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"Only one power," said Mr.Conkling, "remains to be conferred upon him; and that is, the power to put his bonds upon the market when he pleases, where he pleases, as he pleases, sell them for money, and with that money purchase the outstanding obligations of the Government." -- Mr.Garfield argued that "under existing law, the Secretary can issue compound-interest notes and 7-30 bonds to meet current indebtedness; but these are the most expensive forms of government obligations, and therefore he ought not to use the power." He thought the proposed bill was necessary in the interest of the Government.

He would "trust the Secretary to proceed cautiously in the path required by honor, to place our currency on a sound basis.

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