great
difference of opinion as to the details, but the vital promise made
to the note holder to make his note as good as gold in January,
1879, was concurred in by a large majority of both Houses, and by
many who opposed the bill as too slow in its operation. This act
of honor and public faith was applauded by the civilized world and
concurred in by our constituents, the doubts only being as to the
machinery to carry it into effect. The time was fixed by those
who most feared resumption, and no one proposed a longer time. My
honorable friend from Indiana [Mr. Morton] truly said (in the recent
campaign in Ohio) that he participated in framing it; and he and
those who agreed with him fixed the time so remote as to excite
the unfounded charge that the bill was a sham, a mere contrivance
to bridge an election.

"And now, sir, to recapitulate this branch of the question, it is
shown that the holder of these notes has a promise of the United
States, made in February, 1862, to pay him one dollar in gold coin;
that the legal purport of this promise has been declared by the
Supreme Court; that we have taken away from this note one of the
legal attributes given it, which would long since have secured its
payment in coin--that when the note was authorized and issued, it
was understood as redeemable in coin when the war was over; that
our promise to pay it was renewed in 1869--'at as early a day as
practicable;' that by reason of our failure to provide for its
payment, it is still depreciated below par more than one-tenth of
its nominal value; that we renewed this promise, and made it definite
as to time, by act of 1875; that it is a debt due from the United
States, and in law and honor due now in coin. Yet it is proposed
to recall our promise to redeem this note in coin three years hence.
I say, sir, this would be national dishonor. It would destroy the
confidence with which the public creditor rests upon the promises
contained in your bonds. It would greatly tend to arrest the
process by which the interest on your bonds is reduced. It would
accustom our people to the substitution of a temporary wave of
popular opinion for its written contract or promise. It would
weaken in the public mind that keen sense of honor and pride which
has always distinguished the English-speaking nations in dealing
with public obligations.

"An old writer thus describes 'public credit:'

'Credit is a consequence, not a cause; the effect of