amount of the latter, always easily ascertainable, and, of course,
always generally known, would not be likely to be increased beyond
the real wants of business.

'He expresses an opinion in favor of this plan with the greater
confidence, because it has the advantage of recommendation from
experience. It is not an untried theory. In the State of New York,
and in one or more of the other States, it has been subjected, in
its most essential parts, to the test of experiment, and has been
found practicable and useful. The probabilities of success will not
be diminished but increased by its adoption under national sanction
and for the whole country.

'It only remains to add that the plan is recommended by one other
consideration, which, in the judgment of the Secretary, is entitled
to much influence. It avoids almost, if not altogether, the evils
of a great and sudden change in the currency by offering
inducements to solvent existing institutions to withdraw the
circulation issued under State authority, and substitute that
provided by the authority of the Union. Thus, through the voluntary
action of the existing institutions, aided by wise legislation, the
great transition from a currency heterogeneous, unequal, and
unsafe, to one uniform, equal, and safe, may be speedily and almost
imperceptibly accomplished.

'If the Secretary has omitted the discussion of the question of the
constitutional power of Congress to put this plan into operation,
it is because no argument is necessary to establish the proposition
that the power to regulate commerce and the value of coin includes
the power to regulate the currency of the country, or the
collateral proposition that the power to effect the end includes
the power to adopt the necessary and expedient means.

'The Secretary entertains the hope that the plan now submitted, if
adopted with the limitations and safeguards which the experience
and wisdom of senators and representatives will, doubtless,
suggest, may impart such value and stability to Government
securities that it will not be difficult to obtain the additional
loans required for the service of the current and the succeeding
year at fair and reasonable rates; especially if the public credit
be supported by sufficient and certain provision f