business of the country to retire this $18,000,000? There are yet $50,000.000 of national bank paperunissued, and will doubtless swell the volume of currency that amount during the next year, and with but $18,000,000 of green backs withdrawn this year, the actual circulation of the country would be increased in the aggregate rather than diminished. But I may be told that this amount of $180,000,000 may be retired. I take itupon myself to say that it does not constitute a part of the general circulating medium of the country. It is retired now. It is held in the pockets of the business men of this country, because of the interest that the notes are bearing. Here the hammer fell.]