restored confidence, the money which has been frightened into hoarding
places is returned to trade and enterprise, a survey of the situation
will probably disclose a safe path leading to a permanently sound
currency, abundantly sufficient to meet every requirement of our
increasing population and business.

In the pursuit of this object we should resolutely turn away from
alluring and temporary expedients, determined to be content with nothing
less than a lasting and comprehensive financial plan. In these
circumstances I am convinced that a reasonable delay in dealing with
this subject, instead of being injurious, will increase the probability
of wise action.

The monetary conference which assembled at Brussels upon our invitation
was adjourned to the 30th day of November of the present year. The
considerations just stated and the fact that a definite proposition
from us seemed to be expected upon the reassembling of the conference
led me to express a willingness to have the meeting still further
postponed.

It seems to me that it would be wise to give general authority to the
President to invite other nations to such a conference at any time when
there should be a fair prospect of accomplishing an international
agreement on the subject of coinage.

I desire also to earnestly suggest the wisdom of amending the existing
statutes in regard to the issuance of Government bonds. The authority
now vested in the Secretary of the Treasury to issue bonds is not as
clear as it should be, and the bonds authorized are disadvantageous to
the Government both as to the time of their maturity and rate of