ined. But while it acts with
fidelity toward the bondholder who loaned his money that the integrity
of the Union might be preserved, it should at the same time observe good
faith with the great masses of the people, who, having rescued the Union
from the perils of rebellion, now bear the burdens of taxation, that the
Government may be able to fulfill its engagements. There is no reason
which will be accepted as satisfactory by the people why those who
defend us on the land and protect us on the sea; the pensioner upon the
gratitude of the nation, bearing the scars and wounds received while
in its service; the public servants in the various Departments of the
Government; the farmer who supplies the soldiers of the Army and the
sailors of the Navy; the artisan who toils in the nation's workshops,
or the mechanics and laborers who build its edifices and construct
its forts and vessels of war, should, in payment of their just and
hard-earned dues, receive depreciated paper, while another class of
their countrymen, no more deserving, are paid in coin of gold and
silver. Equal and exact justice requires that all the creditors of the
Government should be paid in a currency possessing a uniform value.
This can only be accomplished by the restoration of the currency to the
standard established by the Constitution; and by this means we would
remove a discrimination which may, if it has not already done so, create
a prejudice that may become deep rooted and widespread and imperil the
national credit.

The feasibility of making our currency correspond with the
constitutional standard may be seen by reference to a few facts derived
from our commercial statistics.

The production of precious metals in the United States from 1849
to 1857, inclusive, amounted to $579,000,000; from 1858 to 1860,
inclusive, to $137,500,000, and from 1861 to 1867, inclusive, to
$457,500,000--making the grand aggregate of products since 1849
$1,174,000,000. The amount of specie coined from 1849 to 1857 inclusive,
was $439,000,000; from 1858 to 1860, inclusive, $125,000,000, and from
1861 to 1867, inclusive, $310,000,000--making the total coinage since
1849 $874,000,000. From 1849 to 1857, inclusive, the net exports of
specie amounted to $271,000,000; from 1858 to 1860, inclusive, to
$148,000,000, and from 1861 to 1867, inclusive, $322,000,000--making the
aggregate of net exports since 1849 $741,000,000. These figures show an
excess of product over net ex