e maintained at par
with coin.

During the canvass that followed I spoke in many parts of Ohio,
confining myself chiefly to financial questions. The stringency
of the money market which occurred the preceding year still continued,
and great interest was manifested in the measures proposed during
the preceding session, especially in the defeat of the bill to
prevent the contraction of the currency. At the request of General
Garfield I spoke in Warren in his Congressional district, where he
met, for the first time, a decided opposition. I insert his
autograph letter, the original being in his familiar hand writing:

"Hiram, Ohio, September 25, 1874.
"Dear Senator:--In accordance with the arrangement which I made
with you and with the central committee, we have posted you for a
mass meeting at Warren, on Saturday afternoon, October 10. I hope
I shall not embarrass you by suggesting that in your speech you
take occasion to say a few words in reference to my standing and
public service as a representative. It will do much to counteract
the prejudice that a small knob of persistent assailants have
created against me. I write also to inquire if you will be willing
to speak at another place the same evening. If so, we are very
anxious to have you do so. Please telegraph me to Garrettsville,
Ohio, and oblige,

"Very truly yours,
"J. A. Garfield."

CHAPTER XXV.
BILL FOR THE RESUMPTION OF SPECIE PAYMENTS.
Decline in Value of Paper Money--Meeting of Congress in December,
1874--Senate Committee of Eleven to Formulate a Bill to Advance
United States Notes to Par in Coin--Widely Differing Views of the
Members--Redemption of Fractional Currency Readily Agreed to--Other
Sections Finally Adopted--Means to Prepare for and Maintain Resumption
--Report of the Bill by the Committee on Finance--Its Passage by
the Senate by a Vote of 32 to 14--Full Text of the Measure and an
Explanation of What It Was Expected to Accomplish--Approval by the
House and the President.

When Congress met in December, 1874, the amount of United States
notes outstanding was $382,000,000. The fractional notes outstanding
convertible into legal tenders amounted to $44,000,000, and the
amount of national bank notes redeemable in lawful money was
$354,000,000, in all $780,000,000. Each dollar was worth a fraction
less than 89 cents in coin. While these notes were at a discount
coin did not and could not circulate as money. The government
e