The fears
that preceded and accompanied resumption have proved groundless. No
considerable amount of United States notes have been presented for
redemption, while very large sums of gold bullion, both domestic and
imported, are taken to the mints and exchanged for coin or notes. The
increase of coin and bullion in the United States since January 1,
1879, is estimated at $227,399,428.
There are still in existence, uncanceled, $346,681,016 of United
States legal-tender notes. These notes were authorized as a war
measure, made necessary by the exigencies of the conflict in which
the United States was then engaged. The preservation of the nation's
existence required, in the judgment of Congress, an issue of
legal-tender paper money. That it served well the purpose for which
it was created is not questioned, but the employment of the notes as
paper money indefinitely, after the accomplishment of the object for
which they were provided, was not contemplated by the framers of the
law under which they were issued. These notes long since became, like
any other pecuniary obligation of the Government, a debt to be paid,
and when paid to be canceled as mere evidence of an indebtedness
no longer existing. I therefore repeat what was said in the annual
message of last year, that the retirement from circulation of United
States notes with the capacity of legal tender in private contracts is
a step to be taken in our progress toward a safe and stable currency
which should be accepted as the policy and duty of the Government and
the interest and security of the people.
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