US Presidency
1884

It appears that annually for the past six years there have been coined, in Compliance with the requirements of the act of February 28, 1878, more than 27,000,000 silver dollars. The number now outstanding is reported by the Secretary to be nearly 185,000,000, whereof but little more than 40,000,000, or less than 22 per cent, are in actual circulation. The mere existence of this fact seems to me to furnish of itself a cogent argument for the repeal of the statute which has made such fact possible. But there are other and graver considerations that tend in the same direction. The Secretary avows his conviction that unless this coinage and the issuance of silver certificates be suspended silver is likely at no distant day to become our sole metallic standard. The commercial disturbance and the impairment of national credit that would be thus occasioned can scarcely be overestimated. I hope that the Secretary's suggestions respecting the withdrawal from circulation of the $ 1 and $ 2 notes will receive your approval.