, 1880-03-21
ury at the time in excess of the Is per centum

| of o,,tsrandng United States notes.
the af t. aer on5 sDd5
| With lawful money Of the United States pro,
vided said bullion can be purchased at par, and
eened into standard dollars as now provided BY
| law --
Sec. 4 forbids and prohibits the Secretary
bonds for the purpose Of funding or refunding
| the National debt or any part thereof.
! Mr. FELTON, expressed himself opposed to every
Mr.. Orth believed the pubic creuit was never
! on SO sure foundation; that the Government
was nbc to refund its debt at lower rate Of in
| gotiated ut par; that the financial world had
commence n tae sap M oI tne T. GoTcrnn'ens M
ed and .ne at bs desabe
condition Of public affairs has been brought
about by the wisdom, energy, anu integrity of
the Repuolican parry, ana e1nlpltea me most
Democracy when twenty years ago they had con:
troi Of the Government: 1n9 pnotic taltn and
low an ebb that our public securities
eouio @ e onry 1e meg nexoIa1ea h ne rd1 rnoas
cent bonds readily command a premium. The
rapid reduction OF our dept oaa ana CONSEQUENT re-
ducuon IN the ra1e OF antelest WOULD ehap!e the
IS woud te be
sheap transportation OF tne surplus products:
Prominent among these works would be canal
that river to its mouth. =
Nr. Frye replied to the speech made some
public debts could be paid IN twenty years, ex-
up and
Mr. heliey-Arc We not now paying 1t at rate
that would exhaust 1t MI In Q good deal less
tnAn twenty years without setting up presses2
wood says We haSe increased the deb debt from 1s:;
to 1879. II that Is true, how long Will 1t take to
pay the National dept? .. -...
on u eh paid deSt
in this fiscal year, when the people are not spe-
clally complaining OF heavy taxes 1t will dlsap-
pear ~ fifteen years
Mr. Frye-l have no doubt that Is true, If the
rate at which we arc now paying it should con-
tnue for ntteer years; but is there man so
for sir months viii last fifteen years7
Mr. r.kelley-Mill not tho payment for this tscal |
ihan i @iood6ao' ' 81 ''AneA' A''u'efeS'u'o" "0r'
or: Frye|Does not the gentleman know that I
already the balance Of trade Is changing? The |
gentleman has received new light within J
llke i,t that Of en angel while year ago it was
black rs the devils
hrmed. With the stoppage Of the cancellation
OF greeneacks and re'nonetization OF silver tho
period OF depression ended, and prosperity
made "boom throughout the world. The |
silver men and greenbackerS redeemed tho |
county, [AppEanse on tho Democratic::side and !
Mr FIVE. srS coutpaine expressed the belief
there being only 0o,OoJ,o0o to be funded in 81
per cent bnnds. thut idle capital seeking per-
manent investment would take it up. He would
vote for the bill in the faith that 1t
would prove a success, and that
the bonds coming due would be refunded
next hundred years at least, would not see the
rate Of interest less than ~ per cent. The his
tory Of the financial management Of this couo-
try since the War was the most magnificent ever
written in any milton in the wide world, from
the dawn Of creation to the present time. That
WAS due to the sngncity, perseverance, fidelity, |
and courage OF the Republican party, that had'
sroud like u rock against the waves OF folly and
Initiation and Reputation, ana had saved the in |
tegrity of the country frum overthrow. He dared ]
declare 10 party, no nation in the whole wide |
world from the day Of the creation until now |
could show Il parallel to the glorious financial