That is about all there is of it.

The effect of rejecting the measure will be to say to everybody that the Government intends to keep depreciated paper in the financial market." -- Mr.Chandler of Michigan believed the measure "to be evil, and evil only; containing dangerous powers which should not be conferred, and which no man should be willing to accept." Mr.Howe of Wisconsin agreed with him.
-- Mr.Guthrie of Kentucky (Secretary of the Treasury under President Pierce) pronounced it "necessary and proper to give this power to the Secretary." And Mr.Morgan of New York, agreeing with him, declared that he desired the bill "just as it is." -- An amendment to strike out the words authorizing the sale of the bonds elsewhere than in the United States was overwhelmingly defeated, _ayes_ 7, _noes_ 35.

The bill was then passed by _ayes_ 32, _noes_ 7, and by the President's signature became a law on the 12th of April, 1866.
The discussion of this important financial measure illustrates the various phases of opinion prevailing both in Congress and in the country.

The desire to return to a specie basis was general, and yet not a few clung to the legal-tender notes as a permanent and standard currency.

While the argument in favor of contraction was prosecuted with great force, the possibility of going too fast, even in the right direction, was conceded by the wisest financiers.