On the other hand, it would give to the Government no greater
security, for in case of failure the claim of the note holder would be
no better than that of a depositor.
I am aware that the danger of inconvenience to the public and
unreasonable pressure upon sound banks have been urged as objections
to requiring the payment of the revenue in gold and silver. These
objections have been greatly exaggerated. From the best estimates we may
safely fix the amount of specie in the country at $85,000,000, and the
portion of that which would be employed at any one time in the receipts
and disbursements of the Government, even if the proposed change were
made at once, would not, it is now, after fuller investigation, believed
exceed four or five millions. If the change were gradual, several
years would elapse before that sum would be required, with annual
opportunities in the meantime to alter the law should experience prove
it to be oppressive or inconvenient. The portions of the community on
whose business the change would immediately operate are comparatively
small, nor is it believed that its effect would be in the least unjust
or injurious to them.
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