return to a specie basis.  It is easy to conceive that the debtor and speculative classes may think it of value to them to make so-called money abundant until they can throw a portion of their burdens upon others.  But even these, I believe, would be disappointed in the result if a course should be pursued which will keep in doubt the value of the legal-tender medium of exchange.  A revival of productive industry is needed by all classes; by none more than the holders of property, of whatever sort, with debts to liquidate from realization upon its sale.  But admitting that these two classes of citizens are to be benefited by expansion, would it be honest to give it?  Would not the general loss be too great to justify such relief?  Would it not be just as honest and prudent to authorize each debtor to issue his own legal-tenders to the extent of his liabilities?  Than to do this, would it not be safer, for fear of overissues by unscrupulous creditors, to say that all debt obligations are obliterated in the United States, and now we commence anew, each possessing all he has at the time free from incumbrance?  These propositions are too absurd to be entertained for a moment by thinking or honest people.  Yet every delay in preparation for final resumption partakes of this dishonesty, and is only less in degree as the hope is held out that a convenient season will at last arrive for the good work of redeeming our pledges to commence.  It will never come, in my opinion, except by positive action by Congress, or by national disasters which will destroy, for a time at least, the credit of the individual and the State at large.  A sound currency might be reached by total bankruptcy and discredit of the integrity of the nation and of individuals.  I believe it is in the power of Congress at this session to devise such legislation as will renew confidence, revive all the industries, start us on a career of prosperity to last for many years and to save the credit of the nation and of the people.  Steps toward the return to a specie basis are the great requisites to this devoutly to be sought for end.  There are others which I may touch upon hereafter.

A nation dealing in a currency below that of specie in value labors under two great disadvantages:  First, having no use for the world’s acknowledged medium of exchange, gold and silver, these are driven out of the country because there is no need for their use; second, the medium of exchange in use being of a fluctuating value—­for, after all, it is only worth just what it will purchase of gold and silver, metals having an intrinsic value just in proportion to the honest labor it takes to produce them—­a larger margin must be allowed for profit by the manufacturer and producer.  It is months from the date of production to the date of realization.  Interest upon capital must be charged, and risk of fluctuation in the value of that which is to be received in payment added.  Hence high prices, acting as a protection to the foreign