In harmony with this effort the expenditures of the Government should be revised and cut down to the lowest point consistent with efficiency. Economy will be an important ally. Even in small affairs it will be the witness to our purposes. Through these agencies our currency will be improved, and we shall be brought to specie payments, while the national credit will be established. Not at once can all this be accomplished, but I am sure that we may now do much. As often as I return to this subject I am impressed by the damage the country has already suffered through menacing propositions affecting the national credit. I cannot doubt that in this way the national burdens have been sensibly increased. By counter-propositions in the name of Congress we have attempted to counteract these injurious influences. We have met words with words. But this is not enough. There is another remark which I wish to make, although I do little more than repeat what I said on another occasion.[223] It is that a national debt, when once funded, does not seem to affect largely the condition of the currency. The value of the former is maintained or depressed by circumstances independent of the currency. But, on the other hand, the condition of the currency bears directly upon all efforts for increased loans; and this is of practical importance on the present occasion. The rules of business are the same for the nation as for an individual; nor can a nation, when it becomes a borrower, hope to escape the scrutiny which is applied to an individual under similar circumstances. Applying this scrutiny to our case, it appears that on our existing bonded debt we have thus far performed all existing obligations,--not without discussion, I regret to add, that has left in some quarters a lingering doubt with regard to the future, and not without an opposition still alive, if not formidable. But the case is worse with regard to that other branch of the national debt known as legal-tenders, where we daily fail to perform existing obligations, so that these notes are nothing more than so much _failed paper_. With regard to this branch of the national debt there is an open confession of insolvency, and each day renews the confession. Now, by the immutable laws of credit, which all legislative enactments are impotent to counteract or expunge, the nation must suffer when it enters the market as a borrower. Failing to pay these obligations already due, it must pay more for what it borrows. Nor can we hope for more than partial success, until this dishonor is removed. With these preliminary remarks, which are rather hints than arguments, I come directly to the measure before the Senate; and here I begin with the first section. * * * * *