"The power," said he, "is absolute.

The Secretary may sell securities of any form at any time and fund the whole debt.

No present necessity exists for such grant of authority.

The _proviso_ for restricting contraction is not adequate for that purpose.

By retaining a large balance in the Treasury, the Secretary can contract the currency without violating the _proviso_." He deemed it unwise "to place in the hands of any mortal man this absolute and extreme control over the currency." -- Mr.Fessenden said the true principle of this bill was, "that as soon as it can be done with safety, Congress means that we shall get back to the old system of specie payments.