Variableness must ever be the characteristic of a currency of which the precious metals are not the chief ingredient, or which can be expanded or contracted without regard to the principles that regulate the value of those metals as a standard in the general trade of the world.
Jackson warns that a currency lacking precious metals will always be unstable and variable.
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I communicate to Congress printed copies of the treaty of peace and commerce between the United States and the Empire of Morocco, concluded at Meccanez on the 16th day of September last, and duly ratified by the respective Governments.
The power, however, is in your hands, and the remedy must and will be applied if you determine upon it.
I transmit a report * from the Secretary of State, together with the documents by which it was accompanied.
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