remains for examination. Its principal
features are, (1st) a circulation of notes bearing a common
impression and authenticated by a common authority; (2d) the
redemption of these notes by the associations and institutions to
which they may be delivered for issue; and (3d) the security of
that redemption by the pledge of the United States stocks, and an
adequate provision of specie.

'In this plan the people, in their ordinary business, would find
the advantages of uniformity in currency; of uniformity in
security; of effectual safeguard, if effectual safeguard is
possible, against depreciation; and of protection from losses in
discount and exchanges; while in the operations of the Government
the people would find the further advantage of a large demand for
Government securities, of increased facilities for obtaining the
loans required by the war, and of some alleviation of the burdens
on industry through a diminution in the rate of interest, or a
participation in the profit of circulation, without risking the
perils of a great money monopoly.

'A further and important advantage to the people may be reasonably
expected in the increased security of the Union, springing from the
common interest in its preservation, created by the distribution of
its stocks to associations throughout the country, as the basis of
their circulation.

'The Secretary entertains the opinion that if a credit circulation
in any form be desirable, it is most desirable in this. The notes
thus issued and secured would, in his judgment, form the safest
currency which this country has ever enjoyed; while their
receivability for all Government dues, except customs, would make
them, wherever payable, of equal value, as a currency, in every
part of the Union. The large amount of specie now in the United
States, reaching a total of not less than two hundred and
seventy-five millions of dollars, will easily support payments of
duties in coin, while these payments and ordinary demands will aid
in retaining this specie in the country as a solid basis both of
circulation and loans.

'The whole circulation of the country, except a limited amount of
foreign coin, would, after the lapse of two or three years, bear
the impress of the nation whether in coin or notes; while the