In furtherance of the reform we seek, and in other important
respects a change of great importance, I recommend an amendment to
the Constitution prescribing a term of six years for the
Presidential office and forbidding a reelection.
With respect to the financial condition of the country, I shall
not attempt an extended history of the embarrassment and
prostration which we have suffered during the past three years.
The depression in all our varied commercial and manufacturing
interests throughout the country, which began in September, 1873,
still continues. It is very gratifying, however, to be able to say
that there are indications all around us of a coming change to
prosperous times.
Upon the currency question, intimately connected, as it is, with
this topic, I may be permitted to repeat here the statement made
in my letter of acceptance, that in my judgment the feeling of
uncertainty inseparable from an irredeemable paper currency, with
its fluctuation of values, is one of the greatest obstacles to a
return to prosperous times. The only safe paper currency is one
which rests upon a coin basis and is at all times and promptly
convertible into coin.
I adhere to the views heretofore expressed by me in favor of
Congressional legislation in behalf of an early resumption of
specie payments, and I am satisfied not only that this is wise,
but that the interests, as well as the public sentiment, of the
country imperatively demand it.
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