concur in, but can not comment on so fully
as I should like to do if space would permit, but will confine myself
to a few suggestions which I look upon as vital to the best interests
of the whole people--coining within the purview of "Treasury;" I mean
specie resumption. Too much stress can not be laid upon this question,
and I hope Congress may be induced, at the earliest day practicable,
to insure the consummation of the act of the last Congress, at its
last session, to bring about specie resumption "on and after the 1st of
January, 1879," at furthest. It would be a great blessing if this could
be consummated even at an earlier day.

Nothing seems to me more certain than that a full, healthy, and
permanent reaction can not take place in favor of the industries and
financial welfare of the country until we return to a measure of values
recognized throughout the civilized world. While we use a currency not
equivalent to this standard the world's recognized standard, specie,
becomes a commodity like the products of the soil, the surplus seeking
a market wherever there is a demand for it.

Under our present system we should want none, nor would we have any,
were it not that customs dues must be paid in coin and because of the
pledge to pay interest on the public debt in coin. The yield of precious
metals would flow out for the purchase of foreign productions and leave
the United States "hewers of wood and drawers of water," because of
wiser legislation on the subject of finance by the nations with whom
we have dealings. I am not prepared to say that I can suggest the best
legislation to secure the end most heartily recommended. It will be a
source of great gratification to me to be able to approve any measure
of Congress looking effectively toward securing "resumption."

Unlimited inflation would probably bring about specie payments more
speedily than any legislation looking to redemption of the legal-tenders
in coin; but it would be at the expense of honor. The legal-tenders
would have no value beyond settling present liabilities, or, properly
speaking, repudiating them. They would buy nothing after debts were all
settled.

There are a few measures which seem to me important in this connection
and which I commend to your earnest consideration:

A repeal of so much of the legal-tender act as makes these notes
receivable for debts contracted after a date to be fixed in the act
itself, say not later than the 1st of Jan