US Presidency
1868

This can only be accomplished by the restoration of the currency to the standard established by the Constitution, and by this means we would remove a discrimination which may, if it has not already done so, create a prejudice that may become deep-rooted and widespread and imperil the national credit. The feasibility of making our currency correspond with the constitutional standard may be seen by reference to a few facts derived from our commercial statistics. The aggregate product of precious metals in the United States from 1849 to 1867 amounted to $ 1,174,000,000, while for the same period the net exports of specie were $ 741,000,000. This shows an excess of product over net exports of $ 433,000,000. There are in the Treasury $ 103,407,985 in coin; in circulation in the States on the Pacific Coast about $ 40,000,000, and a few millions in the national and other banks -in all less than $ 160,000,000.