The greenback appeared, not as a trick of scheming financiers, but as the creature of public necessity. The people had full confidence in the integrity and good faith of the Government as to the fulfilment of its promises. When the events of the war went disastrously against us, doubts arose as to the ability of the Government to redeem its pledges, but not as to the honesty of its intentions. Those doubts affected the value of the paper money. But when the chances of war turned in our favor and at last the arms of the Union triumphed, there was scarcely a man in the land who did not believe that what the Government had promised would, as a sacred obligation, be faithfully performed. And the same confidence which the legal-tender commanded at home was commanded by our bonds abroad.
But if you inflate the currency under present circumstances, what will be the condition of things then? The additional greenback will not appear as the creature of an imperative public necessity, to save the life of the Republic in the extremity of peril. It will appear as the product of a scheme the purposes of which are dark. The world will begin to suspect that when a government, in the face of the disastrous experiences of mankind, resorts to so extraordinary and dangerous a measure without necessity, its integrity cannot longer be depended upon. Doubts will arise, and very serious doubts, not as to the ability, but as to the honest intentions of the Government to redeem its promises. And those doubts will fall upon our business life like a deadening blight. The last remnant of confidence will be paralyzed. The world will see the specter of repudiation looming up behind so reckless a financial policy. The faith of mankind in the integrity of our Government giving way, our credit will be shaken to its very foundations, and, as you sometimes see the depositors of a bank, excited by the rumor that the cashier
