Mr. MORGAN. Mr. President, the main object of this bill is to enable the SecyTreasur to provide for the maturing obligations of O Government, with a view to a return to specie payments at an early day. We all agree that it is a duty of the Government to make provision for its debts as they mature. The only question is one of time, whether the present is the propertime to make provision tor these maturing obligations. 300 millions, in round numbers, will become due next year, in August. It has been said here this morning that the SecyTreasury should remain in his seat, do nothing until that debt matures, and then sell his bonds. It seems to me that in order to maintain the credit of the Government those negotiations should be made a long way in advance; and it seems to me, also, that the present is a very favorable time to commence those negotiations. The money markets of the world are now easy, and the SecyTreasury will have no difficulty in commencing to provide for these obligations at this time. there may come a period before these debts mature when it may Be extremely ditheult for him to sell bonds at prices that would be satisfactory to the government. Our debt is unprecedentedly large; we had never anything like it before; we are exerimenting to a certain degree and while these loans wrllbe effected, as they have been effected before, in the principal cities of the U.S., and the money will be loaned by our own people, probably all of it, yet I see no impropriety in lenvingit otional to get it elsewhere if it can be obtnine elsewhere on better terms. A word as to the question of power. Large discretionary power must be lodged with some body; and w ynot with the SecyTreasury? He is the properofficer, the financial oficer of the Government. It is nota nej thin to give large powers to the SecyTreasur. n the 3d of March, 1863, congress passe a law by which it was provided: “That the SecyTreasury be and he is hereby. authorized to borrow.from time to time, on the creditot the U.S. a sum not exceeding $300,000, 00fo0r the current fiscal year, and m (1(1), 030 for thenext fise alyear and to issuothere for coupon or registeredbonds, payableat the pleas ure of the Governmentafter such periodsas may be ffioxretdy by the Seeretary, notle ssthan ten normorethan years from date. in coin and of such denomina I teioxnpse, dineontt. less thnn 50 dollars, rmhe may deem bearing interest at a rate not. exceeding gig%. perannum payableonbondsnotexceeding $100 annually and on all other bonds semi an nually. in coin; and hemay, in hisdlse retion, dilooseof such bondsat any time, upon such termsashe may deemmostadvisable, for lawful moncy oftbe U.S or for any of the certificatesof indebtedness or do osit that may at any time be unpaid or for any of the Treasury notesheretoforeissuedor which may be issuedunder the provision of this act." The power given under that law resulted in great good to countryI do not kuow thnt it is too much to say thatit saved the credit of the Government at that time. That was a very dark period m the history of the war; and but for this authority, this large discretion, it is not at all certain but that we should have exenenced embarrassment that we could not have overcome. I am in favor of this bill just as it is. I am in favor of it because I think the power must be given to some officer of the Government, and of course it must be given to the SecyTreasury. I am in favor of his exercising that power now before the debts mature. I am in favor of his keeping a very large amount of money on hand. I am sure that the result of the revenues of the present year will be a serious disappointment to the expectations formed by some. I see no harm at all in this bill. I appened to be on the committee to which it was referred; I favored it there, and I hope it will be passed by the Senate.