vil which I hope will
receive your most earnest attention. It is a duty, and one of the
highest duties, of Government to secure to the citizen a medium of
exchange of fixed, unvarying value. This implies a return to a specie
basis, and no substitute for it can be devised. It should be commenced
now and reached at the earliest practicable moment consistent with a
fair regard to the interests of the debtor class. Immediate resumption,
if practicable, would not be desirable. It would compel the debtor
class to pay, beyond their contracts, the premium on gold at the date
of their purchase, and would bring bankruptcy and ruin to thousands.
Fluctuation, however, in the paper value of the measure of all values
(gold) is detrimental to the interests of trade. It makes the man of
business an involuntary gambler, for in all sales where future payment
is to be made both parties speculate as to what will be the value of
the currency to be paid and received. I earnestly recommend to you,
then, such legislation as will insure a gradual return to specie
payments and put an immediate stop to fluctuations in the value of
currency.

I still adhere to the views then expressed.

As early as December 4, 1865, the House of Representatives passed a
resolution, by a vote of 144 yeas to 6 nays, concurring "in the views
of the Secretary of the Treasury in relation to the necessity of a
contraction of the currency, with a view to as early a resumption of
specie payments as the business interests of the country will permit,"
and pledging "cooperative action to this end as speedily as possible."

The first act passed by the Forty-first Congress, [approved] on the 18th
day of March, 1869, was as follows:

AN ACT to strengthen the public credit.

_Be it enacted, etc._, That in order to remove any doubt as to the
purpose of the Government to discharge all just obligations to the
public creditors, and to settle conflicting questions and
interpretations of the law by virtue of which such obligations have
been contracted, it is hereby provided and declared that the faith of
the United States is solemnly pledged to the payment in coin or its
equivalent of all the obligations of the United States not bearing
interest, known as United States notes, and all the interest-bearing
obligations of the United States, except in cases where the law
authorizing the issue of any such obligation has express