the
unexpected resistance of Mr. Stanton, supported by the action of
the Senate, indicated that as the only way left."

It is difficult to convey, by extracts, a correct idea of a carefully
prepared opinion, but this statement shows my view of the case,
and, entertaining it, I felt bound, with much regret, to vote
"guilty" in response to my name, but I was entirely satisfied with
the result of the vote, brought about by the action of several
Republican Senators. There was some disposition to arraign these
Senators and to attribute their action to corrupt motives, but
there was not the slightest ground for the imputations. Johnson
was allowed to serve out his term, but there was a sense of relief
when General Grant was sworn into office as President of the United
States.

CHAPTER XX.
THE FORTIETH CONGRESS.
Legislation During the Two Years--Further Reduction of the Currency
by the Secretary Prohibited--Report of the Committee of Conference
--Bill for Refunding the National Debt--Amounted to $2,639,382,572.68
on December 1, 1867--Resumption of Specie Payments Recommended--
Refunding Bill in the Senate--Change in My Views--Debate Participated
in by Nearly Every Senator--Why the Bill Failed to Become a Law--
Breach Between Congress and the President Paralyzes Legislation--
Nomination and Election of Grant for President--His Correspondence
with General Sherman.

During the 40th Congress, extending from the 4th of March, 1867,
to the 4th of March, 1869, the chief subjects of debate were the
contraction of the currency, the refunding of the public debt, the
payment of United States notes in coin, and a revision of the laws
imposing internal taxation and duties on imported goods.

Early in the first session of this Congress, the opposition of the
people to the policy of contraction, constantly pressed by Secretary
McCulloch, became so imperative that both Houses determined to take
from him all power to diminish the volume of currency then in
circulation. On the 5th of December, 1867, Robert C. Schenck,
chairman of the committee of ways and means, reported a bill in
the following words:

"_Be it enacted, etc._, That so much of an act entitled 'An act to
amend an act to provide ways and means to support the government,'
approved April 12, 1866, as authorizes the Secretary of the Treasury
to retire United States notes to an amount not exceeding $4,000,000
in any one month, is hereby repealed.

"Sec. 2. _And be it f