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Government sif the banks should resume
specie payments. The legal, as well as the
actual connection, must be severed. But l
am opposed TO all harsh or precipitate mea-
sures. No great process can be effected
without shock but through the agency OF
time. accordingly propose to allow time
for the final separation and with this view,
I have drawn up an amendment to this bill,
which l shall offer at the proper time, to mo-
dify the resolution of 1916, by providing
that after the 1st of January next, three
fourths of all sums due to the Government
may be received in the notes of specie pay
ing banks; and that after the 1st of Janua-
ry next following one-half; and after the 1st
of January next subsequent one-fourth and
after the lst of January thereafter nothing
but the legal currency of the United States,
or bills, notes, or paper issued under their
authority, and which may by law be author
lied to be received in their dues. If the
time is not thought to be ample, am per-
fectly disposed to extend it. The period
is of little importance in my eyes, so that
the object be effected.


In addition to this, it seems to me that
some measure, of a remedial character, con-
nected with the currency, ought to be adopt
ed to ease off the pressure while the process
is going through. 1t is desirable that the
Government should make as few and small
demands On the specie market as possible
during the time, so as to throw no impedi.
ment in the way of the resumption of spe-
Gle payments. With this view, am of the
impression that the sum necessary for the
present wants of the treasury should be raj
sed by paper, which should at the same
time have the requisite qualities to enable it
fr>r hn f.,ro of -. l..
tion. Under this impression, I object to the
interest to be allowed on the treasury notes,
which this bill authorizes to be issued, on
the very opposite ground that the Senator
from Massachusetts, bestows his approba-
ton. He approves of interest, because it
would throw them out of circulation into
the hands of capitalists, as convenient and
safe investment, and | disapprove because
it will have that effect. / am disposed to
ease off the process he, would suppose,
is very little solicitous on that point.


But l go farther. l am of the impress
sion, to make this great measure successful,
and secure it against reaction, some stable
and safe medium of circulation, to take the
place of bank notes in the fiscal operations of
the Government, ought to be issued. intend
to propose nothing. 1t would be impossible,
with so great weight of opposition, to
pass any measure without the entire sup
port of the administration, and, if it were,
it ought not to be attempted where so much
must depend on the mode of execution. The
best measure that could be devised might
fail, and impose heavy responsibility on its
author, unless it met with the hearty appro-
baton OF those who are to execute it. l,
then, intend merely to throw out sugges-
tions, in order to excite the reflection of
others on subject so delicate and of so
much Importance, acting on the principle
that it is the duty of all in so great juno
ture, to present their views without reserve.


1t is, then, my impression, that in the pre-
sent condition of the world, a paper curren-
cy in some form, if not necessary, is almost
indispensable, in financial and commercial
operations of civilized and extensive COM
munities. In many respects it has vast
superiority over metallic currency, especial
ly in great and extended transactions, by its
greater cheapness, ightness, and the facili-
ty of determining the amount. The great
desideratum is, to ascertain what descrip-
tion Of paper has the requisite qualities of
being free from fuctuation in value, and lia
bility to abuse in the greatest perfection. l
have shown, trust, that the bank notes do





ciently high for this purpose. l go farther.
1t appears to me, after bestowing the best
reflection can give the subject, that no
convertible paper, that is, no paper whose
credit rests upon promise to pay, is suita-
bic for currency. It is the form of credit
proper in private transactions between man
and man, but not for standard of value to
perform exchanges generally, which consti-
fufo tho functions of r,opou or
currency. The measure of safety in the
sorry note, or convertible paper is considered
safe, so long as the drawer has ample means
to meet his engagements, and in passing
from hand to hand, regard is had only to his
ability and willingness to pay: Very differ
ent is the case in currency. The aggregate
value of the currency of country necessa-
rily bears small proportion to the aggre-
gate value of its property. This proportion
ject to considerable variation in different
same country. 1t may be assumed conjec.
turalIy, in order to illustrate what say, a,
one to thirty. Assuming this proportion te
from the truth, it follows that in a sound
condition of the country where the currenc,
is metallic, the aggregate value of the coir
is not more than one in thirty of the aggre


gate value of the property. 1t also follows


that an increase in the amount of the cur


rency, by the addition of paper circulation
of no intrinsic value, but increases the nom


inal value Of the aggregate property Of the
country in the same proportion that the in


crease bears to the whole amount of curren


cy, SO that if the currency be doubled, the


nominal value of the property will also bt


doubled. Hence it is, that when the papel


currency of country is in the shape O


promissory notes, there is a constant tendenc.


to excess. We look for their safety to thu


ability of the drawer and SO long as hi