t itself was adopted as a
remedy for existing financial evils, and especially to deal with
and prevent the recurrence of such a panic as that of 1873. I took
occasion, on the presentation of the resolution of the New York
Chamber of Commerce in favor of the resumption of specie payments,
at the time provided by the resumption act, to discuss the policy
of that measure more fully than I thought it expedient to do so
when, as a bill, it was pending in the previous Congress. This
speech was made in the Senate on the 6th of March, 1876. It was
the result of great labor and care, and was intended by me to be,
and I believe it is now, the best presentation I have ever been
able to offer in support of the financial policy of the government,
and especially in support of the resumption of specie payments.
I said:

"Mr. president, I have taken the unusual course of arresting the
reference to the committee of finance of the memorial of the Chamber
of Commerce of New York, in order to discuss, in an impersonal and
nonpartisan way, one of the questions presented by that memorial,
and one which now fills the public mind and must necessarily soon
occupy our attention. That question is, 'Ought the resumption act
of 1875 be repealed?' The memorial strongly opposes such repeal,
while other memorials, and notably those from the boards of trade
of New York and Toledo, advocate it. These opposing views are
supported in each House of Congress, and will, when our time is
more occupied than now, demand our vote.

"And, sir, we are forced to consider this question when the law it
is proposed to repeal is only commencing to operate, now, three
years before it can have full effect--during all which time its
operation will be under your eye and within your power--and while
the passions of men are heated by a presidential combat, when a
grave questions, affecting the interests of every citizen of the
United States, will be influenced by motives entirely foreign to
the merits of the proposition. And the question presented is not
as to the best means of securing the resumption of a specie standard,
but solely whether the only measure that promises that result shall
be repealed. We know there is a wide and honest diversity of
opinion as to the agency and means to secure a specie standard.

"When any practicable scheme to that end is proposed I am ready to
examine it on its merits; but we are not considering the best mode
of doing the thin