Finally, after more than three months study and debate, a majority
of the committee agreed upon a measure and directed me to report
it to the Senate. It fixed the maximum limit of the United States
notes at $382,000,000. It provided for a gradual payment of these
notes in coin or in five per cent. bonds, at the option of the
Secretary of the Treasury, from the 1st of January, 1876. It was
entitled "An act to provide for the redemption and reissue of United
States notes and for free banking."

In obedience to the instructions of the committee, on the 23rd of
March, 1874, I reported the bill as an original measure, and said:

"It is due to the members of the committee on finance that I should
say that the bill which I have just reported, as it appears on its
face, is in the nature of a compromise measure, which is more or
less acceptable all around, but at the same time there are certain
features of the bill which members of the committee on finance will
feel at liberty to express their opposition to, and also to propose
amendments to. It is due to them that I should make this statement.
The bill itself, as appears on its face, is the result of great
labor, long consideration, and the consequence of compromise. In
many cases we were not able, however, to reconcile conflicting
opinions; and on those points, of course, members of the committee
will feel themselves at liberty to oppose certain features of the
bill."

Mr. Thurman said:

"I should like to inquire of my colleague whether he proposes to-
day or to-morrow, when he makes the motion that he indicated, to
state what, in the opinion of the committee reporting this bill,
will be its practical effect, so that we may have the views of the
committee as to the workings of the bill should it become a law.
I am sure I, for one, should like very much to know what the
committee, who have devoted so much time to this subject, think
will be the practical working of the measure, at any time that it
suits the convenience of the chairman of the committee to make such
statement."

I replied:

"When the subject is introduced, if it be convenient, to-morrow,
I propose to make a very brief statement of the effect of each
section, as we understand it; but I do not intend, by any long
speeches or any remarks, to prolong this matter unnecessarily. I
have expressed my own individual views, and each member of the
committee, I suppose, stands to the opinion expressed by him