Interest could thus be saved on so much of the public debt as could be conveniently maintained in permanent circulation, leaving to national banks the proper business of such corporations, of providing currency for the varying changes, the…

To meet this contingency, it would seem to be right to maintain the legal tender quality of the United States notes.

If they were not at par with coin it was the fault of the government and not of the debtor, or, rather, it was the result of unforseen stringency not contemplated by the contracting parties.

In establishing a system of paper money, designed to be permanent, I said it should be remembered that theretofore no expedient had been devised, either in this or other countries, that in times of panic or adverse trade had prevented the…

Laws might forbid or ignore such a contingency, but it would come; and when it came it could not be resisted, but had to be acknowledged and declared, to prevent unnecessary sacrifice and ruin.

In our free government the power to make this declaration would not be willingly intrusted to individuals, but should be determined by events and conditions known to all.

In other times the general confidence in these notes would maintain them at par in coin, and justify their use as reserves of banks and for the redemption of bank notes.

With such legislative provisions as would maintain its current value at par with gold, its issue was recommended by me.

It had been the careful study of statesmen for many years to secure a bimetallic currency not subject to the changes of market value, and so adjusted that both kinds could be kept in circulation together, not alternating with each other.

By limiting tokens, silver, and paper money, to the amount needed for business, and promptly receiving or redeeming all that might at any time be in excess, all these forms of money could be kept in circulation, in large amounts, at par…

If the market value of the silver in it was less than that of gold coin of the same denomination, and it was issued in unlimited qualities, and made a legal tender for all debts, it would demonetize gold and depreciate our paper money.

The 2nd Congress undertook to establish the ratio of fifteen of silver to one of gold, with free coinage of both metals.

By this ratio gold was under-valued, as one ounce of gold was worth more in the markets of the world than fifteen ounces of silver, and gold, therefore, was exported.

To correct this, in 1837, the ratio was fixed at sixteen to one, but sixteen ounces of silver were worth, in the market, more than one ounce of gold, so that silver was demonetized.

By that act a new, and it was believed a permanent, policy was adopted to secure the simultaneous circulation of both silver and gold coins in the United States.

Though the silver in this coin was then worth in the market 3.13 cents on the dollar less than gold coin, yet its convenience for use in change, its issue by the government only in exchange for, and its practical convertibility into, gold…

Was it worth while to travel again the round of errors, when experience had demonstrated that both metals could only be maintained in circulation together by adhering to the policy of 1853?

Had not the coinage act of 1873 passed, the United States would have been compelled to suspend the free coinage of silver dollars, as the Latin nations were, or to accept silver as the sole coin standard of value.

If used in paying the interest on the public debt, the grave questions then presented would arise with public creditors, seriously affecting the public credit.

Market value was fixed by the world, and not by the United States alone, and was affected by the whole mass of silver in the world.

As the enormous and continuous demand for silver in Asia had not prevented the fall of silver, it was not likely that the limited demand for silver coin in this country, where paper money then was, and would be, the chief medium of…

Either expedient would do greater harm to the public at large than any possible benefit to debtors.

The free coinage of silver would also impair the pledge made of the customs duties, by the act of February, 1862, for payment of the interest of the public debt.

The policy adhered to of collecting these duties in gold coin, had been the chief cause of upholding and advancing the public credit, and making it possible to lessen the burden of interest by the process of refunding.

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