he Senate, was as follows:

"_Be it enacted, etc.,_, That the maximum amount of United States
notes is hereby fixed at $400,000,000.

"Sec. 2. That forty-six millions in notes for circulation, in
addition to such circulation now allowed by law, shall be issued
to national banking associations now organized and which may be
organized hereafter, and such increased circulation shall be
distributed among the several states as provided in section 1 of
the act entitled 'An act to provide for the redemption of the three
per cent. temporary loan certificates and for an increase of national
bank notes,' approved July 12, 1870. And each national banking
association, now organized or hereafter to be organized, shall keep
and maintain, as a part of its reserve required by law, one-fourth
part of the coin received by it as interest on bonds of the United
States deposited as security for circulating notes or government
deposits; and that hereafter only one-fourth of the reserve now
prescribed by law for national banking associations shall consist
of balances due to an association available for the redemption of
the circulating notes from associations in cities of redemption,
and upon which balances no interest shall be paid."

The bill was taken up in the House of Representatives on the 14th
of April, 1874, and, without any debate on its merits, was passed
by the vote of 140 yeas and 102 nays.

On the 22nd of April, President Grant returned the bill to the
Senate with his veto, and the Senate, upon the question, "Shall
the bill pass notwithstanding the objections of the President of
the United States," voted 34 yeas and 30 nays. I voted nay. The
president of the Senate declared "that two-thirds of the Senators
present not having voted in the affirmative the Senate refuses to
pass the bill."

Thus, for that session, the struggle for resumption ended; but the
debate in both Houses attracted popular discussion, and tended in
the right direction. The evil effects of the stringency in monetary
affairs, the want of confidence, the reduction of the national
revenue, the decline of domestic productions, all these contributed
to impress Congress with the imperative necessity of providing some
measure of relief. Instead of inflation, of large issues of paper
money by the United States and the national banks, there grew up
a conviction that the better policy was to limit and reduce the
volume of such money to an amount that could b