Mr. CHANDLER. The Senfrom Maine says that there is very little in this bill, not much, not quite enough. Sir, I say there is everything in it. It isa surrender of the Treasury and all its safeguards into the hands of one man. You say to the SeeyTreasury, “Do justhat you will, when you please, and as you please, with all the indebtedness.of this Government” a power which no one single man ever yet possessed on earth or ever will again if this bill does not pass, I presume. If there was a present pressing necessity for giving this power or any other I would grant it; but there is no necessity whatever. Every one of your 7 30 Treasury notes is redeem able at the option of the holder at the end of 3 years in live20 bonds. That is a part of the contract you made with every man who has taken one of your 7 30 bonds, that at his option hecan demand and receive a live20 bond for it. Now, the Senfrom NewYork says that there are $300,000,000 that will mature in the next year. If the SecyTreasury will step into the market today and say, “I will give you 300 millions of 5 20 bonds, ” he will have nothing maturing next year, for the bonds would all be taken within 30 days. He has that power now; it is all the power he needs, and all he ought to have. Then why, at this late day, step out of your own beaten track to give him an absolute control over all the indebtedness of the Government? The Senator says he will not use it; it will not be his interest to use it. I hope he will not; I hope that the dangers which I tear are groundless; but why givethe powers contained in this bill to anyone man? You authorize him to take up your 1881bonds; you authorize him to take up your live20 bonds; on place the whole $2, 700,000,000 in his ban s to do just as he pleases a power which was never given to anyone man, and never will be again. What is our present condition? Our receipts are lessening our debt monthly; the credit of the Government is appreciating daily. Today your bonds are more valuable than they were 30 days ago; and they were 30 days ago more valuable than they were 60 days ago. I agree perfectly with the Senfrom Ohio, that if the SecyTreasury should sit behind his desk and pay his interest, and let the credit of the Government take care of itself it is the best thing he can do a this time. If he is afraid that next year he cannot negotiato 300 millions of 7thirties, at him today step in the market and say “ I will exchange iivetweuties for 300 millions of 7thirties, ” and in one week there will not be a dollar of them on hand. We have care fully guarded against long loans during the whole war; we have carefully guarded against high interest for a long period. We have paid 7 and 3 10ths%. interest because the necessities of the Government required it; and that was the lowest rate at which we could borrow our money for currency. We have used 5 twenties, used them successfully, and used them throughout. Why not now today say to the SecyTreasury, “ You may issue 5 twenties; ifyon are afraid they will not be taken next year, issue them this year; negotiate 2 or 300 millions, and be a year in advance?" I do not object to that, but I do object to the monstrous powers contained in this bill. I hope that the bill willnot pass. I am sorry that the Senfrom Maine is so anxious to press it to a vote today. I desire that there shall be a full Senate when the vote is taken, for I consider it is the most dangerous bill that was ever passed by the Congress of the U.S. If the present Secretary should remain in office, and if he should withstand, not the temptations, but the designing and intriguing management of what are called “rings, ” he will be fortunate. The powers contained in this bill no udicious financial man, in my judgment, would accept of if he could hel it. I think we should define the country Oug tto know precisely what we are going to do, and we should announce our policy, and not take his. I move that this bill be recommitted to the ComFinance; and I hope Senators will vote to recommit it.