of surplus to spare to feed less favored peoples.  Therefore, with these facts in view, it seems to me that wise statesmanship, at this session of Congress, would dictate legislation ignoring the past; directing in proper channels these great elements of prosperity to any people.  Debt, debt abroad, is the only element that can, with always a sound currency, enter into our affairs to cause any continued depression in the industries and prosperity of our people.

A great conflict for national existence made necessary, for temporary purposes, the raising of large sums of money from whatever source attainable.  It made it necessary, in the wisdom of Congress—­and I do not doubt their wisdom in the premises, regarding the necessity of the times—­to devise a system of national currency which it proved to be impossible to keep on a par with the recognized currency of the civilized world.  This begot a spirit of speculation involving an extravagance and luxury not required for the happiness or prosperity of a people, and involving, both directly and indirectly, foreign indebtedness.  The currency, being of fluctuating value, and therefore unsafe to hold for legitimate transactions requiring money, became a subject of speculation within itself.  These two causes, however, have involved us in a foreign indebtedness, contracted in good faith by borrower and lender, which should be paid in coin, and according to the bond agreed upon when the debt was contracted—­gold or its equivalent.  The good faith of the Government can not be violated toward creditors without national disgrace.  But our commerce should be encouraged; American shipbuilding and carrying capacity increased; foreign markets sought for products of the soil and manufactories, to the end that we may be able to pay these debts.  Where a new market can be created for the sale of our products, either of the soil, the mine, or the manufactory, a new means is discovered of utilizing our idle capital and labor to the advantage of the whole people.  But, in my judgment, the first step toward accomplishing this object is to secure a currency of fixed, stable value; a currency good wherever civilization reigns; one which, if it becomes superabundant with one people, will find a market with some other; a currency which has as its basis the labor necessary to produce it, which will give to it its value.  Gold and silver are now the recognized medium of exchange the civilized world over, and to this we should return with the least practicable delay.  In view of the pledges of the American Congress when our present legal-tender system was adopted, and debt contracted, there should be no delay—­certainly no unnecessary delay—­in fixing by legislation a method by which we will return to specie.  To the accomplishment of this end I invite your special attention.  I believe firmly that there can be no prosperous and permanent revival of business and industries until a policy is adopted—­with legislation to carry it out—­looking to a