Yet every delay in preparation for final resumption
partakes of this dishonesty, and is only less in degree as the hope is
held out that a convenient season will at last arrive for the good work
of redeeming our pledges to commence. It will never come, in my opinion,
except by positive action by Congress, or by national disasters which
will destroy, for a time at least, the credit of the individual and the
State at large. A sound currency might be reached by total bankruptcy
and discredit of the integrity of the nation and of individuals.
I believe it is in the power of Congress at this session to devise such
legislation as will renew confidence, revive all the industries, start
us on a career of prosperity to last for many years and to save the
credit of the nation and of the people. Steps toward the return to a
specie basis are the great requisites to this devoutly to be sought
for end. There are others which I may touch upon hereafter.
A nation dealing in a currency below that of specie in value labors
under two great disadvantages: First, having no use for the world's
acknowledged medium of exchange, gold and silver, these are driven out
of the country because there is no need for their use; second, the
medium of exchange in use being of a fluctuating value--for, after all,
it is only worth just what it will purchase of gold and silver, metals
having an intrinsic value just in proportion to the honest labor it
takes to produce them--a larger margin must be allowed for profit by the
manufacturer and producer.
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