“The Nation itself is responsible for the extension of suffrage, and is under special obligations to aid in removing the illiteracy which it has added to the voting population. For North and South alike there is but one remedy: All the Constitutional power of the Nation and of the States, and all the volunteer forces of the people, should be summoned to meet this danger by the saving influence of universal education. It is the high privilege and sacred duty of those now living to educate their successors, and fit them, by intelligence and virtue, for the inheritance which awaits them. In this beneficent work section and race should be forgotten, and partisanship should be unknown. Let our people find a new meaning in the divine oracle which declares that ‘a little child shall lead them,’ for our little children will soon control the destinies of the Republic.
“My countrymen, we do not now differ in our judgment concerning the controversies of the past generations, and fifty years hence our children will not be divided in their opinions concerning our controversies; they will surely bless their fathers—and their fathers’ God—that the Union was preserved; that slavery was overthrown, and that both races were made equal before the law. We may hasten on, we may retard, but we can not prevent the final reconciliation.
“Is it not possible for us now to make a truce with time by anticipating and accepting its inevitable verdict? Enterprises of the highest importance to our moral and material well-being invite us, and offer ample scope for the enjoyment of our best powers.
“Let all our people, leaving behind them the battle-fields of dead issues, move forward, and in the strength of liberty and restored union win the grandest victories of peace. The prosperity which now prevails is without parallel in our history. Fruitful seasons have done much to secure it, but they have not done all.
“The preservation of public credit and the resumption of specie payments, so successfully obtained by the administration of my predecessors, have enabled our people to secure the blessings which the seasons brought.
“By the experience of commercial relations in all ages it has been found that gold and silver afforded 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 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 a 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 the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promises should be kept. The refunding of the National debt at a low rate of interest should be accomplished without compelling the withdrawal of National bank notes, and thus disturbing the business of the country.
“I venture to refer to the position I have occupied on the financial question 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.
“The interests of agriculture deserve more attention from the Government than they have yet received. The farms of the United States afford homes and employment for more than one-half of our people, and furnish much the largest part of all our exports. As the Government lights our coasts for the protection of the mariners and the benefit of our commerce, so it should give to the tillers of the soil the lights of practical science and experience.