fy
such relief? Would it not be just as honest and prudent to authorize
each debtor to issue his own legal-tenders to the extent of his
liabilities? Than to do this, would it not be safer, for fear of
overissues by unscrupulous creditors, to say that all debt obligations
are obliterated in the United States, and now we commence anew, each
possessing all he has at the time free from incumbrance? These
propositions are too absurd to be entertained for a moment by thinking
or honest people. Yet every delay in preparation for final resumption
partakes of this dishonesty, and is only less in degree as the hope is
held out that a convenient season will at last arrive for the good work
of redeeming our pledges to commence. It will never come, in my opinion,
except by positive action by Congress, or by national disasters which
will destroy, for a time at least, the credit of the individual and the
State at large. A sound currency might be reached by total bankruptcy
and discredit of the integrity of the nation and of individuals.
I believe it is in the power of Congress at this session to devise such
legislation as will renew confidence, revive all the industries, start
us on a career of prosperity to last for many years and to save the
credit of the nation and of the people. Steps toward the return to a
specie basis are the great requisites to this devoutly to be sought
for end. There are others which I may touch upon hereafter.

A nation dealing in a currency below that of specie in value labors
under two great disadvantages: First, having no use for the world's
acknowledged medium of exchange, gold and silver, these are driven out
of the country because there is no need for their use; second, the
medium of exchange in use being of a fluctuating value--for, after all,
it is only worth just what it will purchase of gold and silver, metals
having an intrinsic value just in proportion to the honest labor it
takes to produce them--a larger margin must be allowed for profit by the
manufacturer and producer. It is months from the date of production to
the date of realization. Interest upon capital must be charged, and
risk of fluctuation in the value of that which is to be received in
payment added. Hence high prices, acting as a protection to the foreign
producer, who receives nothing in exchange for the products of his skill
and labor except a currency good, at a stable value, the world over.
It seems to me that nothing is cleare