principal.
Why should not the United States give its obligation bearing interest
just as any individual would have to do? There is a moral obligation
which rests upon the United States every day of the year to every
holder of these notes, because, although the United States has not
said when it will redeem these notes in coin, yet it is bound to
do what it can to give them additional value. Although it may not
receive these notes for customs duties, why can it not receive
these notes in payment of bonds? Why discriminate against these
notes in the sale of bonds? The answer is, that during the war we
were compelled to do it; and so we were. I very reluctantly yielded
to that necessity. We were compelled to do it; but, sir, it was
only expected that that would continue to the close of the war;
and, practically, during the whole of the war these notes were
received at par for bonds at par.

"If, therefore, we are to take any step toward specie payments,
why not give to the holder of United States notes who demands it,
a bond of the United States bearing a reasonable rate of interest
in exchange for his notes? This should only be done after a
reasonable time, so as to prevent any injury to the private contracts
between debtor and creditor. When we cannot pay the coin, we are
honorably and sacredly bound to pay in a bond of the United States,
which in ordinary times would approximate to par in gold. In other
words, this is a qualified redemption. The Senator from Indiana
calls it a 'half-way measure.' It is a half-way measure in the
right direction, and indeed it is practical specie payment."

The bill led to a long continuous debate which extended to the 6th
of April, 1874. Several amendments were offered and adopted which
enlarged the maximum of notes to $400,000,000, and greatly weakened
the bill as a measure of resumption of specie payments. By reason
of these amendments many of those who would have supported the bill
as introduced voted against it on its passage, I among the number.
The bill, however, passed the Senate by a vote of yeas 29 and nays
24. The title of the bill was changed to "A bill to fix the amount
of United States notes and the circulation of national banks, and
for other purposes." This change of title indicates the radical
change in the provisions of the bill. Instead of a return to specie
payments, it provided for an expansion of an irredeemable currency.

The bill, as it passed t