on which it was desired to
obtain my views, had been submitted by Senator Beck, and then read
them as follows:

"1. What reason, if any, there is for refusing to pass a bill
authorizing the receipt of legal tenders for customs dues.

"2. Why the trade dollar should not be converted into a standard
dollar.

"3. What has been the cost of converting the interest-bearing
debt, as it stood July 14, 1870, to what it is now, including double
interest, commissions, traveling expenses of agents, etc., and the
use of public money by banks, and the value of its use, so as to
determine whether the system should be continued or changed.

"4. The effect of the abolition of the legal tender quality of
greenbacks upon the paper currency.

"5. The necessity for a sinking fund and how it is managed.

"6. Whether silver coin received in payment of customs duties has
been paid out for interest on the public debt; and if not, why not."

Senator Allison desired to know if this interview was to be
stenographically reported, and the committee decided that it should
be.

My answers to these questions and the colloquy with the committee
in respect to details cover fifty-four printed pages, and give by
far the most comprehensive statement of treasury operations during
the two or three years before that meeting, and suggestions for
future legislation, that has been written or published. The length
of the interview prevents its introduction in full, but a statement
of some portions of it may be interesting. In answer to the first
question I said:

"The act of February 25, 1862 (section 3694, R. S.), provides that
all the duties on imported goods shall be paid in coin; and the
coin so paid shall be set apart as a special fund to be applied to
two purposes, one of which is the payment in coin of interest on
the bonds of the United States, and the balance to the sinking fund.

"This is an obligation of the government that its coin revenue
should be applied to the payment of interest on the public debt.
So long as legal tender notes are maintained at par and parties
are willing to receive them in payment of coin interest, there is
no objection to receiving legal tender notes for customs dues.

"Since resumption it has been the practice of the department to
thus receive them, but this practice can be kept up only as long
as parties holding interest obligations are willing to accept the
same notes in payment thereof. If, by any un