e payable in gold. The interest of labor and capital, of
the banks, the Government, and the people, would for the first time
become inseparably united and consolidated. This is a grand result, and
fraught with momentous consequences to the country. Every citizen,
whether a stockholder of the banks or not, would have a direct and
incalculable interest in their success and prosperity. They, the people,
would have this interest, not merely as holding the notes of the banks,
which would become our currency, but because the banks would hold the
stock of the Government, would have loaned it in this way the money to
suppress the rebellion, and thus have saved us from a redundant and
depreciated currency, from inevitable bankruptcy and repudiation, and
have prevented the overthrow of the Union. Each bank would then become a
citadel over which should float the flag of the Union, for each bank
would then become a powerful auxiliary for the support of the Government
and the overthrow of the rebellion.

The bill divorcing the banks and the Government was drawn by me, as
Secretary of the Treasury, in 1846, to enlarge the circulation of
specie, and restrain excessive issues of bank paper. I go for the
reunion now, as proposed by the Secretary, to enable the Government to
effect loans upon their stock, to prevent a redundant and depreciated
paper currency, with a correspondent increase of expenditures, and to
provide the means, when the war is over, to resume specie payment at the
earliest practicable period. I was for restraining excessive paper
issues then, and so am I now, as far as possible. I carried into full
effect then the divorce of the Government and the banks, against a
terrible opposition from them and the great Whig party. I made the
divorce complete, _a vinculo matrimonii_: so now I would make the union
complete, so far as proposed by the Secretary, for the interest of the
banks and the Government would be united, and just as you strengthened
the banks and increased their capital and profits, would you fund more
and more treasury notes, and save us from the ruin of a redundant and
depreciated currency.

The Secretary proposes to make these banks depositories of treasury
notes, received by the Government for all dues except customs. This is
well; for to use the sub-treasury to receive and circulate treasury
notes, is against the object for which it was created. Such deposits
should be secured by U. S. stocks with the Gov