US Presidency
1876

The country was laboring under an enormous debt, contracted in the suppression of rebellion, and taxation was so oppressive as to discourage production. Another danger also threatened us a foreign war. The last difficulty had to be adjusted and was adjusted without a war and in a manner highly honorable to all parties concerned. Taxes have been reduced within the last seven years nearly $ 300,000,000, and the national debt has been reduced in the same time over $ 435,000,000. By refunding the 6 per cent bonded debt for bonds bearing 5 and 4 1/2 per cent interest, respectively, the annual interest has been reduced from over $ 130,000,000 in 1869 to but little over $ 100,000,000 in 1876. The balance of trade has been changed from over $ 130,000,000 against the United States in 1869 to more than $ 120,000,000 in our favor in 1876.