which followed, was heartily welcomed.

The second section was an unjust concession to the miners of gold.
It repealed the coinage charge for converting standard gold bullion
into coin. This charge had been maintained, not only to cover the
cost of coining, but to prevent the exportation of American coins.
If the coins were of less value than the bullion of which they were
made, however small the difference, they would not be exported
while bullion could be had for exportation. The concession was
made and the charge for coinage of gold was prohibited.

The free banking provisions in the third section were not seriously
contested. The contraction of the volume of United States notes
as national bank notes increased, was one of the chief subjects of
disagreement. It was finally agreed that this contraction should
extend only to the retirement of United States notes in excess of
$300,000,000.

The most serious dispute was upon the question whether United States
notes presented for redemption and redeemed could be reissued. On
the one side it was urged that, being redeemed, they could not be
reissued without an express provision of law. The inflationists,
as all those who favored United States notes as part of our permanent
currency were called, refused to vote for the bill if any such
provision was inserted, while those who favored coin payments were
equally positive that they would vote for no bill that permitted
notes once redeemed to be reissued. This appeared to be the rock
upon which the party in power was to split. I had no doubt under
existing law, without any further provision, but that United States
notes could be reissued. It was finally agreed that no mention
should be made by me for or against the reissue of notes, and that
I must not commit either side in presenting the bill.

The date for general resumption of specie payments on all United
States notes was fixed on the first of January, 1879, four years
from the framing of this bill. The important and closing clause
of the bill was referred to Mr. Edmunds and myself. It provided
the means to prepare for and to maintain resumption. It placed
under the control of the Secretary of the Treasury all the surplus
revenue in the treasury, and gave him full power to issue, sell
and dispose of, at not less than par in coin, any of the bonds
described in the refunding act. We were careful to select phraseology
so comprehensive that all the resources an