t. Sir, the light of
experience is the lamp of wisdom. I can recall no case of successful
resumption where a fixed future time has not been presented
beforehand, either by law or agreement; while the historical examples
of repudiation of currency have come by the drifting process, by
a gradual decline of value, by increased issues, and a refusal to
provide measures of redemption, until the whole mass disappeared,
dishonored and repudiated.

"This concurrence in the mode of resumption by so many governments
was the strongest possible instruction to Congress when fixing a
plan of resumption for the United States, and should satisfy
reasonable men of its wisdom.

"Besides, it would seem to be but fair that everyone should have
plain notice of so important a fact. If the measures only were
presented and no time fixed it would be a matter of speculation,
and the discretionary powers of the Secretary of the Treasury could
be exercised with a view to hasten or postpone the time to the
injury of individuals.

"As to the date selected, I can only repeat it was placed as remote
as any one suggested; far more so than is necessary to secure the
object, and so that the fluctuations of value will scarcely exceed
in four years what they have frequently been in a single year. It
allows ample time to arrange all the relations of debtor and
creditor, and to enable Congress to provide any additional measure
in aid of redemption, or, if events make it expedient, to postpone
the time."

CHAPTER XXVII.
MY CONFIDENCE IN THE SUCCESS OF RESUMPTION.
Tendency of Democratic Members of Both Houses to Exaggerate the
Evil Times--Debate Over the Bill to Provide for Issuing Silver Coin
in Place of Fractional Currency--The Coinage Laws of the United
States and Other Countries--Joint Resolution for the Issue of Silver
Coins--The "Trade Dollar" Declared Not to Be a Legal Tender--My
Views on the Free Coinage of Silver--Bill to Provide for the
Completion of the Washington Monument--Resolution Written by Me on
the 100th Anniversary of the Declaration of Independence--Unanimously
Passed in a Day by Both Houses--Completion of the Structure Under
the Act.

It seemed to be the policy of a majority of the Democratic Members
of both the Senate and the House to exaggerate the evils and
discouragements of the times, while in fact the people were rapidly
recovering from the results of the panic of 1873, and all branches
of industry were, to a greater