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 return to a specie basis.  It is easy to conceive that the debtor and speculative classes may think it of value to them to make so-called money abundant until they can throw a portion of their burdens upon others.  But even these, I believe, would be disappointed in the result if a course should be pursued which will keep in doubt the value of the legal-tender medium of exchange.  A revival of productive industry is needed by all classes; by none more than the holders of property, of whatever sort, with debts to liquidate from realization upon its sale.  But admitting that these two classes of citizens are to be benefited by expansion, would it be honest to give it?  Would not the general loss be too great to justify such relief?  Would it not be just as honest and prudent to authorize each debtor to issue his own legal-tenders to the extent of his liabilities?  Than to do this, would it not be safer, for fear of overissues by unscrupulous creditors, to say that all debt obligations are obliterated in the United States, and now we commence anew, each possessing all he has at the time free from incumbrance?  These propositions are too absurd to be entertained for a moment by thinking or honest people.  Yet every delay in preparation for final resumption partakes of this dishonesty, and is only less in degree as the hope is held out that a convenient season will at last arrive for the good work of redeeming our pledges