Mr. Boorwslm] which I desire to controvert: that was that there was less personal property in this country now than before the war. I Will admit at once that there are fewer horses and mules, and possibly some lessmerchandise, or there was less 6 months ago, though stocks have recently accumulated. But I say that while the Government is poorer, the people of the loyal States, at least, are richer and possess more personal wealth today than previous to the war. Mr. Speaker, the Government securities are as much property to individuals as stocks in railroads or stocks in banks. But if the statesment of the Gentfrom Massachusetts were to be accepted that there is today less of personal property in the country than prior to the war, it would show only that less currency would be needed to carry on the business of the country, as there would be less merchandise and less rodnce to be sold or exchanged. But, Speaker, the SecyTreasury is a master of his special subject. I believe itwill be conceded here, and I may almost say throughout the world, that he is an able financier. No man ventures to imeach his integrity. Now, if he should have this power conferred upon him, as we propose, (and when gentlemen say that we do not know how long he may be our Secretary, I answer that the best way for us to secure to him along tenure of office is for us not to distrust him in his financial capacgy, not to make it impossible that he should so ceed, not to take the businesaout of his hands and thus drive a high spirited man out of office) if he should have this power conferred upon him, no one xpects that he will at.once, if at all, fund any onsiderable quan tity of the legal tender notes? Why? Because in order to facilitate the greater transactions of exchanging our present indebtedness, our 7thirties, our compound interest notes, our temporary loans, he must make it an object for every man to accept U.S. bonds; and unless he can make the bonds better than any other obligations of the Government, including legal tenders, it will be impossible for him to make the exchange. Therefore there need not be the slightest apprehension that the legal tender notes will not be the last obligations to be funded. It may be that occasionally be willreceive in paymentthese leval tender notes; but if he does, he will be veryiikely at once to pay them out again. To show, Mr. Speaker, that there is a redun dant currency it is only necessary to look pt the large amount of private deposits in our banks in addition to the immenso amount of compound interest notes which they keep (it being more profitable to hold than non-interestbearing cgal tenders) as a part of their reserve in or der to redeem their own issues. They have, I believe, on deposit from 4 to 500 million dollars beltfiiging to the people. In addition to that the Government itself has $60,000,000 ofcurreney on hand. If these sums were to be unlocked and go into circulation in any form, in whole or in part, as is likely to be the case it the project of the Gentfrom Pennsylvania should succeed, that is to say, if we should leave the SecyTreasury with simply the power he now has, the result will be that the currency will be practically increased to some extent. Otherwise the de sits wmld be most likely to be absorbed by being exchaned for U.S. bonds. Mr. Speaker, let me say one word more. There has never been any country that could export grain, manufactures, or anything else, with an inflated currency, except in extraordinary emergencies. It did occur at the time of the famine in Ireland, it did occur at the time of the Crimean war, but those were exceptional instances. The manufacturers of thise ountry I am sorry to disagree on this point with some gentlemen here and elsewhere the manufacturers of the country, as well as all the rest of the country, have an interest in having thisquestion settled, so that they can make their contracts at least for 6 months ahead. If the policy of the SecyTreasury can be steadily pursued we shall avoid trequent changes in the money market, the bane of all business transactions, and every one will know how to make his arrangements accordingly. It cannot be for the interest of any class of ourpeople to keep our currency below the value of other nations with whom we trade. The Gentfrom Pennsylvania has characterized this as an “ enormous bill, ” because, as he claims, it will confer extravagrant power upon the SecyTreasury. Why, sir, he has now all the power so much dreaded by the Gentfrom Pennsylvania, and if he were a demon, minister of evil, no doubt he could exercise that power to the injury of the country. But does anybody believe that he would willingly, with malice aforcthought, bring about a commercial revulsion in this countryI prostrate our business, bankrupt the Treasury, sink the credit of the government, and destroy his own reputation? I must say that, in my judgment, these are idle fears and unworth to be lodged in the brain of any man. Now, 1.Speaker, ifgentlemen will look at the laws we have passed, they will see that even in relation to the terms.on which. those shall be negotiated, this bill proposes to c1o0no0?:1 no greater powers than the SecyTreasury already possesses. Some gentlemen desire that we shall insert in the bil a provision that these bonds shall be dispose of at not less than par. Why, sir, if such a provision should be inserted, and if the brokers of NewYork should make a combination, as they might at any time, to reduce the price of theso bonds even one 10th of 1%. below or, the SecyTreasury would be bound hand and foot; he would be utterly in capable of moving, and could not fund a dollar. Again, if he desired to employ, as agent to dispose of this loan, Jay Cooke, who as hereto fore managed so successfully the sale of our bonds and notes, and should desire to him a quarter of 1%., or 3 eight s, or any other%age that might be agreedu on, he would be precluded from doing so. on version, exchange or sale, would stop. By an examination of our former acts of this kind, it will be found that they contained simi lar provisions on this subject. In the law of 1861 the language was, “ on the most favorable terms.” In 1863 we said, “upon such terms as he may deem most advisable.” In the act of March, 1864, and the act of January, 1865, the same language was used. In the act of March, 1865, the words were, “at such rates and under such conditions as he may think advisable." Again, sir, objection is made to the provision of this bill because it. proposes to authorize the SecyTreasur to negotiate loans in any foreign country. T 9 bill, as itwill be left if the amendment I propose be adopted, will still leave power to negotiate these bonds “in the U.S or elsewhere.” Of course he does not intend, after the emphatic condemnation of the policy in his report, to nego tiate any bonds abroad, but the power may be useful in order that he may obtain the best possible terms here at home. As it is getting late, I do not propose to occupy any more of the time of the House. I do appeal to the House to let this bill stand as we have it, except so far as the amendment which I have proposed under the instructions of the ComWays&Means. I hope there is enough of good sense and patriotism in this House to sustain the bill. I we do, I cannot think we shall have any reason to regret it. I do fear we may have much for regret if the House undertakes to manage the finances of the country. For one, I prefer the respon sibility shall be with the executive Dept. the question recurred on