Discarding all such schemes as at once unworthy and unprofitable, let
us direct our policy steadily, but not rashly, toward the resumption of
specie payment. And when we have attained that end--easily attainable at
no distant day if the proper policy be pursued--we can all unite on some
honorable plan for the redemption of the Five-twenty bonds, and the
issuing instead thereof, a new series of bonds which can be more
favorably placed at a low rate of interest. When we shall have reached
the specie basis, the value of United States securities will be so high
in the money market of the world, that we can command our own terms. We
can then call in our Five-twenties according to the very letter and
spirit of the bond, and adjust a new loan that will be eagerly sought
for by capitalists, and will be free from those elements of discontent
that in some measure surround the existing Funded debt of the country.

"As to the particular measures of legislation requisite to hasten the
resumption of specie payment, gentlemen equally entitled to respect may
widely differ; but there is one line of policy conducive thereto on
which we all ought to agree; and that is on a serious reduction of the
government expenses and a consequent lightening of the burdens of
taxation. The interest-bearing debt of the United States, when
permanently funded, will not exceed twenty-one hundred millions of
dollars, imposing an annual interest of about one hundred and
twenty-five millions. Our other expenses, including War, Navy, the
Pension list, and the Civil list, ought not to exceed one hundred
millions; so that if we raise two hundred and fifty millions from
Customs and Internal Revenue combined, we should have twenty-five
millions annual surplus to apply to the reduction of the Public debt.
But to attain this end we must mend our ways, and practice an economy
far more consistent and severe than any we have attempted in the past.
Our Military peace establishment must be reduced one-half at least, and
our Naval appropriations correspondingly curtailed; and innumerable
leaks and gaps and loose ends, that have so long attended our government
expenditure, must be taken up and stopped. If such a policy be pursued
by Congress, neither the principal of the debt, nor the interest of the
debt, nor the annual expenses of government, will be burdensome to the
people. We can raise two hundred and fifty millions of revenue on the
gold basis, and at the same time ha