urther enacted_, That from and after the
passage of this act the further reduction of the currency by retiring
or canceling United States notes shall be, and hereby is,
prohibited."

This bill was taken up for consideration on the 7th of December,
and, after a brief debate, with little opposition, passed the House
by the vote of 127 yeas and 32 nays. It was sent to the Senate,
referred to the committee on finance, and was carefully considered.
That committee, with but two dissenting voices, directed me to
report the bill to the Senate with a single amendment. On the 9th
of January, 1868, I called up the bill for consideration, and made
a brief explanation, in which I said the committee, after full
reflection, had thought proper to recommend the passage of the bill
of the House of Representatives, in substance as it was sent to
us, only changing the phraseology. I said that the bill contemplated
further legislation during that session. It was understood by all
that some more comprehensive measures must be adopted during that
session, but until further legislation there should be no more
contraction of the currency. I thus stated the reasons which, in
my opinion, justified the passage of the bill:

"_First_. It will satisfy the public mind that no further contraction
will be made when industry is in a measure paralyzed. We hear the
complaint from all parts of the country, from all branches of
industry, from every state in the Union, that industry for some
reason is paralyzed, and that trade and enterprise are not so well
rewarded as they were. Many, perhaps erroneous, attribute all this
to the contraction of the currency--a contraction that I believe
is unexampled in the history of any nation. $140,000,000 has been
withdrawn out of $737,000,000 in less than two years. There is no
example, that I know of, of such rapid contraction. It may be
wise, it may be beneficial, but still it has been so rapid as to
excite a stringency that is causing complaint, and I think the
people have a right to be relieved from that.

"_Second_. This bill will restore to the legislature their power
over the currency, a power too important to be delegated to any
single officer of the government. I do not wish to renew the
discussion that occurred here two years ago on the passage of the
law of April 12, 1866; but it is still my opinion, as it has been
always, that the question of the amount of currency ought to be
fixed by Cong