This implies a return to a specie
basis, and no substitute for it can be devised. It should be commenced
now and reached at the earliest practicable moment consistent with a
fair regard to the interests of the debtor class. Immediate resumption,
if practicable, would not be desirable. It would compel the debtor
class to pay, beyond their contracts, the premium on gold at the date
of their purchase, and would bring bankruptcy and ruin to thousands.
Fluctuation, however, in the paper value of the measure of all values
(gold) is detrimental to the interests of trade. It makes the man of
business an involuntary gambler, for in all sales where future payment
is to be made both parties speculate as to what will be the value of
the currency to be paid and received. I earnestly recommend to you,
then, such legislation as will insure a gradual return to specie
payments and put an immediate stop to fluctuations in the value of
currency.
I still adhere to the views then expressed.
As early as December 4, 1865, the House of Representatives passed a
resolution, by a vote of 144 yeas to 6 nays, concurring "in the views
of the Secretary of the Treasury in relation to the necessity of a
contraction of the currency, with a view to as early a resumption of
specie payments as the business interests of the country will permit,"
and pledging "cooperative action to this end as speedily as possible.
Pages:
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
539
540
541
542
543
544
545