coin at all, but in
legal tenders; nor does the law fix a premium on coin as against
legal tenders, but simply requires an equality. Its convertibility
is not compulsory. It is upon the demand of the holder. The holder
is as likely to deposit the coin, if he has it, as to deposit the
notes for coin. The currency would rest upon the presumption that
all paper money rests upon, that its use and convenience and
convertibility will always keep it at par with coin.

"To your third question:

'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 the 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?'

"I have simply to say that we have only arrived at our present
position approaching specie payments by the accumulation of coin
in the treasury and by the gradual and slow reduction of the volume
of notes; and the very measures which have enabled us to reach so
near the specie standard, are necessary to be continued to enable
us to maintain resumption. If resumption is desirable, it cannot
be maintained by a repeal of the law, which requires resumption
and grants the necessary powers to prepare for it and to maintain
it.

"As to your fourth question:

'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?'

"It is answered, I think, by what I have said in reply to your
first question. We will have the United States notes, the bank
notes, and coin certificates, both gold and silver, together with
the gold and silver itself, all in circulation. The actual amount
of currency in circulation, I think, will be as large in specie
times as now, and its equality and convertibility will rather
increase than prevent the circulation of either. The depreciation
of paper money is not necessarily caused solely by its excess, but
by the uncertainty of its value and confidence in its redemption.

"In reply to your fifth question:

'It being the duty of Congress to make the necessary and p