CONGRESS, UNITED STATES. 



107 



:imitteo. From the beginning of the session 

 this hoar that committee, under the <l in-c- 

 on of the Senate, has been studying and dis- 

 cing tin- various plans and propositions 

 i.-li \\.-n- r. i<-rred to the committee ; and I 

 ay say that over sixty ditto rent propositions, 

 '<iining in the form of petitions or in the 

 i of hills, have been sent to the committee, 

 nil of t ln-iii suggesting different plans and ideas. 

 It was impossible to consider all these and to 

 agree upon any comprehensive measure until 

 within a day or two. 



There was another consideration. The 

 committee found themselves divided in opin- 

 ion, precisely as the country is, and precisely as 

 ih> Senate is, into as many as three different 

 s of opinion. There were, first, those 

 who desired to take a definite and positive step 

 toward the resumption of specie payments. 

 There were, second, those who desired an en- 

 largement of the currency, or what we com- 

 monly call an inflation of the currency. There 

 were, third, those who, while willing to see 

 the amount of bank-notes increased and the 

 question of the legal tenders settled in some 

 form, were also desirous that some definite 

 step should be taken toward a specie standard. 

 There were these differences of opinion. 



" For the purpose of ascertaining the views 

 of the Senate, and not involving ourselves in 

 reporting a bill that would be defeated as the 

 bill of the last session was, we presented early 

 in the session resolutions of a general character 

 which stated these three ideas: First, the reso- 

 lution of the majority of the committee that 

 some definite step should be taken toward spe- 

 cie payments. Then there was' the amend- 

 ment offered by the gentleman who now occu- 

 pies the chair (Mr. Ferry, of Michigan) that 

 there ought to be an increase of the currency 

 without reference to any plan of redemption. 

 Third, there was the proposition made by the 

 Senator from Delaware (Mr. Bayard) that 

 measures should be taken at once looking to 

 the resumption of specie payments. 



"These propositions were discussed, and the 

 committee, were enlightened by that discussion ; 

 at least they obtained the opinions of members 

 of the Senate. Subsequently, in the course 

 of our investigation, a question about the 

 $25,000,000 section (section 6 of the act of 

 July 12, 1870) came up, and the committee 

 deemed it right, by a unanimous vote, to as- 

 certain the sense of the Senate as to whether 

 they wished this section carried into execution. 

 A> it stood upon the statute-book it was a law 

 without force. It was a law so expressed that 

 the Controller said he could not execute it. 

 Therefore the committee reported a bill which 

 would have provided the necessary details to 

 carry into execution that section of the exist- 

 ing law. But in the present temper of the 

 public mind in the Senate and in the country 

 that bill was discussed, and has been discussed 

 day after day, without approaching the ques- 

 tion at all. During all this time the commit- 



tee have been pursuing their inquiries, and 

 finally they have reported the bill which it 

 now before us. 



" The measure that is reported is not a satis- 

 factory one to any of us in all its detail*. Prob- 

 ably it is not such as the mind of any single 

 member of the Senate would propose. It is in 

 the nature of a compromise bill, and ther- 

 while it has the strength of a compromise bill, 

 it has also the weakness of a compromise hill. 

 There are ideas in it which, while meeting the 

 views of a majority, taken separately will be 

 opposed by others. I am quite sure that I say 

 nothing new to the Senate when I say it doe* 

 not in all respects meet my own views. But 

 there is a necessity for us to yield some of our 

 opinions. We cannot reconcile or pass any 

 measure that will be satisfactory to the country 

 unless we do so. Any positive victory by 

 either extreme of this controversy will be an 

 absolute injury to the business of the country. 

 Therefore, any measure that is adopted ought 

 to be so moderate, pursuing such a middle 

 course, such a middle ground, that it will give 

 satisfaction to the country. It must be taken 

 as a whole; and therefore the effect of amend- 

 ing this proposition will be simply to destroy 

 it. If an amendment in the direction of expan- 

 sion is inserted, it will drive away some who 

 would be willing to support it as it is. If an 

 amendment in the way of contraction is pro- 

 posed and carried by a majority of the Senate, 

 it will drive away those who might be willing 

 to take this measure as a compromise. The 

 only question before the Senate now is, whether 

 this is a fair compromise between the ideas that 

 have divided the people of this country and 

 the members of the Senate ; whether it will 

 surely improve our currency while giving the 

 relief that is hoped for by a moderate increase 

 of the currency. Now I ask the Secretary to 

 read the bill." ' 



The Chief Clerk read as follows : 



Be it enacted by the Senate and House of Representa- 

 tives of the United States of America in Congrttt a- 

 sembled, That the maximum limit of United States 

 notes is hereby fixed at $882,000.000, at which amount 

 it shall remain until reduced as hereinafter provided. 



On March 26th Mr. Merrimon, of North 

 Carolina, offered a substitute for the entire 

 bill. The discussion continued for some days, 

 as in Committee of the Whole. On the ques- 

 tion of agreeing to the amendment proposed as 

 a substitute, Mr. Sherman, of Ohio, said : " I 

 simply want to call attention to the fact that 

 the only difference between the substitute and 

 the bill as pending is in one section with regard 

 to the increase of the public debt. That is the 

 only difference between the two. They are i 

 hcec verba the same except as to that one sec- 

 tion. The substitute now pending offered by 

 the Senator from North Carolina, differs only 

 from the text of the bill now before the Senate 

 in omitting that one section." 



Mr. Conkling, of New York, said : " So that 

 those who vote for the amendment vote that 



