I have endeavored, Mr. President, thus briefly to respond to the questions propounded to me. I do not know that I have entered sufficiently into detail to explain clearly my convictions as to the necessity for reducing the volume of legal-tender obligations, and to prove, as I desire to prove, that their gradual withdrawal will enhance not only the value of the remainder, but also the value of the bank-note. Both will ascend in the scale. This enhancement of the whole paper currency will tend to draw the coin of the country from its seclusion. As in the early period of the war, before the present currency was created, we were astonished at the positive, but hidden, money resources of the people, so will the outflow of hidden coin confound the calculations of those who suppose that its volume is to be measured by the amount in the Treasury and in the New York banks. Mr. President, I am not alone in asking for the reformation of our currency as the first stage of our financial efforts. I read from the “Commercial and Financial Chronicle”[221] of New York, an authoritative paper on this subject, as follows:-- “In any practical scheme to improve the Government finances and credit, or to restore prosperous activities, or both at once, the first thing to be done _must be_ the restoration of a sound currency. That done or provided for, all the rest will be easy; the best credit and the lowest rates of interest will follow.” To this end our greenbacks must be absorbed or paid, and my proposition provides a way. As the greenbacks are withdrawn, coin will reappear to take their place in the banks and the business of the country. This will be specie payments. * * * * * Here I wish to remark that I fail to see the asserted dependence of our demand notes on our bonds. The bonds may be at par without bringing the notes to par, and so the notes may be at par without bringing the bonds to par. According to the experience of other countries, bonds and notes do not materially affect each other. The two travel on parallel lines without touching. Each must be provided for; and my present purpose is to provide for the demand notes.