nt has been
practically nullified by the action of most of the states where
the great body of this race live and will probably always remain.
This is done, not by an express denial to them of the right of
suffrage, but by ingenious provisions, which exclude them on the
alleged ground of ignorance, while permitting all of the white
race, however ignorant, to vote at all elections. No way is pointed
out by which Congress can enforce this amendment. If the principle
of the 14th amendment had remained in full force, Congress could
have reduced the representation of any state, in the proportion
which the number of the male inhabitants of such state, denied the
right of suffrage, might bear to the whole number of male citizens
twenty-one years of age, in such state. This simple remedy, easily
enforced by Congress, would have secured the right of all persons,
without distinction of race or color, to vote at all elections.
The reduction of representation would have deterred every state
from excluding the vote of any portion of the male population above
twenty-one years of age. As the result of the 15th amendment, the
political power of the states lately in rebellion has been increased,
while the population, conferring this increase, is practically
denied all political power. I see no remedy for this wrong except
the growing intelligence of the negro race, which, in time, I trust,
will enable them to demand and to receive the right of suffrage.

The most important financial measure of that Congress was the act
to refund the national debt. The bonds known as the 5-20's, bearing
interest at six per cent., became redeemable, and the public credit
had so advanced that a bond bearing a less rate of interest could
be sold at par. The committee on finance of the Senate, on the
3rd day of February, 1870, after more care and deliberation, than,
so far as I know, it has ever bestowed on any other bill, finally
reported a bill to fund the public debt, to aid in the resumption
of specie payments, and to advance the public credit.

The first section authorized the issue of $400,000,000 of bonds,
redeemable in coin at the pleasure of the United States, at any
time after ten years, bearing interest at five per cent.

The second section authorized the issue of bonds to the amount of
$400,000,000, redeemable at the pleasure of the government, at any
time after fifteen years, and bearing interest at four and a half
per cent.

The thi