ance of a steam carrying marine under the flag of the United
States.

Fourthly. The establishment of an uniform currency basis for the
countries of America, so that the coined products of our mines may
circulate on equal terms throughout the whole system of commonwealths.
This would require a monetary union of America, whereby the output of
the bullion-producing countries and the circulation of those which
yield neither gold nor silver could be adjusted in conformity with
the population, wealth, and commercial needs of each. As many of the
countries furnish no bullion to the common stock, the surplus production
of our mines and mints might thus be utilized and a step taken toward
the general remonetization of silver.

To the accomplishment of these ends, so far as they can be attained
by separate treaties, the negotiations already concluded and now in
progress have been directed; and the favor which this enlarged policy
has thus far received warrants the belief that its operations will ere
long embrace all, or nearly all, the countries of this hemisphere.

It is by no means desirable, however, that the policy under
consideration should be applied to these countries alone. The healthful
enlargement of our trade with Europe, Asia, and Africa should be sought
by reducing tariff burdens on such of their wares as neither we nor the
other American States are fitted to produce, and thus enabling ourselves
to obtain in return a better market for our supplies of food, of raw
materials, and of the manufactures in which we excel.

It seems to me that many of the embarrassing elements in the great
national conflict between protection and free trade may thus be turned
to good account; that the revenue may be reduced so as no longer to
overtax the people; that protective duties may be retained without
becoming burdensome; that our shipping interests may be judiciously
encouraged, the currency fixed on firm bases, and, above all, such an
unity of interests established among the States of the American system
as will be of great and ever-increasing advantage to them all.

All treaties in the line of this policy which have been negotiated
or are in process of negotiation contain a provision deemed to be
requisite under the clause of the Constitution limiting to the House of
Representatives the authority to originate bills for raising revenue.

On the 29th of February last[23] I transmitted to the Congress the
first annual report of