een frequently pressed upon the attention of Congress in
previous Executive communications and the inevitable danger of their
continued toleration pointed out. Without now repeating these details,
I can not refrain from again earnestly presenting the necessity of the
prompt reform of a system opposed to every rule of sound finance and
shown by experience to be fraught with the gravest peril and perplexity.
The terrible Civil War, which shook the foundations of our Government
more than thirty years ago, brought in its train the destruction of
property, the wasting of our country's substance, and the estrangement
of brethren. These are now past and forgotten. Even the distressing
loss of life the conflict entailed is but a sacred memory which fosters
patriotic sentiment and keeps alive a tender regard for those who
nobly died. And yet there remains with us to-day in full strength and
activity, as an incident of that tremendous struggle, a feature of its
financial necessities not only unsuited to our present circumstances,
but manifestly a disturbing menace to business security and an
ever-present agent of monetary distress.

Because we may be enjoying a temporary relief from its depressing
influence, this should not lull us into a false security nor lead us to
forget the suddenness of past visitations.

I am more convinced than ever that we can have no assured financial
peace and safety until the Government currency obligations upon which
gold may be demanded from the Treasury are withdrawn from circulation
and canceled. This might be done, as has been heretofore recommended,
by their exchange for long-term bonds bearing a low rate of interest or
by their redemption with the proceeds of such bonds. Even if only the
United States notes known as greenbacks were thus retired it is probable
that the Treasury notes issued in payment of silver purchases under the
act of July 14, 1890, now paid in gold when demanded, would not create
much disturbance, as they might from time to time, when received in the
Treasury by redemption in gold or otherwise, be gradually and prudently
replaced by silver coin.

This plan of issuing bonds for the purpose of redemption certainly
appears to be the most effective and direct path to the needed reform.
In default of this, however, it would be a step in the right direction
if currency obligations redeemable in gold whenever so redeemed should
be canceled instead of being reissued. This operatio