are for but to maintain
resumption, and no man can doubt that if this bill stands the law
of the land from this time until the 1st day of January, 1879,
specie payments will be resumed, and that our United States notes
will be converted at the will of the holder into gold and silver
coin.

"These are all the provisions contained in this bill. They are
simple and easily understood, and every Senator can pass his judgment
upon them readily.

"Now I desire to approach a class of questions that are not embraced
in this bill. Many such, and I could name fifty, are not included
in this bill, and I may say this: That if there should be a
successful effort, by the Senate of the United States, to ingraft
any of this multitude of doubtful or contested questions upon the
face of this bill it would inevitably tend to its defeat. I am
free to say that if I were called upon to frame a bill to accomplish
the purpose declared in the title of this bill, I would have provided
some means of gradual redemption between this and the time fixed
for final specie payments. All these means are open to objection.

"There have been three different plans proposed to prepare for
specie payments, and only three. They are all grouped in three
classes. One is what is called the contraction plan. The simplest
and most direct way to specie payments is, undoubtedly, the gradual
withdrawal of United States notes or the contraction of the currency.
Now, we know very well the feeling with which that idea is regarded,
not only in this Senate, but all through the country. It is believed
to operate as a disturbing element in all the business relations
of life; to add to the burden of the debtor by making scare that
article in which he is bound to pay his debts; and there has been
an honest, sincere opposition to this theory of contraction.
Therefore, although it may be the simplest and the best way to
reach specie payments, it is entirely omitted from this bill.

"The second plan, that I have favored myself often, and would favor
now, if I had my own way, and had no opinion to consult but my own,
is the plan of converting United States notes into a bond that would
gradually appreciate our notes to par in gold. That has always
been a favorite idea of mine. There is nothing of that kind in
this bill, except those provisions which authorize the Secretary
of the Treasury to issue bonds to retire the greenbacks as bank
notes are issued; and it also