and on the department of which you are
the executive head.

"But we had not the time to discuss fully some of those practical
questions that involve this financial policy, and I therefore now
take the liberty, in a more deliberate manner, to ask of you an
answer to questions, which might throw light upon the public mind
on these great interests, and allay the anxiety which pervades the
hearts of our people in reference to their future prospects of
business and employment, and show more clearly how the present
policy of the government in enforcing 'specie payments' by law and
carrying out the 'resumption act,' could be attended with any
_wholesome results to the financial interests_ of this country both
in the present and in the future.

"First. Can you resume in the presence of $645,000,000 of legal
tender and bank notes with what gold and silver you may have at
your command, without an actual shrinkage of this currency, either
on the part of the government or of the banks?

"Second. Can 'resumption' be maintained after the law has placed
a premium on coin, and virtually demonetized the paper, by rendering
its convertibility compulsory? In other words, can the present
'par value' of paper and coin be taken as an index that after the
law has thrown its whole weight in favor of coin, by making the
paper 'convertible,' the present equilibrium between the two can
still be maintained?

"Third. In connection with the fact that by purely commercial
laws, we have already arrived at specie payments, or the par between
coin and paper money, what good will it do to thrust the further
power of the law on the side of coin? How can we avoid placing
the paper at the mercy of those who will have control of the coin
--especially the paper of the national banks, whose chief credit
will consist in maintaining 'specie payments?'

"Fourth. After 'resumption,' how much money will the people have
with which to transact business, employ labor, enter into new
enterprises, and use 'cash payments' instead of 'inflating credit'
to a ruinous degree, as in times past, under the system of specie
payments, and convertibility by law?

"Fifth. It being the duty of Congress to make the necessary and
proper laws for carrying into execution a system of money, weights
and measures as the only means to regulate commerce with foreign
nations and among the several states, to provide as far as possible
an 'unfluctuating currency,' a steady measu