uses, however, have
involved us in a foreign indebtedness, contracted in good faith by
borrower and lender, which should be paid in coin, and according to the
bond agreed upon when the debt was contracted--gold or its equivalent.
The good faith of the Government can not be violated toward creditors
without national disgrace. But our commerce should be encouraged;
American shipbuilding and carrying capacity increased; foreign markets
sought for products of the soil and manufactories, to the end that
we may be able to pay these debts. Where a new market can be created
for the sale of our products, either of the soil, the mine, or the
manufactory, a new means is discovered of utilizing our idle capital and
labor to the advantage of the whole people. But, in my judgment, the
first step toward accomplishing this object is to secure a currency of
fixed, stable value; a currency good wherever civilization reigns; one
which, if it becomes superabundant with one people, will find a market
with some other; a currency which has as its basis the labor necessary
to produce it, which will give to it its value. Gold and silver are
now the recognized medium of exchange the civilized world over, and to
this we should return with the least practicable delay. In view of the
pledges of the American Congress when our present legal-tender system
was adopted, and debt contracted, there should be no delay--certainly
no unnecessary delay--in fixing by legislation a method by which we
will return to specie. To the accomplishment of this end I invite your
special attention. I believe firmly that there can be no prosperous
and permanent revival of business and industries until a policy is
adopted--with legislation to carry it out--looking to a return to a
specie basis. It is easy to conceive that the debtor and speculative
classes may think it of value to them to make so-called money abundant
until they can throw a portion of their burdens upon others. But even
these, I believe, would be disappointed in the result if a course should
be pursued which will keep in doubt the value of the legal-tender medium
of exchange. A revival of productive industry is needed by all classes;
by none more than the holders of property, of whatever sort, with debts
to liquidate from realization upon its sale. But admitting that these
two classes of citizens are to be benefited by expansion, would it be
honest to give it? Would not the general loss be too great to justi