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Updated: May 28, 2025
The imbroglio with Essnousee continues about refunding the money I lent him. To-day it assumed a formidable shape, not only all our caravan was involved in it, but the whole of the town, and the Kaëd at their head. I agreed to give the slave-merchant a fair price for his suppers, but for the rest, insisted on being paid back the money which I lent him, and which he promised to refund at Sockna.
It being objected that there was absolutely no precedent for refunding the fine, "I presume," he replied, "that no case can be found on record, or traced by tradition, where a fine, imposed upon a general for saving his country, at the peril of his life and reputation, has ever been refunded."
The Provinces of Canada and New Brunswick have also anticipated the full operation of the treaty by legislative arrangements, respectively, to admit free of duty the products of the United States mentioned in the free list of the treaty; and an arrangement similar to that regarding British fish has been made for duties now chargeable on the products of those Provinces enumerated in the same free list and introduced therefrom into the United States, a proposition for refunding which will, in my judgment, be in like manner entitled to your favorable consideration.
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.
On the one hand it was contended that imports would so fall off as to leave the Treasury bankrupt and that the prices of articles entering into the living of the people would be so enhanced as to disastrously affect their comfort and happiness, while on the other it was argued that the loss to the revenue, largely the result of placing sugar on the free list, would be a direct gain to the people; that the prices of the necessaries of life, including those most highly protected, would not be enhanced; that labor would have a larger market and the products of the farm advanced prices, while the Treasury surplus and receipts would be adequate to meet the appropriations, including the large exceptional expenditures for the refunding to the States of the direct tax and the redemption of the 4 1/2 per cent bonds.
Certain corporate obligations were about to come due and the refunding of these obligations, whether in fresh issues of bonds or in short term notes, was going to make it necessary to withdraw the prohibition against placing investment securities upon the market.
In this refunding, the 5-20's, whose principal was payable in greenbacks, were replaced by others whose principal was payable "in coin." The act of 1873, by stopping the coinage of silver dollars, and taking away the legal tender quality of those in circulation, made the words "in coin" mean gold. All greenbacks were to become redeemable in specie on January 1, 1879.
In connection with this feature of the message, Secretary Boutwell submitted a well-matured plan for funding the debt and expressed entire confidence in its success. The result was the refunding Act of July 14, 1870. It was a broad and effective measure.
The money which had been deposited in banks without interest has been gradually withdrawn and used in the redemption of bonds. The result of this policy, of the silver legislation, and of the refunding of the 4 1/2 per cent bonds has been a large increase of the money in circulation.
"The Committee has considered questions of maturing obligations of cities and corporations and believes that the present situation does not warrant any attempt to issue long time bonds, but that such refunding should be accomplished through short time financing.
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