An adequate gold reserve is in all circumstances absolutely essential to the upholding of our public credit and to the maintenance of our high national character.
Editor's note · Context
Message to Congress on the Need for Action to Restore Confidence in Financial Soundness
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The bond directed to be given by this bill would afford the Government no protection, since it only provides against repayment of the bond in the future, whereas the payment we should suffer from has already been made.
It is well known that the business of insurance is entered upon with the expectation that the premiums received will pay all losses and yield a profit to the insurance in addition.
I regret that I am constrained to disapprove an important appropriation bill so near the close of the present session of Congress.
I transmit herewith a treaty for the arbitration of all matters in difference between the United States and Great Britain.





