he war
to 1893, makes unreasonable and groundless any distrust either of our
financial ability or soundness; while the situation from 1893 to 1897
must admonish Congress of the immediate necessity of so legislating as
to make the return of the conditions then prevailing impossible.

There are many plans proposed as a remedy for the evil. Before we can
find the true remedy we must appreciate the real evil. It is not that
our currency of every kind is not good, for every dollar of it is good;
good because the Government's pledge is out to keep it so, and that
pledge will not be broken. However, the guaranty of our purpose to keep
the pledge will be best shown by advancing toward its fulfillment.

The evil of the present system is found in the great cost to the
Government of maintaining the parity of our different forms of money,
that is, keeping all of them at par with gold. We surely cannot be
longer heedless of the burden this imposes upon the people, even under
fairly prosperous conditions, while the past four years have
demonstrated that it is not only an expensive charge upon the
Government, but a dangerous menace to the National credit.

It is manifest that we must devise some plan to protect the Government
against bond issues for repeated redemptions. We must either curtail the
opportunity for speculation, made easy by the multiplied redemptions
of our demand obligations, or increase the gold reserve for their
redemption. We have $900,000,000 of currency which the Government by
solemn enactment has undertaken to keep at par with gold. Nobody is
obliged to redeem in gold but the Government. The banks are not required
to redeem in gold. The Government is obliged to keep equal with gold all
its outstanding currency and coin obligations, while its receipts are
not required to be paid in gold. They are paid in every kind of money
but gold, and the only means by which the Government can with certainty
get gold is by borrowing. It can get it in no other way when it most
needs it. The Government without any fixed gold revenue is pledged to
maintain gold redemption, which it has steadily and faithfully done,
and which, under the authority now given, it will continue to do.

The law which requires the Government, after having redeemed its United
States notes, to pay them out again as current funds, demands a constant
replenishment of the gold reserve. This is especially so in times of
business panic and when the revenues