of the block
in negotiating foreign exchange; therefore be it

"_Resolved_, That we respectfully suggest to the Secretary of the
Treasury the following plans for relief in this extraordinary
emergency:

"First, That currency be immediately issued to banks or bankers,
upon satisfactory evidence that gold has been placed upon special
deposit in the Bank of England, by their correspondents in London,
to the credit of the United States, to be used solely in purchasing
commercial bills of exchange.

"Second, That the President of the United States and the Secretary
of the Treasury are respectfully requested to order the immediate
prepayment of the outstanding loan of the United States due January
1, 1874."

This request had, as a matter of course, to be denied. But the
secretary did purchase $13,000,000 of bonds for the sinking fund,
to the full extent the condition of the treasury allowed. It is
difficult to realize or to convey by description the wild ideas
developed by such a panic. The government for the time being is
expected to provide a remedy for a condition it did not create,
but, instead of aiding, the government is most likely to need aid.
The revenues from importations fell off and the value of United
States notes declined.

When Congress convened in December, 1873, the wildest schemes for
relief to the people were proposed. A large increase of United
States notes was demanded. More than sixty bills, resolutions and
propositions were introduced in the Senate in respect to the
currency, the public debt and national banks, all bearing upon the
financial condition of the country, expressing every variety of
opinion, from immediate coin payments to the wildest inflation of
irredeemable paper money. All these were referred to the committee
on finance, then composed as follows: Messrs. Sherman (chairman),
Morrill, of Vermont, Scott, Wright, Ferry, of Michigan, Fenton and
Bayard.

The several measures referred to the committee were taken up and
considered, but the same wide divergence of opinion was developed
in the committee as existed outside of Congress among the people.

The majority of the committee reported to the Senate the following
resolution:

"_Resolved_, That it is the duty of Congress during its present
session to adopt definite measures to redeem the pledge made in
the act approved March 18, 1869, entitled 'An act to strengthen
the public credit,' as follows: 'And the United States al