ided in said act and
none other."

Continuing, I said that the resumption act referred to in the
amendment contained an important stipulation, the clause of the
resumption act which enabled the secretary to maintain specie
payments, and which is as follows:

"To enable the Secretary of the Treasury to prepare and provide
for the redemption in this act authorized or required, he is
authorized to use any surplus revenues, from time to time, in the
treasury, not otherwise appropriated, and to issue, sell, and
dispose of, at not less than par, in coin, either of the descriptions
of bonds of the United States described in the act of Congress
approved July 14, 1870, entitled 'An act to authorize the refunding
of the national debt,' with like qualities, privileges, and
exemptions, to the extent necessary to carry this act into full
effect, and to use the proceeds thereof for the purposes aforesaid."

I then had read to the Senate the character and description of
bonds authorized to be issued under what is called the refunding
act, referred to in the resumption act, as follows:

"That the Secretary of the Treasury is hereby authorized to issue,
in a sum or sums not exceeding in the aggregate $200,000,000, coupon
or registered bonds of the United States, in such form as he may
prescribe, and of denominations of $50, or some multiple of that
sum, redeemable in coin of the present standard value, at the
pleasure of the United States, after ten years from the date of
their issue, and bearing interest, payable semi-annually in such
coin, at the rate of five per cent. per annum; also, a sum or sums
not exceeding in the aggregate $300,000,000 of like bonds, the same
in all respects, but payable, at the pleasure of the United States,
after fifteen years from the date of their issue, and bearing
interest at the rate of four and a half per cent. per annum; also,
a sum or sums not exceeding in the aggregate $1,000,000,000 of like
bonds, the same in all respects, but payable, at the pleasure of
the United States, after thirty years from the date of their issue,
and bearing interest at the rate of four per cent. per annum."

Resuming my argument, I said:

"It is apparent from these laws, which are fundamental in their
character, that the secretary has imposed upon him not merely the
privilege but the duty of maintaining or providing for the resumption
of specie payments and the maintenance of the specie standard in
gold and silver