ble at the pleasure
of the United States after five years instead of a four per cent.
bond running thirty years, or a four and a half per cent. bond
running fifteen years, or a five per cent. bond running ten years,
which were the only bonds he could sell under existing law.

After a long debate the amendment was agreed to by the vote of 30
yeas and 16 nays. It was not agreed to by the House and the question
presented was whether the Senate would recede from the amendment.
I regarded this provision as of vital importance, and urged the
Senate to insist upon the amendment, not only as an act of wise
public policy, but as one of justice to the incoming administration.
In discussing this proposition, on the 1st of March, I said:

"This conference report presents for our consideration again a
question of the importance, necessity, and propriety of the amendment
known as the bond amendment which I had the honor to offer, and
which had the sanction of the committee on finance of this body
and of a very large majority of the Senate; but for want of time
and the multitude of amendments pending there has been no vote in
the House of Representatives which enables us to know what is the
real opinion of that body on the subject. I can say no more on
that point except to express the confident belief that if the vote
had been taken the House would have concurred in the amendment.

"I think it is due to us and due to the committee of which I am a
member that the exact history of that amendment shall be stated,
and then the Senate may act upon it as it sees proper."

I then quoted the amendment as follows:

"To enable the Secretary of the Treasury to provide for and to
maintain the redemption of United States notes according to the
provisions of the act approved January 14, 1875, entitled 'An act
to provide for the resumption of specie payments,' and, at the
discretion of the secretary, he is authorized to issue, sell, and
dispose of, at not less than par in coin, either of the description
of bonds authorized in said act, or bonds of the United States
bearing not to exceed three per cent. interest, payable semi-annually
and redeemable at the pleasure of the United States after five
years from their date, with like qualities, privileges, and exemptions
provided in said act for the bonds therein authorized, to the extent
necessary to carry said resumption act into full effect, and to
use the proceeds thereof for the purposes prov