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P. Jones of Nevada advocating a speedy return to specie payments.
Under the provisions of this law the provinces were authorized to borrow specie abroad and deposit the same with the national government as security for their issues.
Hayes stoutly advocated the speediest practicable resumption of specie payments, and carried the election.
Notwithstanding these precautions, the value of assignats still declined, till the proportion to specie had become that of six to one.
The Celman administration, in violation of the trust, then sold the specie and squandered the proceeds, leaving the provincial bank notes without guarantee and value.