ars after a greater war, of grander
proportions, in which, not merely foreign domination threatened
us, but the very existence of our nation was at stake, and after
our cause has been blessed with unexampled success, with a country
teeming with wealth, with our credit equal to that of any nation,
we are debating whether we will redeem our promises, according to
their legal tenor and effect, or whether we will refuse to do so
and repeal and cancel them.

"I would invoke, in the consideration of this question, the example
of those who won our independence and preserved it to us, to inspire
us so to decide this question that those who come after us may
point to our example of standing by the public faith now solemnly
pledged, even though to do so may not run current with the temporary
pressure of the hour, or may entail some sacrifice and hardship.

"What then is the law it is proposed to repeal? I will state its
provisions fully in detail, but the main proposition--the essential
core of the whole--is the promise, to which the public faith is
pledged, that the United States will redeem in gold coin any of
its notes that may be presented to the treasury on and after the
1st day of January, 1879. This is the vital object of the law.
It does not undertake to settle the nature of our paper money after
than, whether it shall be reissued again, whether it shall thereafter
be a legal tender, nor whether it shall or shall not supersede bank
notes. All this is purposely left to the future. But it does say
that on and after that day the United States note promising to pay
one dollar shall be equal to the gold dollar of the mint.

"The questions then arise--

"First. Ought this promise be performed?
"Second. Can we perform it?
"Third. Are the agencies and measures prescribed in the law
sufficient for the purpose?
"Fourth. If not, what additional measures should be executed?

"Let us consider these questions in their order, with all the
serious deliberation that their conceded importance demands.

"And first, ought this promise be fulfilled?

"To answer this we must fully understand the legal and moral
obligations contained in the notes of the United States. The
purport of the note is as follows:

'THE UNITED STATES PROMISES TO PAY THE BEARER ONE DOLLAR.'

"This note is a promise to pay one dollar. The legal effect of
this note has been announced by the unanimous opinion of the Supreme
Court of the Uni