Gold and silver are
now the recognized medium of exchange the civilized world over, and to
this we should return with the least practicable delay. In view of the
pledges of the American Congress when our present legal-tender system
was adopted, and debt contracted, there should be no delay--certainly
no unnecessary delay--in fixing by legislation a method by which we
will return to specie. To the accomplishment of this end I invite your
special attention. I believe firmly that there can be no prosperous
and permanent revival of business and industries until a policy is
adopted--with legislation to carry it out--looking to a return to a
specie basis. It is easy to conceive that the debtor and speculative
classes may think it of value to them to make so-called money abundant
until they can throw a portion of their burdens upon others. But even
these, I believe, would be disappointed in the result if a course should
be pursued which will keep in doubt the value of the legal-tender medium
of exchange. A revival of productive industry is needed by all classes;
by none more than the holders of property, of whatever sort, with debts
to liquidate from realization upon its sale. But admitting that these
two classes of citizens are to be benefited by expansion, would it be
honest to give it? Would not the general loss be too great to justify
such relief? Would it not be just as honest and prudent to authorize
each debtor to issue his own legal-tenders to the extent of his
liabilities? Than to do this, would it not be safer, for fear of
overissues by unscrupulous creditors, to say that all debt obligations
are obliterated in the United States, and now we commence anew, each
possessing all he has at the time free from incumbrance? These
propositions are too absurd to be entertained for a moment by thinking
or honest people.
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