authorizes the Secretary of the
Treasury to issue bonds to provide for and to maintain resumption.
I therefore have been compelled to surrender my ideas on this bill
in order to accomplish a good object without using these means that
have been held objectionable by many Senators.

"The third plan of resumption has been favored very extensively in
this country, which is the plan of a graduated scale for resumption
in coin or bullion; what I call the English plan. That is, that
we provide now for the redemption, at a fixed rate or scale or
rates, of so much gold for a specific sum of United States notes.
At present rates we would give about $90 of gold for $100 of
greenbacks, and then provide for a graduated scale by which we would
approach specie payments constantly, and reach it at a fixed day.
This may be called a gradual redemption. This, also, is objectionable
to many persons, from the idea that it compels us to enter the
money markets of the world to discount our own paper. It is an
ideal objection, but a very strong objection; an objection that
has force with a great many people. We have undertaken to redeem
these notes in coin, and it is at least a question of doubtful
ethics whether we ought to enter into the markets of the world and
buy our own notes at a discount. Although that plan has been
adopted in England and successfully carried into execution, yet
there is a strong objection to it in this country, and therefore
that mode is abandoned.

"Either of these plans I could readily support; but they have met
and will meet with such opposition that we cannot hope to carry
them or ingraft them in this bill without defeating it. We have
then fallen back on these gradual steps: First, to retire the
fractional currency; second, to reduce United States notes as bank
notes are increased; and then to rest our plan of redemption upon
the declaration, made on the faith of the United States, that at
the time fixed by the bill we will resume the payment of the United
States notes in coin at par. That is the whole of this bill."

On the 7th of January, 1875, the bill was considered in the House
of Representatives and, after a very brief conversational debate,
passed by the vote of yeas 136, nays 98.

On the 14th day of January, 1875, the President sent a message to
the Senate approving the bill but also containing recommendations
of further legislation upon matters that had been carefully excluded
from the bill