r than that the greater part of
the burden of existing prostration, for the want of a sound financial
system, falls upon the working man, who must after all produce the
wealth, and the salaried man, who superintends and conducts business.
The burden falls upon them in two ways--by the deprivation of employment
and by the decreased purchasing power of their salaries. It is the duty
of Congress to devise the method of correcting the evils which are
acknowledged to exist, and not mine. But I will venture to suggest two
or three things which seem to me as absolutely necessary to a return to
specie payments, the first great requisite in a return to prosperity.
The legal-tender clause to the law authorizing the issue of currency
by the National Government should be repealed, to take effect as to
all contracts entered into after a day fixed in the repealing act--not
to apply, however, to payments of salaries by Government, or for other
expenditures now provided by law to be paid in currency, in the interval
pending between repeal and final resumption. Provision should be made
by which the Secretary of the Treasury can obtain gold as it may become
necessary from time to time from the date when specie redemption
commences. To this might and should be added a revenue sufficiently in
excess of expenses to insure an accumulation of gold in the Treasury
to sustain permanent redemption.

I commend this subject to your careful consideration, believing that a
favorable solution is attainable, and if reached by this Congress that
the present and future generations will ever gratefully remember it as
their deliverer from a thraldom of evil and disgrace.

With resumption, free banking may be authorized with safety, giving the
same full protection to bill holders which they have under existing
laws. Indeed, I would regard free banking as essential. It would give
proper elasticity to the currency. As more currency should be required
for the transaction of legitimate business, new banks would be started,
and in turn banks would wind up their business when it was found that
there was a superabundance of currency. The experience and judgment of
the people can best decide just how much currency is required for the
transaction of the business of the country. It is unsafe to leave the
settlement of this question to Congress, the Secretary of the Treasury,
or the Executive. Congress should make the regulation under which banks
may exist, but shou