"The habits of the people, and their unanimous and strong preference for the portable currency of paper over the cumbrous currency of silver, interpose an almost insurmountable obstacle to such a measure. Borrowing the idea from the practice of England, and supported by most economical writers, that measure has been often advocated, and sometimes attempted to be put in practice. But the expedient has never made much progress, and it has been resisted and rejected by the people at every opportunity. "About fifty years ago a law was passed, by the State of New York, suppressing bank-notes of a less denomination than five dollars. Although in my general views friendly to free banking, I justified myself in supporting the measures on the ground that it was legitimate to apply an artificial restraint to an artificial system. Enclosed is a copy of the resolutions drawn by myself, opposing the repeal of that law. "On that issue, more than on any other single question, the party of Jackson and Van Buren was overthrown in the State of New York in the election of 1838. William L. Marcy was defeated as a candidate for re-election as Governor, and 'Small-Bill' Seward was elected in his place. The law was immediately repealed. The question had some special disadvantages at that time; but the indications of the popular wishes were unquestionable. "I understand from members of my family, that ladies shopping at retail stores in New York city almost universally refuse to take silver dollars. Even one silver dollar is considered an incumbrance, is, in fact, too large to be carried in a ladies _porte-monnaie_, while several of them are quite out of the question. "I understand, also, that our small notes are very popular in Canada, and in the Bahama Island, being preferred to silver coin. "I think that the best way of making a market for silver through the small circulation, is for the government to receive the silver at its intrinsic value, and to issue certificates against it dollar for dollar. "Among your observations on the question of the expediency of making the nominal value of the silver dollar correspond to its intrinsic value, it is suggested: "'Another objection might be that the adoption of this standard would probably operate to prevent joint action, by the leading commercial nations, in fixing a ratio of silver to gold which would be concurred in by all nations; and, perhaps, thus delay or frustrate that which would seem to be very desirable. No legislation by the United States alone, would be effectual in fixing the rules of silver outside of its own boundaries. Joint action of the principal powers appears to be the only mode through which a satisfactory solution of the question can be reached.