n be most surely and safely maintained at the point of certain
convertibility into coin. If, temporarily, these associations
redeem their issues with United States notes, resumption of specie
payments will not thereby be delayed or endangered, but hastened
and secured; for, just as soon as victory shall restore peace, the
ample revenue, already secured by wise legislation, will enable the
Government, through advantageous purchases of specie, to replace at
once large amounts, and, at no distant day, the whole, of this
circulation by coin, without detriment to any interest, but, on the
contrary, with great and manifest benefit to all interests.

'The Secretary recommends, therefore, no mere paper money scheme,
but, on the contrary, a series of measures looking to a safe and
gradual return to gold and silver as the only permanent basis,
standard, and measure of values recognized by the
Constitution--between which and an irredeemable paper currency, as
he believes, the choice is now to be made.'

Congress, however, was still unwilling to adopt the recommendations of
the Secretary, until the necessity was demonstrated by the course of
events. On reference to the laws, which are printed in the Appendix, it
will be found, that the great features of the system of the Secretary
were as follows:

1. A loan to the Government upon its bonds reimbursable in twenty years,
but redeemable after five years, at the option of the nation, the
interest being six per cent., payable semi-annually in _coin_, as is
also the principal.

2. The issue of United States legal tender notes, receivable for all
dues to the nation except customs, and fundable in this United States
5--20 six per cent. stock.

3. The authorization of the banks recommended in his Report, whose
circulation would be secured not only by private capital, but by
adequate deposits of United States stock with the Government.

4. To maintain, in the meantime, as near to specie as practicable, this
Federal Currency,--1st, by making it receivable in all dues to the
Government except for customs; 2d, by the privilege of funding it in
United States stock; 3d, by enhancing the benefit of this privilege, not
only by making the stock, both principal and interest, payable in
specie, but by making it gradually the ultimate basis of our whole bank
circulation, which, as shown by the census tables before referre