circumstances concur to give to almost every branch of business a natural and healthy encouragement; and whatever changes in the methods of production may have taken place, there is no doubt that increased and varied wants will soon render possible and profitable the employment of the same, and even a larger number of men than before. Those will reap the fruit of the revival first and most abundantly who go about their business with the most diligent industry and circumspection, striving to rise slowly and surely, and keeping their expenses prudently within their earnings. Thus we may hope, as I candidly believe, to see the American people within a comparatively short period again engaged in general and fruitful activity, and in the enjoyment of largely increased wealth; not, indeed, divided and distributed as before, but so distributed as to supersede the distress of the last five years, with a high degree of general well-being. This, I think, is within our reach, provided always, we put and keep the business of the country on a sound and safe basis, and do not spoil our chances by indulging in foolish schemes.
To furnish that sound foundation, without which business can have no healthy development and the prosperity of the people will always stand upon a volcano ready to explode at any time, three things are of the first necessity: A good National and individual credit, based upon National and individual honesty; second, a sound currency, of real and stable value; and third, a safe and reliable banking system as the depository of business funds and the machinery of business exchanges.
In discussing these subjects I shall run against some popular cries, industriously used by demagogues, and repeated by unthinking men, which are fraught with mischief and disaster, as well as disgrace. I shall speak of them without reserve, for at a moment when from a period of distress we have at last a chance to emerge upon solid
