which began in September, 1873, still continues. It is very gratifying,
however, to be able to say that there are indications all around us of
a coming change to prosperous times.

Upon the currency question, intimately connected, as it is, with this
topic, I may be permitted to repeat here the statement made in my
letter of acceptance, that in my judgment the feeling of uncertainty
inseparable from an irredeemable paper currency, with its fluctuation
of values, is one of the greatest obstacles to a return to prosperous
times. The only safe paper currency is one which rests upon a coin
basis and is at all times and promptly convertible into coin.

I adhere to the views heretofore expressed by me in favor of
Congressional legislation in behalf of an early resumption of specie
payments, and I am satisfied not only that this is wise, but that the
interests, as well as the public sentiment, of the country imperatively
demand it.

Passing from these remarks upon the condition of our own country to
consider our relations with other lands, we are reminded by the
international complications abroad, threatening the peace of Europe,
that our traditional rule of noninterference in the affairs of foreign
nations has proved of great value in past times and ought to be
strictly observed.

The policy inaugurated by my honored predecessor, President Grant, of
submitting to arbitration grave questions in dispute between ourselves
and foreign powers points to a new, and incomparably the best,
instrumentality for the preservation of peace, and will, as I believe,
become a beneficent example of the course to be pursued in similar