cretary Chase to Mr. Fessenden,
as follows:

"Sir:--The condition of the treasury requires immediate legislative
provision. What you said this morning leads me to think that the
bill which passed the House yesterday will hardly be acted upon by
the Senate this week. Until that bill shall receive the final
action of Congress, it seems advisable to extend the provisions of
the former acts, so as to allow the issue of at least $10,000,000
in United States notes, in addition to the $50,000,000 heretofore
authorized. I transmit a bill framed with that object, which will,
I trust, meet your approval and that of Congress. Immediate action
on it is exceedingly desirable."

The request for authority to issue $10,000,000 additional demand
notes was immediately granted, and the bill was passed without
opposition.

The currency bill was considered in the committee on finance of
the Senate, and four important and radical amendments were reported
by that committee. These amendments were as follows:

First--That the legal tender notes should be receivable for all
claims and demands against the United States, of every kind
whatsoever, "_except for interest on bonds and notes, which shall
be paid in coin_."

Second--That the secretary might dispose of United States bonds,
"at the market value thereof, for coin or treasury notes."

Third--A new section authorizing deposits in the sub-treasuries at
five per cent., for not less than thirty days, to the amount of
$25,000,0000, for which certificates of deposit might be issued.

Fourth--An additional section, No. 5, "that all duties on imported
goods and proceeds of the sale of public lands," etc., should be
set apart to pay coin interest on the debt of the United States;
and one per cent. for a sinking fund, etc.

It was felt that if no provision was made for the payment of the
interest on the bonds in coin, they would depreciate more and more,
while such payment would tend, as it did, to maintain them nearer
to their specie standard. In order to obtain coin for the payment
of interest, provision was made that all duties on imported goods,
and the proceeds of the sale of public lands, should be payable in
coin and be set apart to pay coin interest on the debt of the United
States, and one per cent. for a sinking fund to provide for ultimate
redemption of the bonds. These amendments were considered of prime
importance. It was felt that the duty on imported goods should
no