There is not a mart of commerce, there is not a village in the whole country, that will not feel the change.

Like victory in the field of battle, it must be fought for and paid for.

And now, when victory seems within reach, when an improved currency is already begun, Senators hesitate in conceding those facilities without which victory is doubtful.

We spare nothing essential to our armies; we should spare nothing essential to our currency.

Men and money both are necessary; both must be cherished and protected with equal patriotic care.

But at this moment, when we are seeking to create a new currency, which shall be the foundation of national credit, and of national character too, I confess that I have little sympathy with anything that puts itself in the way.

The State banks have performed their task as agents of currency, and the time has come for them to abdicate,--or, if they do not abdicate, at least to conform to the new system.

I content myself with insisting, that, whatever the constitutional merits of this question, it is no longer expedient that States should be invested with the power.

The best interests of the whole country require it, especially at this time of national peril.

It is clear that the State banks are not competent to meet the crisis.

If it be said that in certain parts of the country, as in New England and New York, the State banks have performed good service, I reply, that, even admitting all that is claimed, the service is local and incomplete.

The present endeavor is to provide a remedy for this trouble by a comprehensive national system, discharging the function performed by the State banks, and embracing the whole country.

It is conceived in no hostility or unkindness to the State banks, but in a patriotic purpose to do what can be done to secure what all desire,--a national currency.

The State banks will be welcome to a place in the system, like State troops coming forward for the defence of the Republic; but they cannot be tolerated, if they stand aloof, or refuse to take the post assigned them.

At a moment of peril, when the Government is bending all its energies to save the national currency, a mutiny among State banks will be hardly less disastrous than a mutiny among State troops.

Let this be safe, and everything will be safe,--army, navy, and the whole national cause.

Such a currency will constitute an epoch in the history of the country,--ay, Sir, in the history of the world.

But the present Secretary of the Treasury, when the new system is at last triumphant over all obstacles, including the mutiny of State banks and the lukewarmness of Senators, may boast that he has given a currency to his country.

Next after the great gift of human freedom there is nothing greater he could give,--nothing that comes home so completely to the business and bosoms of the people, rich and poor, throughout our wide-spread empire.

An improved currency is like sunshine, penetrating every corner of the land, under which commerce, business, comfort, civilization, life itself, will put forth blossom and fruit.

In itself it is a present daily victory,--fruitful parent of victory everywhere.

Such is the object proposed,--important at any time, inconceivably important at this moment.

And the question recurs, Are you for a national, life-giving currency, or are you for the State banks?

You cannot be for both; one must yield to the other.

Seeing the object before us, he raises no question of State rights, presents no claim of State taxation, makes no plea for State banks.