is made to rest on an actual specie basis in order
to redeem the notes at the places of issue, produces no dangerous
redundancy of circulation, affords no temptation to speculation, is
attended by no inflation of prices, is equable in its operation, makes
the Treasury notes (which it may use along with the certificates of
deposit and the notes of specie-paying banks) convertible at the place
where collected, receivable in payment of Government dues, and without
violating any principle of the Constitution affords the Government and
the people such facilities as are called for by the wants of both. Such,
it has appeared to me, are its recommendations, and in view of them it
will be submitted, whenever you may require it, to your consideration.

I am not able to perceive that any fair and candid objection can be
urged against the plan, the principal outlines of which I have thus
presented. I can not doubt but that the notes which it proposes to
furnish at the voluntary option of the public creditor, issued in lieu
of the revenue and its certificates of deposit, will be maintained
at an equality with gold and silver everywhere. They are redeemable in
gold and silver on demand at the places of issue. They are receivable
everywhere in payment of Government dues. The Treasury notes are limited
to an amount of one-fourth less than the estimated annual receipts of
the Treasury, and in addition they rest upon the faith of the Government
for their redemption. If all these assurances are not sufficient to make
them available, then the idea, as it seems to me, of furnishing a sound
paper medium of exchange may be entirely abandoned.

If a fear be indulged that the Government may be tempted to run into
excess in its issues at any future day, it seems to me that no such
apprehension can reasonably be entertained until all confidence in the
representatives of the States and of the people, as well as of the
people themselves, shall be lost. The weightiest considerations of
policy require that the restraints now proposed to be thrown around the
measure should not for light causes be removed. To argue against any
proposed plan its liability to possible abuse is to reject every
expedient, since everything dependent on human action is liable
to abuse. Fifteen millions of Treasury notes may be issued as the
_maximum_, but a discretionary power is to be given to the board of
control under that sum, and every consideration will unite in leadin