y gained control in financial circles
that our rapid recuperation could not be reasonably expected. Our
recovery has, nevertheless, steadily progressed, and though less than
five months have elapsed since the repeal of the mischievous
silver-purchase requirement a wholesome improvement is unmistakably
apparent. Confidence in our absolute solvency is to such an extent
reinstated and faith in our disposition to adhere to sound financial
methods is so far restored as to produce the most encouraging results
both at home and abroad. The wheels of domestic industry have been
slowly set in motion and the tide of foreign investment has again
started in our direction.

Our recovery being so well under way, nothing should be done to check
our convalescence; nor should we forget that a relapse at this time
would almost surely reduce us to a lower stage of financial distress
than that from which we are just emerging.

I believe that if the bill under consideration should become a law it
would be regarded as a retrogression from the financial intentions
indicated by our recent repeal of the provision forcing silver-bullion
purchases; that it would weaken, if it did not destroy, returning
faith and confidence in our sound financial tendencies, and that
as a consequence our progress to renewed business health would be
unfortunately checked and a return to our recent distressing plight
seriously threatened.

This proposed legislation is so related to the currency conditions
growing out of the law compelling the purchase of silver by the
Government that a glance at such conditions and a partial review of the
law referred to may not be unprofitable.

Between the 14th day of August, 1890, when the law became operative, and
the 1st day of November, 1893, when the clause it contained directing
the purchase of silver was repealed, there were purchased by the
Secretary of the Treasury more than 168,000,000 ounces of silver
bullion. In payment for this bullion the Government issued its Treasury
notes, of various denominations, amounting to nearly $156,000,000, which
notes were immediately added to the currency in circulation among our
people. Such notes were by the law made legal tender in payment of all
debts, public and private, except when otherwise expressly stipulated,
and were made receivable for customs, taxes, and all public dues,
and when so received might be reissued. They were also permitted to be
held by banking associations a