Here the question arises, Is not this unnecessarily large? Is it not beyond the bounds of prudence and wise economy? Shall we declare in this fundamental measure a determination to redeem the whole national debt within a period of twenty-five years? Can the industries of the country sustain such taxation? I put the question. You shall answer it. The future has its great claims upon us; so also has the present. I submit that the pending measure sacrifices the present. I conclude, therefore, as I began, with another appeal for reduced taxation. At the proper time I shall move an amendment, in order to aid this result. In the course of the proceedings which followed, the bill of the Committee underwent important amendments, in accordance with the views expressed by Mr. Sumner,--for the Ten-Twenties and Fifteen-Thirties therein proposed, a prolongation to Ten-Forties and Fifteen-Forties being effected,--and the provision for the payment of interest at the money-centres and in the moneys of Europe stricken out. Some of its more objectionable features being thus removed, he gave it a qualified support. * * * * * March 10th, the question being on striking out a provision in the bill of the Committee requiring the national banks to exchange the bonds of the United States deposited by them as security for their circulation for those bearing a lower rate of interest, Mr. Sumner said:-- MR. PRESIDENT,--There is a word which has been introduced into this debate with which we were all very familiar in another relation some years ago. It is the word _Coercion_. A President of the United States announced in most formal phrase that we could not coerce a State; and now, borrowing a phrase from Mr. Buchanan, we are told we cannot coerce a national bank. Well, Sir, is the phrase applicable? If it be applicable, then I insist that we can coerce a national bank; but I do not admit its applicability. What I insist on has already been so ably and clearly stated by the Chairman of the Committee [Mr. SHERMAN] that perhaps I need not add another word. I do not like to occupy your time; yet I cannot forbear reminding you, Sir, of the plenary power which Congress has reserved over the banking system in that very Act by which it was established.[224]