In either
event it is your duty to heed the lesson and to provide by wise and
well-considered legislation, as far as it lies in your power, against
its recurrence, and to take advantage of all benefits that may have
accrued.
My own judgment is that, however much individuals may have suffered, one
long step has been taken toward specie payments; that we can never have
permanent prosperity until a specie basis is reached; and that a specie
basis can not be reached and maintained until our exports, exclusive
of gold, pay for our imports, interest due abroad, and other specie
obligations, or so nearly so as to leave an appreciable accumulation
of the precious metals in the country from the products of our mines.
The development of the mines of precious metals during the past year and
the prospective development of them for years to come are gratifying in
their results. Could but one-half of the gold extracted from the mines
be retained at home, our advance toward specie payments would be rapid.
To increase our exports sufficient currency is required to keep all the
industries of the country employed. Without this national as well as
individual bankruptcy must ensue. Undue inflation, on the other hand,
while it might give temporary relief, would only lead to inflation
of prices, the impossibility of competing in our own markets for the
products of home skill and labor, and repeated renewals of present
experiences.
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