We come now to consider what is necessary, in order to restore the currency of the United States to a specie footing.  This restoration is demanded alike by motives of justice and sound policy.  No contracts can be well entered into, unless the currency of the country is upon a substantial and permanent footing of redemption.  It is a matter which concerns every individual in the community; it is especially so to the General Government in view of its extraordinary expenditures:  and no commercial prosperity can be maintained without it.

A restoration of public and private credit can be accomplished only by an observance of those sound principles of finance that have been announced by the wise men of our own and other countries.  Mr. Alexander Hamilton, Mr. Gallatin, Mr. Jefferson, Mr. Madison, each in his turn advocated a national institution, by which the currency of the country could be placed upon a reliable and permanent footing.  Such an institution should control the currency and receive surplus capital on deposit; but need not interfere with the legitimate operations of the State banks as borrowers and lenders of money, nor encourage in the slightest degree, through loans, any speculative movements among the people.

In the next place our people must resort to and maintain more economy in their individual expenditure, and thus preserve a balance of foreign trade in our own favor.  It is shown that, during the fiscal year ending 30 June, 1860, there were imported into the United States goods, wholly manufactured, of the value of ... $166,073,000, partially manufactured, 62,720,000.

We can dispense with two thirds of such articles during our present national reverses, and rely upon our own domestic labor for similar products, viz.: 

Manufactures of Wool,                       $37,937,000
"        of Silk,                        32,948,000
"        of Cotton,                      32,558,000
"        of Flax,                        10,736,000
Laces and Embroideries,                       4,017,000
Gunny Cloths, Mattings,                       2,386,000
Clothing,                                     2,101,000
Iron, and Manufactures of Iron and Steel,    18,694,000
China and Earthenware,                        4,387,000
Clocks, Chronometers, Watches,                2,890,000
Boots, Shoes, and Gloves,                     2,230,000
Miscellaneous,                               15,189,000
-----------
166,073,000

besides other articles exceeding one hundred millions in value.

Rather than send abroad thirty or forty millions in gold annually, as we have done of late years, let us dispense with foreign woollen goods, silk and cotton goods, laces, &c., and encourage our own mills, at least until the war and its debt are over.

Mr. Madison said much in a few words, when he said: