uted ground when I say that every addition to
the volume of these notes, while they thus stand depreciated,
irredeemable, and inconvertible, is as certain to further depreciate
them, as it is that to pour water into an overflowing bucket will
cause it still more to overflow; as certain as the law of gravitation;
as certain as anything human or divine. It is equally true that
any contraction of this currency, any withdrawal of the amount of
it, is undoubtedly an appreciation of its value, making it nearer
and nearer to the standard of gold.

"This is so plain a proposition that it is not necessary to discuss
it; and the whole people of the country understand it; the plainest
and simplest people understand it as well as the wisest. Those
who desire to increase prices, to start and put in operation new
enterprises, desire an increase of the currency without any plan
of redemption. Those, on the other hand, who want to get back to
the specie standard, to appreciate the value of these notes, desire
to withdraw them, get them out of the way, or give new uses and
new values to them so as to advance them nearer and nearer the
standard of gold. Therefore it is that I say the very first step
at the outset of this controversy is to settle what is the legal
limit of these notes; how many are there now authorized by law;
how many are there outstanding. And here it is a strange thing
that on this very point, a purely legal question, the most important
one in our financial discussion, there is a great difference of
opinion. There ought not to be uncertainty or room for a difference
of opinion upon a question of this kind. It ought to be settled.
On the one hand it is insisted by Senators who compose the majority
of the committee on finance that the legal limit of United States
notes is $356,000,000; that the amount which has been already
issued, of what is known as the $44,000,000 reserve, was unlawfully
issued, although under great press of circumstances and without
any intention on the part of the secretary to do more than he
thought he had a lawful right to do. On the other hand it is
insisted by other Senators that the legal limit of United States
notes is $400,000,000; and here is a margin of $44,000,000 upon
which there is a dispute of law as to the power of the secretary
to issue it. That dispute ought to be settled at once. It is a
question that ought not to be in doubt a moment, because the power
to issue that $44