We have travelled one-third of the way since Congress met.

Gold was then 148.
It is now 130.

Defeat this bill, and there will be a jubilee on Wall Street." -- Mr.Lawrence of Ohio opposed the bill, and presented a letter from Mr.Freeman Clarke, then Comptroller of the Currency, saying, "We have full power to fund every dollar of the floating debt without any legislation, and with no occasion for making any loan whatever." -- Mr.Morrill closed debate on the 16th of March; and the bill coming to a vote, was defeated,--_ayes_ 65; _noes_ 70.

But on a motion to reconsider, it was again brought before the House on the 19th of March, and after brief debate was recommitted.

When it re-appeared, four days later, it contained a _proviso_ "that the Secretary of the Treasury shall not retire more than ten million dollars of legal-tender notes in the first six months after the passage of the Act, and not more than four million dollars a month afterwards; and shall make a report to Congress of his action under this provision." Mr.Morrill submitted a letter from Mr.McCulloch, expressing the opinion that "it will be a national calamity if Congress shall fail to grant additional powers to the Secretary." He added, that "the apprehension which exists, that if power is given to the Secretary to retire legal-tender notes the circulation will be ruinously contracted, is without any special foundation." The effect of the discussion was to strengthen the bill in the House where it was passed by _ayes_ 83; _noes_ 53.
The bill was favorably reported to the Senate from the Finance Committee, and came up for consideration on the 9th of April, under the charge of Mr.Fessenden.
-- Mr.Sherman re-affirmed the objections made in the House, that the power conferred was greater than had ever been granted to any Secretary of the Treasury since the foundation of the Government.