It must be taken as a whole; and therefore the effect of amending this proposition will be simply to destroy it.

The only question before the Senate now is, whether this is a fair compromise between the ideas that have divided the people of this country and the Members of the Senate; whether it will surely improve our currency while giving the relief…

The United States notes, although they are very popular, and justly so, in this country, are at this moment inconvertible; they are irredeemable, and they are depreciated.

They have been legally inconvertible since July 1, 1863, and practically inconvertible since the close of the war; that is, the government refuses to receive them, either in payment of customs or in payment at par of any bond of the United…

They have depreciated almost from the date of their issue, at one time being worth only forty cents in gold, and to-day only worth ninety cents.

It is equally true that any contraction of this currency, any withdrawal of the amount of it, is undoubtedly an appreciation of its value, making it nearer and nearer to the standard of gold.

This is so plain a proposition that it is not necessary to discuss it; and the whole people of the country understand it; the plainest and simplest people understand it as well as the wisest.

Those who desire to increase prices, to start and put in operation new enterprises, desire an increase of the currency without any plan of redemption.

Those, on the other hand, who want to get back to the specie standard, to appreciate the value of these notes, desire to withdraw them, get them out of the way, or give new uses and new values to them so as to advance them nearer and…

So far as the United States are concerned, they are all debts of the United States which we are bound to pay, whether they have been issued legally or illegally.

I do not understand even my friend from Delaware to dispute the duty and obligation of the United States to pay these notes, even if they have been illegally issued.

This section is an honest effort to deal with the great problem of redemption.

Every Senator who has spoken contemplates that a time must come when all the United States notes must be redeemed in coin.

The public faith of the United States is so pledged.

The notes were issued with the understanding that they should be paid in coin.

No man could survive politically in this country who would declare that it was his purpose never to pay these notes in coin.

I say that now, nine years after the close of our Civil War, twelve years after these notes have been authorized and issued, five years after the dominant party has declared its purpose to pay them at the earliest day practicable, there…

The United States ought to do something toward the fulfillment of that pledge and the performance of that duty.

There must be something very peculiar in the condition of our country that will justify a longer delay; a longer procrastination in the performance of this solemn pledge, this public policy--our own political obligation.

Are we prepared now to fix a day when we will pay these notes in coin?

Because we cannot accomplish all that we have agreed to do in a given time, does that relieve us from the necessity of progressing in that direction?

When we have before us a long journey that will take months to pass, perhaps years, shall we delay starting on that journey because we cannot reach the end of it in a year or two?

I therefore say that the time has arrived this moment when the United States ought to do something to advance its notes to the specie standard.

That pledge we cannot now violate; and I never have yet been able to bring my mind to the consideration of any proposition whatever which would ever shock or excite the fear of the public creditors in that respect.

I worked hard that winter, for hard work, I thought, was the way to fortune.