'On the contrary, it is the Secretary's firm belief that by no other path can the resumption of specie payments be so surely reached and so certainly maintained. United States notes receivable for bonds bearing a secure specie interest are next best to notes convertible into coin. The circulation of banking associations organized under a general act of Congress, secured by such bonds, can be most surely and safely maintained at the point of certain convertibility into coin. If, temporarily, these associations redeem their issues with United States notes, resumption of specie payments will not thereby be delayed or endangered, but hastened and secured; for, just as soon as victory shall restore peace, the ample revenue, already secured by wise legislation, will enable the Government, through advantageous purchases of specie, to replace at once large amounts, and, at no distant day, the whole, of this circulation by coin, without detriment to any interest, but, on the contrary, with great and manifest benefit to all interests. 'The Secretary recommends, therefore, no mere paper money scheme, but, on the contrary, a series of measures looking to a safe and gradual return to gold and silver as the only permanent basis, standard, and measure of values recognized by the Constitution--between which and an irredeemable paper currency, as he believes, the choice is now to be made.' Congress, however, was still unwilling to adopt the recommendations of the Secretary, until the necessity was demonstrated by the course of events. On reference to the laws, which are printed in the Appendix, it will be found, that the great features of the system of the Secretary were as follows: 1. A loan to the Government upon its bonds reimbursable in twenty years, but redeemable after five years, at the option of the nation, the interest being six per cent., payable semi-annually in _coin_, as is also the principal. 2. The issue of United States legal tender notes, receivable for all dues to the nation except customs, and fundable in this United States 5--20 six per cent. stock. 3. The authorization of the banks recommended in his Report, whose circulation would be secured not only by private capital, but by adequate deposits of United States stock with the Government. 4. To maintain, in the meantime, as near to specie as practicable, this Federal Currency,--1st, by making it receivable in all dues to the Government except for customs; 2d, by the privilege of funding it in United States stock; 3d, by enhancing the benefit of this privilege, not only by making the stock, both principal and interest, payable in specie, but by making it gradually the ultimate basis of our whole bank circulation, which, as shown by the census tables before referred to (including deposits), nearly doubles every decade.