to recover the ground we have
lost by what has occurred since the panic, and go back to the
standard prior to that time. But I know that would be very difficult;
that would involve an increase of the bonded debt. Our revenues
are not sufficient to call in this $26,000,000. We have no surplus
revenue now as we had a year or two ago. We could only do it by
the issue of bonds, and the process itself would be a very hard
one. Besides, it is probable that public opinion and the judgment
of Congress would not sustain such a proposition; and therefore it
is hardly worth while to recommend it. We assume, therefore, that
the $382,000,000 is the present limit, and we say that shall be
the maximum limit.

* * * * *

"I said it was a compromise by the committee. I speak of a majority
of the committee. As a matter of course my friend is at liberty
to dissent from any of its propositions. On question of this kind
committees are very rarely unanimous; but I will say that on this
point a very decided majority of the committee concurred in the
section.

"To the second section I wish to invite the careful and earnest
attention of the Senate. This section is an honest effort to deal
with the great problem of redemption. Every Senator who has spoken
contemplates that a time must come when all the United States notes
must be redeemed in coin. The public faith of the United States
is so pledged. The notes were issued with the understanding that
they should be paid in coin. No man could survive politically in
this country who would declare that it was his purpose never to
pay these notes in coin. My friend who now presides [Mr. Ferry,
of Michigan], speaks always of his measure of inflation as a means
of bringing about at some time specie payments; and I will say that
in the Senate I have not heard any Senator deny that it is the duty
of the United States at some time to pay these notes in coin. In
all this discussion there is at least that one point agreed upon.
If I state this too strongly I hope I will be here corrected.

"Now, Mr. president, how shall it be done, and when shall it be
done? I say that now, nine years after the close of our Civil War,
twelve years after these notes have been authorized and issued,
five years after the dominant party has declared its purpose to
pay them at the earliest day practicable, there should be no longer
delay. The United States ought to do something toward the fulfillment
of