Nearly all the statesmen of that time believed it was necessary to have a national currency in some form, but there was a part in the country that believed the only true national currency was gold and silver coin.

In 1837 their notes were in the hands of the people, depreciated and dishonored, if not entirely worthless.

Therefore, I thought wisely, the sub-treasury system was adopted, by which gold and silver coin was the only money received or paid out by the government.

I also stated that if peace were restored to our country, we ought, as soon as possible, to go back to the basis of gold and silver coin, but, in the meantime, we must meet the exigencies of the hour.

All nations in the midst of great wars have been compelled to resort to paper money.

It was only by the use of paper money that England maintained her wars with Napoleon.

Congress has the power to regulate commerce; Congress has the power to borrow money, which involves the power to emit bills of credit; Congress has the power to regulate the value of coin.

When, by the force of circumstances beyond our control, the national coin disappears, either because of war or of other circumstances, Congress alone must furnish the substitute.

No state has the power to interfere with this exclusive authority in Congress to regulate the national currency, or, in other words, to provide a substitute for the national coin.

With this multiplicity of banks, depending upon different organizations, it was impossible to have a uniform national currency, for its value was constantly affected by their issues.

Whenever a failure occurred, such as that of the Ohio Life Insurance and Trust Company, it operated like a panic in a disorganized army; all of the banks closed their doors at once and suspended specie payments.

I called attention to the loss to the people by counterfeiting, which could not be avoided when we had such a multitude of banks.

By the substitution of national currency we substantially could lose nothing by counterfeiting.

With a national currency, uniform and equal throughout the country, this cost for exchange would not exist or would be greatly reduced.

A disordered currency is one of the greatest of political evils.

It undermines the virtues necessary for the support of the social system, and encourages propensities destructive of its happiness.

It wars against industry, frugality, and economy; and it fosters the evil spirits of extravagance and speculation.

Of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes them with paper money.

This is the most effectual of inventions to fertilize the rich man's field by the sweat of the poor man's brow.

Ordinary tyranny, oppression, excessive taxation, these bear lightly on the happiness of the mass of the community, compared with a fraudulent currency, and the robberies committed by depreciated paper.

Is not this a clear indication of the intent of the constitution to restrain the states, as well from establishing a paper circulation as from interfering with the metallic circulation?

I confess, Mr. president, that the more I reflect on this subject, the more clearly does my mind approach the conclusion that the creation of state banks, for the purpose and with the power of circulating paper, is not consistent with the…

I insisted that if there was no money in this country but United States notes, the process of funding would be going on day by day.

Such a currency would lead to the conversion of the notes into bonds, and by this process the people would absorb the national loan and enable him to carry on the government without any sacrifice to them.

We are now without any medium, and necessity, as well as patriotism and confidence, will make us all eager to receive treasury notes, if founded on specific taxes.