the grander victories of peace.

The prosperity which now prevails is without parallel in our history.
Fruitful seasons have done much to secure it, but they have not done
all. The preservation of the public credit and the resumption of specie
payments, so successfully attained by the Administration of my
predecessors, have enabled our people to secure the blessings which the
seasons brought.

By the experience of commercial nations in all ages it has been found
that gold and silver afford the only safe foundation for a monetary
system. Confusion has recently been created by variations in the
relative value of the two metals, but I confidently believe that
arrangements can be made between the leading commercial nations which
will secure the general use of both metals. Congress should provide that
the compulsory coinage of silver now required by law may not disturb our
monetary system by driving either metal out of circulation. If possible,
such an adjustment should be made that the purchasing power of every
coined dollar will be exactly equal to its debt-paying power in all the
markets of the world.

The chief duty of the National Government in connection with the
currency of the country is to coin money and declare its value. Grave
doubts have been entertained whether Congress is authorized by the
Constitution to make any form of paper money legal tender. The present
issue of United States notes has been sustained by the necessities of
war; but such paper should depend for its value and currency upon its
convenience in use and its prompt redemption in coin at the will of the
holder, and not upon its compulsory circulation. These notes are not
money, but promises to pay money. If the holders demand it, the promise