e were fixed upon the revenues of the Government. Changed conditions
have attracted their attention to the gold of the Government. There need
be no fear that we can not pay our current expenses with such money as
we have. There is now in the Treasury a comfortable surplus of more than
$63,000,000, but it is not in gold, and therefore does not meet our
difficulty.

I can not see that differences of opinion concerning the extent to which
silver ought to be coined or used in our currency should interfere with
the counsels of those whose duty it is to rectify evils now apparent in
our financial situation. They have to consider the question of national
credit and the consequences that will follow from its collapse. Whatever
ideas may be insisted upon as to silver or bimetallism, a proper
solution of the question now pressing upon us only requires a
recognition of gold as well as silver and a concession of its
importance, rightfully or wrongfully acquired, as a basis of national
credit, a necessity in the honorable discharge of our obligations
payable in gold, and a badge of solvency. I do not understand that the
real friends of silver desire a condition that might follow inaction or
neglect to appreciate the meaning of the present exigency if it should
result in the entire banishment of gold from our financial and currency
arrangements.

Besides the Treasury notes, which certainly should be paid in gold,
amounting to nearly $500,000,000, there will fall due in 1904 one
hundred millions of bonds issued during the last year, for which we have
received gold, and in 1907 nearly six hundred millions of 4 per cent
bonds issued in 1877. Shall the payment of these obligations in gold be
repudiated? If they are to be paid in such a manner as the preservation
of our national honor and national solvency demands, we should not
destroy or even imperil our ability to supply ourselves with gold for
that purpose.

While I am not unfriendly to silver and while I desire to see it
recognized to such an extent as is consistent with financial safety and
the preservation of national honor and credit, I am not willing to see
gold entirely banished from our currency and finances. To avert such a
consequence I believe thorough and radical remedial legislation should
be promptly passed. I therefore beg the Congress to give the subject
immediate attention.

In my opinion the Secretary of the Treasury should be authorized
to issue bonds of the Gov