ew this law could not take effect
until about the time the present secretary would go out, when the
new secretary would come in. Therefore, I drew this amendment as
it now stands, and it was submitted to the incoming Secretary of
the Treasury. He having been formerly a member of the committee
on finance and a Member of the Senate, and being familiar with us
all, came before the committee on finance and there stated the
reasons why, in his judgment, it might become, in case of exigency,
important for him to have the power to issue a cheaper bond.

"He expressed the hope and belief, and I am inclined to agree with
him, that it might not be necessary to issue these bonds at all,
but that when the emergency came he must meet it as quickly as a
stroke of lightning; there must be no hesitation or delay; if there
should be a disparity between the two metals, or a run upon the
government for the payment of the United States notes, he must be
prepared to meet this responsibility in order to obtain coin with
which to redeem the notes. That statement was submitted to the
committee on finance in the presence of the honorable gentleman
who is to hold the high and distinguished office of Secretary of
the Treasury."

I proceeded at considerable length to state the difficulties the
treasury must meet in consequence of the large increase of treasury
notes issued for the purchase of silver bullion. The Senate fully
appreciated the importance of the amendment, but in the hurry of
the closing days of the session it was said that to attempt to
reach a vote upon it in the House of Representatives would endanger
the passage of the appropriation bill, and therefore the Senate
receded from the amendment. It is easy now to see that its defeat
greatly embarrassed the new administration and caused the loss of
many millions by the sale of long term bonds at a higher rate of
interest than three per cent.

On the 4th of March, 1893, Grover Cleveland was sworn into office
as President of the United States, and delivered his inaugural
address. It was a moderate and conservative document, dealing
chiefly with axioms readily assented to. Its strongest passages
were in favor of a sound and stable currency. He said that the
danger of depreciation in the purchasing power of the wages paid
to toil should furnish the strongest incentive to prompt and
conservative precaution. He declared that the people had decreed
that there should be a reform i