The country is suffering from industrial
disturbances from which speedy relief must be had. Our financial system
needs some revision; our money is all good now, but its value must not
further be threatened. It should all be put on an enduring basis, not
subject to easy attack, nor its stability to doubt or dispute. Our
currency should continue under the supervision of the Government.
The several forms of our paper money offer, in my judgment, a constant
embarrassment to the Government and a safe balance in the Treasury.
Therefore I believe it necessary to devise a system which, without
diminishing the circulating medium or offering a premium for its
contraction, will present a remedy for those arrangements which,
temporary in their nature, might well in the years of our prosperity
have been displaced by wiser provisions. With adequate revenue secured,
but not until then, we can enter upon such changes in our fiscal laws as
will, while insuring safety and volume to our money, no longer impose
upon the Government the necessity of maintaining so large a gold
reserve, with its attendant and inevitable temptations to speculation.
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