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The gradual reduction of the currency
is the only measure that can save the business of the country from
disastrous calamities, and this can be almost imperceptibly accomplished
by gradually funding the national circulation in securities that may be
made redeemable at the pleasure of the Government.
Our debt is doubly secure--first in the actual wealth and still greater
undeveloped resources of the country, and next in the character of our
institutions. The most intelligent observers among political economists
have not failed to remark that the public debt of a country is safe in
proportion as its people are free; that the debt of a republic is the
safest of all. Our history confirms and establishes the theory, and is,
I firmly believe, destined to give it a still more signal illustration.
The secret of this superiority springs not merely from the fact that in
a republic the national obligations are distributed more widely through
countless numbers in all classes of society; it has its root in the
character of our laws.


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