andard.

"First, I present to you the pledge of the United States to pay
these notes in coin 'at the earliest practicable period.' In the
'act to strengthen the public credit,' passed on the 18th day of
March, 1869, I find this obligation:

'And the United States also solemnly pledges its public faith to
make provision, at the earliest practicable period, for the redemption
of the United States notes in coin.'

* * * * *

"The Congress of the United States, in order to put into form its
sense of this obligation, passed the act 'to strengthen the public
credit,' and the last and most important clause of this act is the
promise which I have just read, that these notes should be paid,
'at the earliest practicable period,' in coin.

* * * * *

"On the day we made that promise, the 18th of March, 1869, the
greenbacks, the notes of the United States, were worth 753/4 cents
in gold; or in other words, gold was at a premium of thirty-two
per cent. . . . What was the result? After you enacted that law--
the faith of the people of the United States that you would redeem
this pledge--the value of your greenbacks advanced, not rapidly,
but gradually, and in one year, to within twelve per cent. of par
in gold.

* * * * *

"Mr. president, we see, then, the effect of this promise. And I
here come to what I regard as a painful feature to discuss--how
have we redeemed our promise? It was Congress that made it, in
obedience to the public voice; and no act of Congress ever met with
a more hearty and generous approbation. But I say to you, with
sorrow, that Congress has done no single act the tendency of which
has been to advance the value of these notes to a gold standard;
and I shall make that clearer before I get through. Congress made
this promise five years ago. The people believed it and business
men believed it. Four years have passed away since then, and your
dollar in greenbacks is worth no more to-day than it was on the
18th of March, 1870; and no act of yours has even tended to advance
the value of that greenback to par in gold, while every affirmative
act of yours since that time has tended to depreciate its value
and to violate your promise.

* * * * *

"Every bond that was issued was issued only upon the sacred pledge
contained in this act, that the interest of that bond should be
paid in coin; and the principal should be paid, when due, in coin.
The fifth section of the act provides that all duties on