the beneficent purposes of our Government than a sound and stable
currency. Its exposure to degradation should at once arouse to activity
the most enlightened statesmanship, and the danger of depreciation in
the purchasing power of the wages paid to toil should furnish the
strongest incentive to prompt and conservative precaution.

In dealing with our present embarrassing situation as related to this
subject we will be wise if we temper our confidence and faith in our
national strength and resources with the frank concession that even
these will not permit us to defy with impunity the inexorable laws of
finance and trade. At the same time, in our efforts to adjust
differences of opinion we should be free from intolerance or passion,
and our judgments should be unmoved by alluring phrases and unvexed by
selfish interests.

I am confident that such an approach to the subject will result in
prudent and effective remedial legislation. In the meantime, so far as
the executive branch of the Government can intervene, none of the
powers with which it is invested will be withheld when their exercise
is deemed necessary to maintain our national credit or avert financial
disaster.

Closely related to the exaggerated confidence in our country's
greatness which tends to a disregard of the rules of national safety,
another danger confronts us not less serious. I refer to the prevalence
of a popular disposition to expect from the operation of the Government
especial and direct individual advantages.

The verdict of our voters which condemned the injustice of maintaining
protection for protection's sake enjoins upon the people's servants the