except by positive action by Congress, or by national disasters which will destroy, for a time at least, the credit of the individual and the State at large.  A sound currency might be reached by total bankruptcy and discredit of the integrity of the nation and of individuals.  I believe it is in the power of Congress at this session to devise such legislation as will renew confidence, revive all the industries, start us on a career of prosperity to last for many years and to save the credit of the nation and of the people.  Steps toward the return to a specie basis are the great requisites to this devoutly to be sought for end.  There are others which I may touch upon hereafter.

A nation dealing in a currency below that of specie in value labors under two great disadvantages:  First, having no use for the world’s acknowledged medium of exchange, gold and silver, these are driven out of the country because there is no need for their use; second, the medium of exchange in use being of a fluctuating value—­for, after all, it is only worth just what it will purchase of gold and silver, metals having an intrinsic value just in proportion to the honest labor it takes to produce them—­a larger margin must be allowed for profit by the manufacturer and producer.  It is months from the date of production to the date of realization.  Interest upon capital must be charged, and risk of fluctuation in the value of that which is to be received in payment added.  Hence high prices, acting as a protection to the foreign producer, who receives nothing in exchange for the products of his skill and labor except a currency good, at a stable value, the world over It seems to me that nothing is clearer than that the greater part of the burden of existing prostration, for the want of a sound financial system, falls upon the working man, who must after all produce the wealth, and the salaried man, who superintends and conducts business.  The burden falls upon them in two ways—­by the deprivation of employment and by the decreased purchasing power of their salaries.  It is the duty of Congress to devise the method of correcting the evils which are acknowledged to exist, and not mine.  But I will venture to suggest two or three things which seem to me as absolutely necessary to a return to specie payments, the first great requisite in a return to prosperity.  The legal-tender clause to the law authorizing the issue of currency by the National Government should be repealed, to take effect as to all contracts entered into after a day fixed in the repealing act—­not to apply, however, to payments of salaries by Government, or for other expenditures now provided by law to be paid in currency, in the interval pending between repeal and final resumption.  Provision should be made by which the Secretary of the Treasury can obtain gold as it may become necessary from time to time from the date when specie redemption commences.  To this might and should be added a revenue sufficiently in excess of expenses to insure an accumulation of gold in the Treasury to sustain permanent redemption.