coin. He is also authorized by a subsequent act,
which I do not care to have read because it is not necessary, to
maintain $100,000,000 in gold in the nature of a redemption fund,
or rather that was the minimum limit provided in the law. In order
to perform this grave duty the Secretary of the Treasury was
authorized, at his discretion, whenever necessary to obtain the
coin required, to issue a bond bearing four per cent. interest
running for thirty years, or a bond bearing four and a half per
cent. interest running fifteen years, or a bond bearing five per
cent. interest running ten years.

"It has been feared--I do not say that there has been occasion for
this fear--that the Secretary of the Treasury cannot maintain the
necessary resumption fund; that he may have to resort to the credit
of the government, upon which all the greenback issues of the United
States notes and bonds are founded; that he might have to resort
to the sale of bonds to obtain money, in order to maintain the
parity of the different forms of money in this country and the
redemption or payment in coin, when demanded, of the obligations
of the United States, especially the United States notes, commonly
called greenbacks.

"When I came, in examining this question, to see whether or not
the law enacted in 1875 was applicable to the condition of affairs
in 1893, it was apparent to me, as it must have been to every man,
however ignorant he might be of the principles of finance, that
the conditions of our country were such that we would not be
justified, by public opinion or by the interests of our people, to
sell a bond bearing four or four and a half or five per cent.
interest.

"Therefore, it was manifest to me, as it would be manifest to anyone
who would look at the question without any feeling about it at all,
that if we could borrow money at three per cent. on bonds running
for five years or for a short period of time, always reserving our
right to redeem these bonds within a short period, it would save
a vast sum to the people of the United States, at least one-fourth
of the interest on the bonds, and we would save more by the right
to redeem them if a favorable turn in the market should enable us
to do so.

"I feel that it is a matter of public duty which I am bound to
perform, as being connected with the refunding laws and the resumption
act, that I should endeavor to make suitable provision for the next
Secretary of the Treasury. I kn