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
should be kept.

The refunding of the national debt at a lower rate of interest should
be accomplished without compelling the withdrawal of the national-bank
notes, and thus disturbing the business of the country.

I venture to refer to the position I have occupied on financial
questions during a long service in Congress, and to say that time and
experience have strengthened the opinions I have so often expressed on