He reprised his opposition to the greenback, saying, "Any party which commits itself to paper money will go down amid the general disaster, covered with the curses of a ruined people."[103] In 1868 Garfield gave a two-hour speech on currency in the House, which was widely applauded as his best oratory to that point; in it, he advocated a gradual resumption of specie payments, that is, the government paying out silver and gold, rather than paper money that could not be redeemed.[104]
Tariffs had been raised to high levels during the Civil War. Afterward, Garfield, who made a close study of financial affairs, advocated moving toward free trade, though the standard Republican position was a protective tariff that would allow American industries to grow. This break with his party likely cost him his place on the Ways and Means Committee in 1867, and though Republicans held the majority in the House until 1875, Garfield remained off that committee. Garfield came to chair the powerful House Appropriations Committee, but it was Ways and Means, with its influence over fiscal policy, that he really wanted to lead.