re a gradual return to specie payments and put
an immediate stop to fluctuations in the value of currency.

The methods to secure the former of these results are as numerous as are
the speculators on political economy. To secure the latter I see but one
way, and that is to authorize the Treasury to redeem its own paper, at
a fixed price, whenever presented, and to withhold from circulation all
currency so redeemed until sold again for gold.

The vast resources of the nation, both developed and undeveloped, ought
to make our credit the best on earth. With a less burden of taxation
than the citizen has endured for six years past, the entire public debt
could be paid in ten years. But it is not desirable that the people
should be taxed to pay it in that time. Year by year the ability to pay
increases in a rapid ratio. But the burden of interest ought to be
reduced as rapidly as can be done without the violation of contract.
The public debt is represented in great part by bonds having from five
to twenty and from ten to forty years to run, bearing interest at the
rate of 6 per cent and 5 per cent, respectively. It is optional with the
Government to pay these bonds at any period after the expiration of the
least time mentioned upon their face. The time has already expired when
a great part of them may be taken up, and is rapidly approaching when
all may be. It is believed that all which are now due may be replaced by
bonds bearing a rate of interest not exceeding 4-1/2 per cent, and as
rapidly as the remainder become due that they may be replaced in the
same way. To accomplish this it may be necessary to authorize the
interest to be paid at either of three or four of the money centers
of Europe, or by any assistant treasurer of the United States, at
the option of the holder of the bond. I suggest this subject for the
consideration of Congress, and also, simultaneously with this, the
propriety of redeeming our currency, as before suggested, at its market
value at the time the law goes into effect, increasing the rate at which
currency shall be bought and sold from day to day or week to week, at
the same rate of interest as Government pays upon its bonds.

The subjects of tariff and internal taxation will necessarily receive
your attention. The revenues of the country are greater than the
requirements, and may with safety be reduced. But as the funding of
the debt in a 4 or a 4-1/2 per cent loan would reduce annual current
e