country. The desire to return to a specie basis was general, and yet
not a few clung to the legal-tender notes as a permanent and standard
currency. While the argument in favor of contraction was prosecuted
with great force, the possibility of going too fast, even in the right
direction, was conceded by the wisest financiers. The natural
disinclination of the American people to entrust unrestricted power to
any officer was frequently and forcibly expressed. The policy of
funding the obligations bearing interest was admitted on all hands, and
for this purpose the sale as well as the direct exchange of bonds was
approved. But the repugnance to accepting less than par, or allowing
the possibility of such a rate, had its origin and support in the
patriotic instincts and in the sound judgment of the people. The
requirement of a report from the Secretary and the limitation of the
extent of contraction, were the essential changes which made the
measure acceptable.

The enactment of this bill presents in an instructive light the
character of our financial legislation and the methods by which it is
accomplished. As originally presented the bill had the approval of the
Secretary of the Treasury and came before the House with the favorable
report of the Committee on Ways and Means. Yet it had no such standing
as in the British Parliament is given to a financial project of the
Government. There, such a proposition would be definitely framed at
the Treasury, and its details would be elaborated when first presented.
The Chancellor of the Exchequer would state the full character of the
measure and the reasons for asking its adoption. Opposition or
question would be expected only from the benches of the rival party.
Here, on the other hand, after the House, using its own judgment, had
modified the bill, criticism and hostility came from the Treasury that
had originally proposed it. Several prominent members of the dominant
party were pronounced in opposition. Saved by parliamentary strategy
when once defeated, the bill was started into new life by the adoption
of restrictions upon the power and the action of the Secretary of the
Treasury. These restrictions were shown to be necessary in the
progress of the debate. Individual judgment asserted itself and the
Act became the harmonious resultant of the conflicting opinions of the
entire House.

Congress therefore did not enact anybody's theory. It put into the
statute t