of our promise in the pocket
of a laboring man equal to the dollar of our mint. The rapidity
of the process is a question of public policy. It may be by
gradually diminishing the volume of currency, or be left at its
present amount until increased business or improved credit bring
it up to the specie standard."

The refunding bill was taken up by the Senate on the 27th of
February, 1868, and was fully discussed by me. After stating its
general objects I said:

"It is with this view, and actuated by this principle, that the
committee on finance have endeavored to make this a bill of relief,
reducing, if possible, consistent with the public faith, the interest
of the public debt, and giving increased value to United States
notes. We have endeavored in this bill to accomplish three results:
First, to reduce the rate of interest with the voluntary consent
of the holders of our securities; second, to make a distinct
provision for the payment of the public debt; and third, to give
increased value to United States notes, and to provide for a gradual
resumption of specie payments. All these are objects admitted to
be of the highest importance. The only question is, whether the
measure proposed tends to accomplish them."

I then quoted the example of the United States and Great Britain
in reducing the rate of interest on public securities. I do not
approve all I said in that speech. It has been frequently quoted
as being inconsistent with my opinions and action at a later period.
It is more important to be right than to be consistent. I then
proposed to use the doubt expressed by many people as to the right
of the government to redeem the 5-20 bonds in the legal tender
money in circulation when the bonds were sold, as an inducement to
the holders of bonds to convert them into securities bearing a less
rate of interest but specifically payable in coin. Upon this policy
I changed my opinion. I became convinced that it was neither right
nor expedient to pay these bonds in money less valuable than coin,
that the government ought not to take advantage of its neglect to
resume specie payments after the war was over, by refusing the
payment of the bonds with coin. I acted on this conviction when
years afterwards the resumption act was adopted, and the beneficial
results from this action fully justified my change of opinion.

The debate on this bill was participated in by nearly every Senator,
and was conceded to be t