Mr. Boutwell is criticized by the Democracy because he buys up bonds, paying the current market rates, when he should pay the face in greenbacks. I refer to this Democratic criticism because I would show how little its authors look to consequences while forgetting the requirements of Public Faith. Suppose the Secretary, yielding to these wise suggestions, should announce his purpose to take up the first ten millions of five-twenties, paying the face in greenbacks. What then? “After us the deluge,” said the French king; and so, after such notice from our Secretary, would our deluge begin. At once the entire bonded debt would be reduced to greenbacks. The greenback would not be raised; the bond would be drawn down. All this at once,--and in plain violation of the solemn declaration of both Houses of Congress pledging payment in coin. But who can measure the consequences? Bonds would be thrown upon the market. From all points of the compass, at home and abroad, they would come. Business would be disorganized. Prices would be changed. Labor would be crushed. The fountains of the great deep would be broken up, and the deluge would be upon us. * * * * * Among the practical agencies to which the country owes much already are the National Banks. Whatever may be the differences of opinion with regard to them, they cannot fail to be taken into account in all financial discussions. As they have done good where they are now established, I would gladly see them extended, especially at the South and West, where they are much needed, and where abundant crops already supply the capital. It is doubtful if this can be brought about without removing the currency limitation in the existing Bank Act.[102] In this event I should like the condition that for every new bank-note issued a greenback should be cancelled, thus substituting the bank-note for the greenback. In this way greenbacks would be reduced in volume, while currency is supplied by the banks. Such diminution of the national paper would be an important stage toward specie payments, while the national banks in the South and West, founded on the bonds of the United States, would be a new security for the national credit. In making this suggestion, I would not forget the necessity of specie payments at the earliest possible moment; nor can I forbear to declare my unalterable conviction that by proper exertion this supreme object may be accomplished promptly,--always provided the national credit is kept above suspicion, or, like the good knight, “without fear and without reproach.” * * * * *