These were the grand thoughts of Mr. Seward as he was about to relinquish the mantle of his power, and, continued General Garfield, his views have left a lasting impression upon me. Mr. Seward could not have died more successfully than he did. He passed away in the lull between two elections, and received the merited eulogiums of both parties. He bore success followed by failure better than any American I know. He was for nearly a decade next to the source of power, and missed the place which was the goal of his later years, retiring from public life suffering the displeasure of his party. But he quietly retired to private life, and never lost his genial spirit or his noble ways. [This report of the conversation is indorsed by General Garfield as "in the main correct." J. C] [Speech on the Currency Question, 1868.] As a medium of exchange, money is to all business transactions what ships are to the transportation of merchandise. If a hundred vessels, of a given tonnage, are just sufficient to carry all the commodities between two ports, any increase of the number of vessels will correspondingly decrease the value of each as an instrument of commerce; any decrease below one hundred will correspondingly increase the value of each. If the number be doubled, each will carry but half its usual freight, will be worth but half its former value for that trade. There is so much work to be done, and no more. A hundred vessels can do it all. A thousand can do no more than all. * * * * * When the money of the country is gold and silver, it adapts itself to the fluctuations of business without the aid of legislation. If at any time we have more than is needed, the surplus flows off to other countries through the channels of international commerce. If less, the deficiency is supplied through the same channels. Thus the monetary equilibrium is maintained. So immense is the trade of the world, that the golden streams pouring from California and Australia into the specie circulation are soon absorbed in the great mass, and equalized throughout the world, as the waters of all the rivers are spread upon the surface of all the seas. Not so, however, with an inconvertible paper currency. Excepting the specie used in payment of customs and the interest on our public debt, we are cut off from the money currents of the world. Our currency resembles rather the waters of an artificial lake, which lie in stagnation or rise to full banks at the caprice of the gate-keeper. [A Speech on Currency and the Banks, 1870.]