Ulysses S. Grant

It is the duty of Congress to devise the method of correcting the evils which are acknowledged to exist, and not mine.

I believe it is in the power of Congress at this session to devise such legislation as will renew confidence, revive all the industries, start us on a career of prosperity to last for many years and to save the credit of the nation and of…

It will never come, in my opinion, except by positive action by Congress, or by national disasters which will destroy, for a time at least, the credit of the individual and the State at large.

Yet every delay in preparation for final resumption partakes of this dishonesty, and is only less in degree as the hope is held out that a convenient season will at last arrive for the good work of redeeming our pledges to commence.

These propositions are too absurd to be entertained for a moment by thinking or honest people.

A revival of productive industry is needed by all classes; by none more than the holders of property, of whatever sort, with debts to liquidate from realization upon its sale.

I believe firmly that there can be no prosperous and permanent revival of business and industries until a policy is adopted--with legislation to carry it out--looking to a return to a specie basis.

In view of the pledges of the American Congress when our present legal-tender system was adopted, and debt contracted, there should be no delay--certainly no unnecessary delay--in fixing by legislation a method by which we will return to…

Gold and silver are now the recognized medium of exchange the civilized world over, and to this we should return with the least practicable delay.

Where a new market can be created for the sale of our products, either of the soil, the mine, or the manufactory, a new means is discovered of utilizing our idle capital and labor to the advantage of the whole people.

But our commerce should be encouraged; American shipbuilding and carrying capacity increased; foreign markets sought for products of the soil and manufactories, to the end that we may be able to pay these debts.

The good faith of the Government can not be violated toward creditors without national disgrace.

These two causes, however, have involved us in a foreign indebtedness, contracted in good faith by borrower and lender, which should be paid in coin, and according to the bond agreed upon when the debt was contracted--gold or its…

The currency, being of fluctuating value, and therefore unsafe to hold for legitimate transactions requiring money, became a subject of speculation within itself.

This begot a spirit of speculation involving an extravagance and luxury not required for the happiness or prosperity of a people, and involving, both directly and indirectly, foreign indebtedness.

Debt, debt abroad, is the only element that can, with always a sound currency, enter into our affairs to cause any continued depression in the industries and prosperity of our people.

Therefore, with these facts in view, it seems to me that wise statesmanship, at this session of Congress, would dictate legislation ignoring the past; directing in proper channels these great elements of prosperity to any people.

A third might be added: Our soil and climate are unequaled, within the limits of any contiguous territory under one nationality, for its variety of products to feed and clothe a people and in the amount of surplus to spare to feed less…

Two great elements of prosperity, therefore, have not been denied us.

Where labor has been wanted, it has been found in abundance, at cheap rates compared with what--of necessaries and comforts of life--could be purchased with the wages demanded.

Where security has been undoubted, capital has been attainable at very moderate rates.

During this prostration two essential elements of prosperity have been most abundant--labor and capital.

Since the convening of Congress one year ago the nation has undergone a prostration in business and industries such as has not been witnessed with us for many years.

I suggest for your consideration the enactment of a law to better secure the civil rights which freedom should secure, but has not effectually secured, to the enfranchised slave.

No possible danger can accrue to the Government by restoring them to eligibility to hold office.