Congress
should provide that the compulsory coinage of silver now required
by law may not disturb our monetary system by driving either metal
out of circulation. If possible, such an adjustment should be made
that the purchasing power of every coined dollar will be exactly
equal to its debt-paying power in all the markets of the world.
The chief duty of the National Government in connection with the
currency of the country is to coin money and declare its value.
Grave doubts have been entertained whether Congress is authorized
by the Constitution to make any form of paper money legal tender.
The present issue of United States notes has been sustained by the
necessities of war; but such paper should depend for its value and
currency upon its convenience in use and its prompt redemption in
coin at the will of the holder, and not upon its compulsory
circulation. These notes are not money, but promises to pay money.
If the holders demand it, the promise should be kept.
The refunding of the national debt at a lower rate of interest
should be accomplished without compelling the withdrawal of the
national-bank notes, and thus disturbing the business of the
country.
I venture to refer to the position I have occupied on financial
questions during a long service in Congress, and to say that time
and experience have strengthened the opinions I have so often
expressed on these subjects.
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