The prosperity which now prevails is without a parallel in our history; fruitful seasons have done much to secure it, but they have not done all. The preservation of the public credit and the resumption of specie payments, so successfully attained by the administration of my predecessor, has enabled our people to secure the blessings which the seasons brought. By the experience of commercial nations in all ages it has been found that gold and silver afford the only safe foundation for a monetary system. Confusion has recently been created by variations in the relative value of the two metals. But I confidently believe that arrangements can be made between the leading commercial nations which will secure the general use of both metals. Congress should provide that the compulsory coinage of silver, now required by law, may not disturb our monetary system by driving either metal out of circulation. If possible, such an adjustment should be made that the purchasing power of every coined dollar will be exactly equal to its debt-paying power in all the markets of the world. The chief duty of the national government, in connection with the currency of the country, is to coin and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war, but such paper should depend for its value and currency upon its convenience in use, and its prompt redemption in coin at the will of its holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money if the holders demand it. These promises should be kept. The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national bank notes and thus disturbing the business of the country. I venture to refer to the position I have occupied on financial questions during a long service in Congress, and to say that time and experience have strengthened the opinions I have so often expressed on these subjects. The finances of the government shall suffer no detriment which it may be possible for my administration to prevent.