Mr. HOOPER, of Massachusetts. No one can doubt that if it is desirable to withdraw and cancel any notes that have been issued by the Government and used as money, these compound interest Treasury notes should be 1st withdrawn and canceled, as it would stop the interest on them, which now accrues at the rate of over 700,000 dollars each month, and it would be equally a contraction of the currency, so far at least as they are held by banks as part of their reserve of lawful money. The greater part now outstanding of these Treasury notes mature between June and december of the Present year, and are payable, principal and interest, at maturity; they must therefore be withdrawn and canceled before the end of this year. If, therefore, it would make too great a contraction in a single year to with draw these notes, in addition to the $4,000,000 legal tender notes which, according to the law of the last session, are to be withdrawn in each month, that law might be repealed or its operation be suspended, at least for the Present rear. When the compound interest Treasury notes cease to have the adventitious value which the national banks now impart by holding and returning them as lawful money, the banks will more readily part with them; and those notes would then be redeemed gradually, from time to time, as it suited the convenience of the Treasury, instead of being Presented on the day of their maturity in amounts so large that their prompt payment may be at the time exceedingly inconvenient if not impossible. In view of the importance to the Treasury Dept of anticipating the demand for the payment of these notes and of redeeming them in the spring and early summer, when there is usually less demand for money, it may be ex: edient to require payment for any sales of gold from the Treasury to be in whole or in part in compound notes, including the interest accrued. The 7 30 Treasury notes, amounting to $676, 856, 600, maturing within the next 2 years, are convertible, at or before their may turity, into the 5 26%, bonds. It may be said, therefore, that when the compound interest Treasury notes are provided or, there will be no unfunded liabilities of the Treasury beyond what can be easily paid out of the ordinary revenue, except the U.S. legal tender notes. At the regular session of the 40th Congress, in December next, we may hope that the report of the SecyTreasury will exhibit a condition in which there will be no demands outstanding for settlement to embarrass the Treasury; and by that time we shall have acquired an experience in relation to the effects of preceding legislation to guide the action of Congress in adopting such measures as may seem requisite to restore the currency to a sounder condition and to secure the future prosperity of the country. In concluding these remarks, I wish to repeat that I believe much could be done during this year to prepare the way for resuming spe cie payments, with benefit instead of injury to the true interests of labor and business, if the banks would cooperate, particularly the banks in the city of NewYork, in the measures that may be requisite for that purpose. The banks can do much, if they have the inclination, to check if not to control and prevent the export of specie; so that the precious metals furnished from our mines might, instead of being exported, accumulate here to hasten and aid resumption, thereby removing the apprehensions of reducing the amount of money in cir culation below what an active and healthy condition of business would require. To reduce the loans of banks which encourage large im oor: tations and promote speculation, would more effect in aiding resumption than the contraction of the circulation. One great obstacle to resumption is the profit and the ease in banks with an irredeemable currency. believe that all the amendments of the bank act proposed in this bill would tend to promote more prudent management in the conduct of the banks, and to make it for their true interest to aid at the proper time in restoring a sound condition of currency instead of obstructing it, as their action during the past year, in largely increasing their loans, has in dicated. Whenever the resumption of specie payments occurs, it will be brought about in one of 2 ways: either by the banks cooper ating with the Treasury Dept in wise and judicious measures to bring it about grad ually and without disturbing industry; or failing in this, it will be abruptly forced on the country by a public clamor which, regardless of consequences, will no longer submit to conditions that impoverish the country for the benefit of importers, bankers, and the whole various and motley tribe of speculators. [During the delivery of the above speech, the hour having expired, on motion of Mr. CoNKLING, by unanimous consent, the time of Mr. Hooper, of Massachusetts, was extended till he had concluded] INDIAN APPROPRIATION BILL.