The free-silver heresy is about dead. It has cost this country, at to-day's price for silver, $170,000,000. The few saddened priests of this unhappy fetich who remain active find their disciples all rallying round the standard of currency reform. The report of the Secretary of the Treasury is a confession of national financial sins, and a profession of faith in sound money doctrines. Every business man will watch with keen interest the progress of a plan for the reform in our currency. You all know that the straight road is the retirement of the greenback and the Treasury note, and the withdrawal of the Government from the banking business, and you will naturally distrust any makeshift measures. The greenback is a war debt, and a debt that is now troublesome. We are funding and refunding it in gold daily, and are still paying it out as currency to come back after gold. Any scheme to sequestrate, to hide it under a bushel, or to put it under lock and key, is a shallow device. The way to retire it is to retire it. It has served its full purpose, and there never was a better time than now to call it in. In twelve years all our Government debt matures. The national banking system based upon it must expire with it, unless existing laws are changed. This system has served the nation well. No one has ever lost a dollar by a national bank note. The system is worth preserving, and with a little more liberal treatment it can be made to serve until a currency based upon commercial credits and linked to a safety fund, a system which works so admirably in Canada, can be engrafted upon it. There is a great hurry to create such a system now on a basis of the partial sequestration of the greenback and the Treasury note, but the bottom principle is wrong. The Government should discourage a commercial credit currency based upon a public credit currency, which, in turn, rests upon a slender gold deposit, exposed to every holder of a Government demand note. A credit currency is a double-edged tool, and needs to be handled with great care. We have had so much crazy-quilt finance that I am sure that we want no more of it. We have been sorely punished for our financial sins in the past, and now that we are repentant, we want to get everything right before we go ahead with our full native energy. We have suffered from the distrust of the world, and then from our own distrust. In retracing our steps let us be sure that we are on solid ground, and make our "wampum" as good as the best there is in the world. [Applause.] LORD HERSCHELL GREAT BRITAIN AND THE UNITED STATES