282 



FINANCES OF THE UNITED STATES. 



STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT OF THE UNITED STATES, 



JUNE 30, 1875. 



The views of the Secretary of the Treasury, 

 on the most important subject now before the 

 country the resumption of specie payments- 

 are too important and valuable to be omitted. 

 The imperative duty and obligation of the 

 Government to redeem the greenback notes in 

 com is established, and the measures by which 

 such redemption can be facilitated are recom- 

 mended. The Secretary says : 



The Government is bound, not only by economic 

 considerations and proper regard for the interest of 

 the people, but by express and repeated promises, 



to provide for the redemption in coin of all its issues 

 of legal-tender notes. The original legal-tender act 

 was regarded and treated at the time of its adoption 

 as a temporary measure, made necessary and justifi- 

 able only by the exigency of war, which taxed all 

 the resources and energies of the nation. The first 

 act authorizing such issues (February 25, 1862) is en- 

 titled " An act to authorize the issue of United States 

 notes, and for the redemption or funding thereof, and 

 for funding the floating debt of the United States," 

 language that significantly expresses the views of 

 the Congress by which' it was passed. It authorized 

 the issue of $150,000,000 legal-tender notes, and made 

 provision for funding them in bonds issued on the 



