ity between the two metals.

If both gold and silver are to serve us as money and if they together
are to supply to our people a safe and stable currency, the necessity of
preserving this parity is obvious. Such necessity has been repeatedly
conceded in the platforms of both political parties and in our Federal
statutes. It is nowhere more emphatically recognized than in the recent
law which repealed the provision under which the bullion now on hand was
purchased. This law insists upon the "maintenance of the parity in value
of the coins of the two metals and the equal power of every dollar at
all times in the markets and in the payment of debts."

The Secretary of the Treasury has therefore, for the best of reasons,
not only promptly complied with every demand for the redemption of these
Treasury notes in gold, but the present situation as well as the letter
and spirit of the law appear plainly to justify, if they do not enjoin
upon him, a continuation of such redemption.

The conditions I have endeavored to present may be thus summarized:

First. The Government has purchased and now has on hand sufficient
silver bullion to permit the coinage of all the silver dollars necessary
to redeem in such dollars the Treasury notes issued for the purchase of
said silver bullion, and enough besides to coin, as gain or seigniorage,
55,156,681 additional standard silver dollars.

Second. There are outstanding and now in circulation Treasury notes
issued in payment of the bullion purchased amounting to $152,951,280.
These notes are legal tender in payment of all debts, public and
private, except when otherwise expressly stipulated; they are receivable
for customs, taxes, and all public dues; when held by banking
associations they may be counted as part of their lawful reserves,
and they are redeemed by the Government in gold at the option of the
holders. These advantageous attributes were deliberately attached to
these notes at the time of their issue. They are fully understood by our
people to whom such notes have been distributed as currency, and have
inspired confidence in their safety and value, and have undoubtedly thus
induced their continued and contented use as money, instead of anxiety
for their redemption.

Having referred to some incidents which I deem relevant to the subject,
it remains for me to submit a specific statement of my objections to the
bill now under consideration.

This bill consists of two sections,