Year: 1865

If long postpone settlements, they are arrange,


without disturbing the fIoyefnentsto of coin.-
If Whenever specie is needed fofthis purpose
r Or for any other purpose, the paper currenc,
d of the country should be convertible into it
3 and circulation not SO convertible will no
3. be, and ought not to BIO long tolerated by III,
3 people. The present inconvertible currenc,
q of the United States was a necessity Of tho
: war, but now that the war has ceased, and
$ the Government ought not to be longer Dor
! rover this currency should be brought IN tc


the specie standard /; and i see no way Of doing


this but by withdrawing portion of it from
circulation. 1 hayesfip faith IN q prosperity
: which is the effect &c a depreaiated currency


nor can see any safe path for us to tread
, but that which leads to specie payment.


The extreme high prices which now prevail
. in the United States are an unerring indica
ton that the business of the country is in an


ues by false standard. We have u cir ,ula
ting medium altogether larger than is needed
for legitimate business The excess is used
da,. the hest market in the world for foreign
ers to sell in, and among the poorest to buy
in. The consequence is that Europe is sell
ing us more than she buys of us, including
our securities, which ought not to go abroad !;
and there is debt rolling up against us that
must be settled in part, at least, with coin.-
The longer the initiation continues, the more
difficult will it be for US to get back to the
solid ground Of specie payment, to which we
must return sooner or later.


If Congress shall early in the approaching
session authorize the funding Of the legal ten
ders, and the work Of a reduction is com
menced and carried on rcsolutely, but care
, fully and prudently we shall reach it proba
iL,v ,-ithout serious embarrassment to legiti-
mate usii..ass If not, we shall hay e o brief
period of i,,lluu and seductive prosperity, re.
sultinr in wide.s ,r., ID bankruptcy and disaster.


There are other objections to the present
initiation. 1t is, fear, corrupting the pub
lie morals; it is converting inc business OF
the country into gambling, and scrocaly a.
minishing the labor of the country. ! lis l.
always the effect of excessive circulation -
The kind of gambling which it produces is
not confined to the stock and produce boards,
where the very terms which are used by the
operators indicate the nature of the transac-
tions, but it is spreading through our towns,
and into the rural districts. Men are ap
parently getting rich, while morality anguish
es, and the productive industry of the country
| i being diminished Good morals in busi-
ness, and safe, perscverinG industry, if not at
discount, are considered too old !o-yish for
the present times. But ] feel that this is not
the occasion for croakng, and perhaps |
ought to apologize for the train OF remarks
into which have been led, but fecfanXious
about thepresent imitation and its effects upon
the business and morals OF the country. 4
am hopeful that by wise legislation, we shall
escape financial collapse, and am conf
dent that grand future is before the United
States am hopeful that the currency may
be brought up to the specie standard, without
those financial troubles which have, in all
countries followed protracted and expensive
wars


BY the experience of the last four years We
are led to the conclusion that our people have
latent power that always manlcs,s itself
when required, and is equal to any emergency,
| have faith in that as we have, to the aston
ishmcnt of the world, raised immense armies,
larger apprehend than any single nation
ever brought into the field and met the enor
nous expenses of the war without borrowing
from other nations, we shall also be able,
without financial crisis to lnnd our surplus
currency, and interest bearing notes; bring
back business to specie standard, and place
the credit of the country on the most satisfac-
tory basis. If we do this, we shall accom-


plish what the soundest thinkers in Europe
have considered an impossibity, and what
no other people but the free and entcrprising
people of the United States, occupying the
grandest country in the world, could accom-
plish. But should we be disappointed i'll these
hopeful expectations; should no early check
be put upon the issues of paper money; should
prices still further advance, and speculation


be still further stimulated, and the result


thereof be extensive bankruptcy, depression


and hard tmes the grand destiny of this


country and this government will not be af-


fccted


The United States occupy the best portion


of the temperate zone of Il continent, stretch


ing out its arms to Europe on the one side


and Asia OH the other, and producing all ar


ticles necessary for the subsistence and com


fort of the race If cotton be king, he is,
thank God, enthroncd again. If bread be
king where should his capital be but in this
great valley of the Mississippi? This nation
has within itself everything that is needed to
make it the greatest among the family of ma
tons. Coal and iron are in juxtaposition and


in incxhaustiblc supply mountains and val
lcys rich enough in gold and silver to furnish


the world for all time with what may be need
ed for circulation and other uses; copper and
lead, and other minerals in no less abundance;
n soil Of wonderful fertility a climate salu-
brious and diversified, and above all, repub-


lican institutions, and an energetic and cult-


vate people. We have, it is true, difficult
:, questions growing out of the war yet to be
settled, but have an abiding confidence that


they will be settled as they come up for settle


mcnt, in such manner as will strengthen the


Union and add to our national rcnown.