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Annual Be pout of the 
preciated currency, and claims that we must return to a specie 
basis in the near future to restore prosperity. Our legislation 
should, of course, be shaped in that direction which will place our 
money upon a substantial and unquestioned foundation; but that 
we can return speedily to specie payment without producing insol¬ 
vency and ruin to the agricultural, manufacturing and other legiti¬ 
mate industries of the people, I do not believe. Speedy resumption 
must only result in giving capital another opportunity of still tight¬ 
ening its grip upon the labor and industry of the country. What 
we want is a low rate of interest, and so controlled that no combi¬ 
nation of capital can increase it, and when this is done it matters 
little whether we resume specie payment this year or ten years 
hence. 
Among the many objects of a republican government, none are of 
more importance than the protection of property and the issuing of 
money to measure or represent that property. Where there is no 
property there are no people; and where there are no people no 
money is needed. Why do we need money which we are obliged 
to redeem in something else ? Money is convertible into any prop¬ 
erty, and that is its true function or office. I have no objection to 
the redeemable in gold and silver feature, provided only a dollar in 
paper is issued by the Government for one of metal in her vaults, 
giving to the people a strictly mercantile currency, except that 
there is not half enough for the business of the world—but a gold 
base for money, as practiced by this and nearly all other countries, 
is a delusion, a cheat and a lie. Gold, as a basis, says the capitalist 
and the speculator—gold-bearing bonds and the issuing of paper 
representatives based thereon. In this gold base and gold bond lies 
hidden the most dangerous system of money ever instituted. When 
business is prosperous and labor all employed, then it matters but 
little whether the base of money be gold or the faith and credit of 
the Government; but when stagnation in business ensues, when 
the storm sets in, gold is hoarded, and the people are bankrupt and 
ruined. Witness continental money; witness the panics of 1837 
and 1857. The mouey was then all based on gold. We hear much 
said about resumption. Who are asking it? Gold-gamblers, stock- 
gamblers, and speculators in the labor and industry of the people. 
Fix a time to resume, as has been done by Congress, and these 
sharpers will look forward to the time with delight. They can 
