hem from the business of the country, and
thus produce the very contraction which the House of Representatives
meant to deny him power to do. Therefore, this proviso, which only
limits the power of canceling securities or notes, does not limit
his power over the currency, and he may, without violating this
bill, in pursuance of the very terms of this bill, contract the
currency according to his own good will and pleasure.

"My own impression is, that the Secretary of the Treasury, in
carrying out his own policy, will do so. He says he will not
contract it unreasonably or too rapidly, but I believe he will
contract the currency in this way. He has now in the vaults of
the treasury $60,000,000 in currency and $62,000,000 in gold--a
larger balance, I believe, than was ever before kept in the treasury
until within the last two or three months; a larger balance than
was ever found in the treasury during the war. What is the object
of accumulating these vast balances in the treasury? Simply to
carry out his policy of contraction. With this power of retaining
in the treasury the money that comes in, what does he care for the
limitation put upon this bill by the House of Representatives?
That says that he shall not retire and cancel more than $10,000,000
of United States notes within six months, and not more than $4,000,000
in any one month thereafter; but why need he retire and cancel them
when he can retain them in the vaults of the treasury, and thus
contract the currency? . . .

"I do not doubt in the least either the integrity or the capacity
of the present incumbent of the treasury department. I have as
much confidence in him as anyone; but this question of the currency
is one that affects so intimately all the business relations of
life, the property of every man in this country, his ability to
pay taxes, his ability to earn food and acquire a living, that no
man ought to have the power to vary the volume of currency. It
ought to be regulated by law, and the law ought to be so fixed and
so defined that every business man may transact his business with
full knowledge of the amount of the currency, with all its limits
and qualifications. I ask you, sir, how any prudent or judicious
man can now engage in any important business, in which he is
compelled to go into debt, with this large power hanging over him.
It would be unsafe for him to do so. The amount of the currency
ought to be fixed by law, whether much o