But the fact can not be concealed that theoretically the bill increases
the paper circulation $100,000,000, less only the amount of reserves
restrained from circulation by the provision of the second section. The
measure has been supported on the theory that it would give increased
circulation. It is a fair inference, therefore, that if in practice the
measure should fail to create the abundance of circulation expected of
it the friends of the measure, particularly those out of Congress, would
clamor for such inflation as would give the expected relief.
The theory, in my belief, is a departure from true principles of
finance, national interest, national obligations to creditors,
Congressional promises, party pledges (on the part of both political
parties), and of personal views and promises made by me in every annual
message sent to Congress and in each inaugural address.
In my annual message to Congress in December, 1869, the following
passages appear:
Among the evils growing out of the rebellion, and not yet referred to,
is that of an irredeemable currency. It is an evil which I hope will
receive your most earnest attention. It is a duty, and one of the
highest duties, of Government to secure to the citizen a medium of
exchange of fixed, unvarying value.
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