vil spirit of extravagance and speculation. Of all contrivances
for cheating the laboring classes of mankind, none has been more
effectual than that which deluded them with paper money. Ordinary
tyranny, oppression, excessive taxation, these bear lightly upon
the happiness of the mass of the community, compared with the
fraudulent currencies and the robberies committed by depreciated
paper. Our own history has recorded for our instruction enough,
and more than enough, of the demoralizing tendency, the injustice,
and the intolerable oppression of the virtuous and well-disposed,
of a degraded paper currency authorized by law or in any way
countenanced by government.'

"Sir, we must meet this question of specie payments, not only
because the public honor is pledged to do so, but also for the
lesser reason that it is our interest to do so. The only questions
we should permit ourselves to discuss are the means and measures
of doing so.

"And now, sir, let us examine the reasons that have been given for
the repeal of the resumption act by those who, though favoring
resumption, yet think the act should be repealed for one or other
of the following reasons:

"First. That it is not advisable to fix a day for resumption.
"Second. Or at least until the balance of trade is in our favor.
"Third. That it produces a contraction of the currency.
"Fourth. That it injuriously adds to the burden of existing
debts.

"Let us glance at these objections.

"First. As to fixing a day for resumption.

"If it was possible to agree upon measures that would secure
resumption without fixing a time, I agree it would not be indispensable,
though not unadvisable, to fix a time; but such agreement is utterly
impossible. Of the multitude of schemes that have been presented
to me by intelligent men trying to solve this problem, many could
have been selected that in my opinion would be practicable; but of
all of them not one ever has or is likely to secure the assent of
a majority of a body so numerous as Congress. One difficulty we
have encountered is that the Democratic party, though in the
minority, has never presented in any form, through any leading
member, a plan for resumption, but with widely differing opinions
has joined in opposing any and every measure from the other side.
I understand from the papers that our Democratic friends, through
a caucus, and through a caucus committee of which my colleague is
chairman, have