e more plentiful
metal. An adjustment is required providing for the employment of
both metals--maintaining between them such fair equalization as would
not violently disturb the value of real property or of annual products,
and most important of all would secure a steadiness to the wages of
labor and a sound currency in which to recompense it. The supply of
both metals for two periods of sixteen years each (1850-1865 both
included and 1866-1881 both included) in the United States and in the
world at large may suggest some useful lessons.(3)

From the Silver Bill the public interest turned to the approaching day
of Specie Resumption, January 1, 1879. To the last month there had
been many doubters, but when the day came it was found that the
Treasury was fully prepared and the gold coin which had borne a premium
for the seventeen years of specie suspension was not now demanded even
by those who had been hoarding legal-tender notes for that express
purpose.

The result has proved that legislators and financiers were wisest who
had the largest faith in the resources of the nation. The legislation
proved to be adequate to the end in view, and resumption was achieved
with the least practicable disturbance of trade and the least
practicable depression to industry. The process of funding the debt
was of great assistance, as was the constant reduction of the
principal, which all the while drew our bonds from Europe and thus
reduced the amount due for foreign interest. The monthly charge for
interest had been in 1865 as high as $12,581,474.--a part payable in
paper. During the fiscal year ending with June, 1879, it was only
$6,981,148. It is obvious that from this source alone the Treasury
was greatly strengthened.

Generous credit was accorded to Secretary Sherman for the great
achievement. It seldom happens that the promoter of a policy in
Congress had the opportunity to carry it out in an Executive
Department. But Mr. Sherman was the principal advocate of the
Resumption Bill in the Senate, and during the two critical years
preceding the day for coin payment he was at the head of the Treasury
Department. He established a financial reputation not second to that
of any man in our history.

During the period of the Crimean war (1854-6), the mercantile marine of
the United States gained so rapidly that it approached equality with
that of England, in tonnage. But even before the calamities of our
civil war, a chang