“I have therefore introduced a resolution providing that hereafter in the issue of silver certificates, such certificates shall be secured by silver bullion worth in the market 100 cents on the dollar. So long as we remain upon the gold standard, so long as the present legal-tender silver-dollar coin remains worth 100 cents, these silver-bullion certificates will be redeemable with the standard-silver dollar. But if we suspend gold payment then the standard-silver dollar will decline in value, and in that event the holder of these silver-bullion certificates shall be entitled to receive the full face value of these certificates in silver bullion at its market value. Use both gold and silver for our currency, but maintain the silver dollar at par with the gold dollar. I want to keep the two metals as close together as possible, so that a man who has debts to pay can pay them in gold value; and you, gentlemen, who have money loaned out can receive back in payment an equivalent to a dollar in gold. This is my proposition; these are my views. “I wish all the bankers of the country to be able to pay their depositors, like honest men, in the same coin which they have received; or, at least, to return them the value of the money which they received on deposit. “The issue of silver certificates hereafter based on their bullion value will prevent, without the possibility of doubt, loss to either debtor or creditor. “I thank the gentleman from Kentucky for giving me the opportunity for expressing my views upon the resolution which I presented to the convention. I intended to have made this explanation at the outset, but these remarks upon the resolution were inadvertently omitted.” * * * * * It is proper to say that the proposition under consideration was subsequently considered by the Executive Council of the American Banking Association, to whom it was referred, and resulted in a vote of 16 to 3 against the measure. The report of the Council can be obtained upon application to the Association. The Secretary of the Treasury in his very able and interesting report just issued (December, 1889), proposes to issue certificates based upon the market value of silver. He declined to recommend that these certificates should be a legal tender between individuals, and believed that such an issue would be unconstitutional.