,000,000 places it in the discretion of the
Secretary of the Treasury either to advance or to lower the value
of all property in the United States, of all debts in the United
States, of everything that is measured by United States notes.

"Should we undertake to say that the secretary did wrong in exceeding
the limit at $356,000,000? A majority of the committee believe
that that is now the legal limit, and believe it conscientiously.
But should be undertake to fix that as the legal limit? Twenty-
six million dollars of the $44,000,000 are outstanding. They are
now issued; they are now a part of the currency of the country.
They are just as much the currency as that which was issued before.
You cannot distinguish between them. You cannot say which of the
$382,000,000 now outstanding is legal and which is illegal. So
far as the United States are concerned, they are all debts of the
United States which we are bound to pay, whether they have been
issued legally or illegally. I do not understand even my friend
from Delaware to dispute the duty and obligation of the United
States to pay these notes, even if they have been illegally issued.
There can be no question about it. It is impossible to distinguish
between them. The only question is whether our agent exceeded his
authority or not. Therefore, without raising the question as to
the legality of this issue, reserving to each Senator his own
opinion on the subject, we have adopted as the _status quo_
$382,000,000, the amount now outstanding; and we recognize that
amount as the maximum legal obligation of the United States in the
form of notes, and we propose upon that basis to erect our
superstructure. We therefore say that we will raise no question
as to the mode of retiring the $26,000,000; we will simply say that
the amount now outstanding shall never be exceeded. That is a
recognition, at least, that they are outstanding lawfully and
properly; at any rate, so far as the obligation of the United States
to pay them is concerned.

"Mr. president, a limit ought to be fixed. But there is a difference
of opinion as to what should be the limit. If I had the power to
fix this limit I should say that the limit which was fixed by the
old law should remain at $356,000,000; and I would provide a mode
and manner of issuing United States bonds to retire the $26,000,000
slowly and gradually, without disturbing the ordinary business of
the country. I would thereby seek