ed
cost of coinage, arrest the refunding of the public debt, and impair
the public credit, with no apparent advantage to the people at
large.

I believed that all the beneficial results hoped for from a liberal
issue of silver coin could be secured by issuing this coin, in
pursuance of the general policy of the act of 1853, in exchange
for United States notes, coined from bullion purchased in the open
market, by the United States, and by maintaining it by redemption,
or otherwise, at par with gold coin. It could be made a legal
tender for such sums and on such contracts as would secure to it
the most general circulation. It could be easily redeemed in United
States notes and gold coin, and only reissued when demanded for
public convenience. If the essential quality of redeemability
given to the United States notes, bank bills, tokens, fractional
coins and currency, maintained them at par, how much easier it
would be to maintain the silver dollar, of intrinsic market value
nearly equal to gold, at par with gold coin, by giving to it the
like quality of redeemability. To still further secure a fixed
relative value of silver and gold, the United States might invite
an international convention of commercial nations. Even such a
convention, while it might check the fall of silver, could not
prevent the operation of that higher law which places the market
value of silver above human control. Issued upon the conditions
stated, I was of opinion that the silver dollar would be a great
public advantage, but that if issued without limit, upon the demand
of the owners of silver bullion, it would be a great public injury.

CHAPTER XXXII.
ENACTMENT OF THE BLAND-ALLISON SILVER LAW.
Amendments to the Act Reported by the Committee on Finance--Revival
of a Letter Written by Me in 1868--Explained in Letter to Justin
S. Morrill Ten Years Later--Text of the Bland Silver Bill as Amended
by the Senate and Agreed to by the House--Vetoed by President Hayes
--Becomes a Law Notwithstanding His Objections--I Decide to Terminate
the Existing Contract with the Syndicate--Subscriptions Invited
for Four per Cent. Bonds--Preparations for Resumption--Interviews
with Committees of Both Houses--Condition of the Bank of England
as Compared with the United States Treasury--Mr. Buckner Changes
His Views Somewhat.

The President's message supported and strengthened the position
taken by me both in favor of the policy of resumption and against
t