y be retired and canceled within six months from the passage of
this act, and thereafter not more than four millions of dollars in
any one month."

The bill as it came to the Senate was as follows:

"An act to amend an act entitled 'An act to provide ways and means
to support the government,' approved March third, eighteen hundred
and sixty-five.

"_Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled_, That the act
entitled 'An act to provide ways and means to support the government,'
approved March third, eighteen hundred and sixty-five, shall be
extended and construed to authorize the Secretary of the Treasury,
at his discretion, to receive any treasury notes or other obligations
issued under any act of Congress, whether bearing interest or not,
in exchange for any description of bonds authorized by the act to
which this is an amendment; and also to dispose of any description
of bonds authorized by said act, either in the United States or
elsewhere, to such an amount, in such manner, and at such rates,
as he may think advisable, for lawful money of the United States,
or for any treasury notes, certificates of indebtedness, or
certificates of deposit, or other representatives of value, which
have been or which may be issued under any act of Congress, the
proceeds thereof to be used only for retiring treasury notes or
other obligations issued under any act of Congress; but nothing
herein contained shall be construed to authorize any increase of
the public debt: _Provided_, That of United States notes not more
than ten millions of dollars may be retired and canceled within
six months from the passage of this act, and thereafter not more
than four millions of dollars in any one month: _And provided
further_, That the act to which this is an amendment shall continue
in full force in all its provisions, except as modified by this act.

"Sec. 2. _And be it further enacted_, That the Secretary of the
Treasury shall report to Congress at the commencement of the next
session the amount of exchanges made or money borrowed under this
act, and of whom and on what terms; and also the amount and character
of indebtedness retired under this act, and the act to which this
is an amendment, with a detailed statement of the expense of making
such loans and exchanges."

This bill, without change, became a law April 12, 1866. I believed
then, and now know, that the passa