Governor Fish on more than one occasion complained that the Cabinet were as ignorant of the proceedings and purposes of the Treasury as was the outside world. His complaints were well founded. Much of the business aside from routine matters was secret. For example my orders for the sale of gold and the purchase of bonds were never issued at any other time than Sunday evening, and then always by myself. The orders were sent to the Sub-Treasurer at New York, and given to the Associated Press at the same time. Consequently, on Monday morning all the country was informed, and under such circumstances that the chance of some to speculate upon the ignorance of others were reduced to the minimum. Moreover, the members of the Cabinet might divide. I should then be compelled to act upon my own judgment, and against the views of some of my associates. Again, if I had the support of the President and Cabinet, I could not have used the fact as an excuse for myself. The public knew no one but the Secretary. I chose to act upon my own judgment knowing that there was no one else to share the responsibility in case of failure.
In my report to Congress, in December, 1869, I set forth a system for refunding the Public Debt. I had unfolded the scheme in a speech in the House of Representatives, July 1868. I had already taken two steps preparatory to the undertaking. First, in May, 1869, I established the Sinking Fund under the Act of February 25, 1862. Second, by the purchase of bonds the world had assurance that the debt would be paid. The effect of these two measures was seen in the increasing market value of the bonds. In other words the credit of the country was improving. When the President was preparing his message of December, 1869, he called upon me for my views in regard to the Treasury, and I furnished him with a synopsis of my plan which he embodied in his message. I retained a copy of the synopsis and that copy is in the hands of my daughter. Simultaneously I prepared a bill upon the basis of the report and caused the same to be printed upon the Treasury press. Upon an examination of the papers on file in the archives of the Senate I find that cuttings from my printed bill form a part of the bill which was printed by the Finance Committee of the Senate of which Senator Sherman was chairman. The bill was changed in details but not in principle. The loan was in three parts as my bill was prepared. A portion at 5 per cent, a portion at 4½ per cent, and a third portion at 4 per cent. The division was retained in the statute, but the amount of the loan at each of the several rates was changed. By my bill the interest could be made payable in Europe. This feature was stricken out by the committees in the House or the Senate. This change I overcame or avoided ultimately by a rule of the department by which interest on registered bonds could be made payable in checks of the Treasurer. These checks are now sent to all parts of the world and through the banking facilities they are everywhere as good as gold, subject only to the natural rates of exchange between different countries. Since that time railroad companies and other business corporations have accepted the system. My plan of making the interest on the bonds payable in Europe was rejected under the lead of gentlemen who thought it involved some sort of national degradation. My object was to make the loan more negotiable in Europe and thus to extend the demand, and consequently, to increase the value of our securities.