or less extent, starting into life
anew, and to prevent the resumption of specie payments, and, if
possible, to repeal the act providing for such resumption. This
policy undoubtedly checked the process of refunding the public
debt, which progressed slowly, and was confined to an exchange of
bonds bearing five per cent. interest for those bearing six per
cent.

I took a much more hopeful view of the situation, and in the many
speeches I made in that Congress, I stated my confidence, not only
in the process of resumption and refunding, but in the rapid
improvement of all branches of industry as we progressed towards
specie payments. In a speech I made in the Senate on the 6th of
January, 1876, on a bill "to further provide for the redemption of
legal tender United States notes in accordance with existing law,"
I said:

"Sir, we ought to take a hopeful view of things in this centennial
year of our country. Look at the aggregate results. A century
ago we were three million people; now forty million; then we had
a little border on the Atlantic; we are now extended to the Pacific.
See what has been accomplished in a hundred years. During that
time there have been periods of darkness and doubt. Every seven
or ten or twelve years, periodically, there have been times of
financial distress. We have lived through them all. I believe,
and I trust in God, that this very year is the beginning of another
period of prosperity, and that all these dark clouds, which gentlemen
are trying to raise up from the memory of the past two or three
years and from their own clouded imaginations, will entirely
disappear. I believe that even now we are in the sunshine of
increasing prosperity, and that every day and every hour will add
to our wealth and relieve us from our distress.

"Sir, things are not so unhopeful as Senators seem to think. We
have made a promise to be executed three years hence, and every
step of our legislation, if any is had, should look in that direction.
We may not adopt any measure or may not deem that any is necessary;
but, if any be adopted, it ought to look to the execution of that
promise, and we ought to enter on the performance of this duty with
hopeful trust in the continued prosperity of our country. All this
gloom and doubt, all this arraignment of official statements, this
doubt of our sufficient revenues, this doubt of our ability to meet
and advance our destiny, always falls upon my ear with painf