Harper's Encyclopædia of United States History From 458 A.D. to 1905 : Based Upon the Plan of Benson John Lossing V.2

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No condition ought to exist which would justify the grant of power to a single official, upon his judgment of its necessity, to withhold from or release to the busi- ness of the people, in an unusual manner, money held in the Treasury, and thus af- fect at his will the financial situation of the country; and, if it is deemed wise to lodge in the Secretary of the Treasury the authority in the present juncture to purchase bonds, it should be plainly vest- ed, and provided, as far as possible, wit...h such checks and limitations as will de- fine this official's right and discretion and at the same time relieve him from undue responsibility.
In considering the question of purchas- ing bonds as a means of restoring to cir- culation the surplus money accumulating in the Treasury, it should be borne in mind that premiums must of course be paid upon such purchase, that there may be a large part of these bonds held as in- vestments which cannot be purchased at any price, and that combinations among holders who are willing to sell may rea- sonably enhance the cost of such bonds to the government.


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