The natural disinclination of the American people to entrust unrestricted power to any officer was frequently and forcibly expressed.

The policy of funding the obligations bearing interest was admitted on all hands, and for this purpose the sale as well as the direct exchange of bonds was approved.

But the repugnance to accepting less than par, or allowing the possibility of such a rate, had its origin and support in the patriotic instincts and in the sound judgment of the people.

The requirement of a report from the Secretary and the limitation of the extent of contraction, were the essential changes which made the measure acceptable.
The enactment of this bill presents in an instructive light the character of our financial legislation and the methods by which it is accomplished.

As originally presented the bill had the approval of the Secretary of the Treasury and came before the House with the favorable report of the Committee on Ways and Means.