in its
terms. This bill authorizes the Secretary of the Treasury to sell
any character of bonds without limit, except as to the rate of
interest. The authority conferred does not limit him to any form
of security. It may run for any period of time within forty years.
He may sell the securities at less than par, without limitation as
to rate. He may sell them in any form he chooses. He may put them
in the form of treasury notes or bonds, the interest payable in
gold or in paper money. He may undertake, under the provisions of
this bill, to fund the whole debt of the United States. The only
limit as to amount is the public debt, now $2,700,000,000. The
power conferred on the Secretary of the Treasury is absolute. It
is not only for this year, or during the current fiscal year, or
for the next year, but it is for all time, until the act shall be
repealed. It gives him absolute power to negotiate bonds of the
United States to the amount of $2,700,000,000, without limiting
the rate at which they shall be sold, and only limiting the rate
of interest inferentially. The description of the bonds in the
act of March 3, 1865, referred to here, would probably limit the
rate of interest to six per cent. in coin, and seven and three-
tenths per cent. in currency; but with this exception there is no
limitation.

"It seems to me that in the present condition of our finances there
is no necessity for conferring these large powers on the Secretary
of the Treasury. The people are not generally aware of the favorable
condition of our finances. The statement of the public debt laid
on our tables the other day does not show fully the condition of
the finances. It is accurate in amounts, but does not give dates
of the maturity of our debts. But a small portion of the debt of
the United States will be due prior to August, 1867, that will give
the secretary any trouble. But little of the debt which he will
be required to fund under the provisions of this bill matures before
August, 1867. The temporary or call loan, now over one hundred
millions, may readily be kept at this sum even at a reduced rate
of interest. The certificates of indebtedness, amounting to sixty-
two millions, may easily be paid from accruing receipts, or, if
necessary, may be renewed or funded at the pleasure of the secretary.
None of the compound interest notes or the seven-thirty notes mature
until August, 1867. . . .

"There is, therefore, no immedia