Furthermore, the loan proposed by the Committee has not, to my mind, the elements of success promised by the other loan. It is assumed in both cases that the coin for the redemption of the existing obligations shall be obtained in Europe. Then we must look to the European market in determining the form of the new loan. Now I have reason to believe that a coin loan to the amount of $500,000,000 may be obtained in Europe on Ten-Forties at par, provided the new bonds are of the same form and purport as the Ten-Forties which are already so popular, and provided further that the proceeds of the loan are applied to the payment in coin at par of the Five-Twenties of 1862. The reasons are obvious. The Ten-Forties have a good name, which is much to start with. It is like the credit or good-will of an established mercantile house, which stands often instead of capital; and then the fact that the proceeds are to be absorbed in the redemption of the first Five-Twenties, so often assailed, will most signally attest the determination of the country to maintain its credit. These advantages cost nothing, and it is difficult to see why they should be renounced. We must not make an effort and fail. Our course must be guided by such prudence that success will be at least reasonably certain. For the nation to offer a loan and be refused in the market will not do. Here, as elsewhere, we must organize victory. Now it is to my mind doubtful, according to the information within my reach, if the loan proposed by the Committee can be negotiated successfully at par. Bankers there may be who would gladly see themselves announced as financial agents of the great Republic; but it remains to be seen if there are any competent to handle a loan of $500,000,000 who would undertake it on the terms of the Committee. I am clear that it is not prudent to make the experiment, when it is easy to offer another loan with positive advantages sufficient to turn the scale. Washington, in his Farewell Address, said, “Why forego the advantages of so peculiar a situation? Why quit our own to stand upon foreign ground?” In the same spirit I would say, Why forego the advantages of a well-known and peculiar security? Why quit our Ten-Forties to stand upon a security which is unknown, and practically foreign, whether at home or abroad? In the loan proposed by the original bill we find assurance of success, with the promise of reduced taxation, Repudiation silenced, and the coin reserves in the banks strengthened by sales in Europe, it may be, $150,000,000. Should the amendment of the Committee prevail, I see small chance of any near accomplishment of these objects, and meanwhile our financial question is handed over to prolonged uncertainty.