fair regard to the interests of the debtor class. Immediate resumption,
if practicable, would not be desirable. It would compel the debtor class
to pay, beyond their contracts, the premium on gold at the date of their
purchase, and would bring bankruptcy and ruin to thousands. Fluctuation,
however, in the paper value of the measure of all values (gold) is
detrimental to the interests of trade. It makes the man of business an
involuntary gambler, for in all sales where future payment is to be made
both parties speculate as to what will be the value of the currency
to be paid and received. I earnestly recommend to you, then, such
legislation as will insure a gradual return to specie payments and put
an immediate stop to fluctuations in the value of currency.

The methods to secure the former of these results are as numerous as are
the speculators on political economy. To secure the latter I see but one
way, and that is to authorize the Treasury to redeem its own paper, at
a fixed price, whenever presented, and to withhold from circulation all
currency so redeemed until sold again for gold.

The vast resources of the nation, both developed and undeveloped, ought
to make our credit the best on earth. With a less burden of taxation
than the citizen has endured for six years past, the entire public debt
could be paid in ten years. But it is not desirable that the people
should be taxed to pay it in that time. Year by year the ability to pay
increases in a rapid ratio. But the burden of interest ought to be
reduced as rapidly as can be done without the violation of contract.
The public debt is represented in great part by bonds having from five
to twenty and from ten to forty years to run, bearing interest at the
rate of 6 per cent and 5 per cent, respectively. It is optional with the
Government to pay these bonds at any period after the expiration of the
least time mentioned upon their face. The time has already expired when