Mr. President, the payment of the national debt is an American idea, and I would say nothing to weaken it among the people. Whatever we owe must be paid; but it is the part of prudence to make the payment in such way as, while consistent with our obligations, shall promote the national prosperity. In this spirit I approach the proposition of the Committee, in which there is so much of good, only to examine and measure it, in order to ascertain its probable influence, especially on the question of Taxation. Here it must be borne in mind, that the present measure in all its parts, so far as applicable, and especially with its guaranties and pledges, must be taken as the basis of our new engagements. The provision that so much of the debt shall be paid annually will become in a certain sense a part of the contract, although not so expressed in the bond. Not less than $150,000,000 are set apart annually to be applied “to the payment of the interest and to the reduction of the principal of the public debt.” This is a large sum, and we should consider carefully if such a guaranty or pledge has in it the promise of financial stability. Promising too much is sometimes as bad as promising too little. Our promise must be according to our means prudently employed. If we assume obligations so large as to bear heavily upon the business of the country and to compel unreasonable taxation, there will be little chance of financial stability. They will become the object of attack, and will enter into the conflict of parties,--and if repealed, the national faith may be called in question. I need not say that business must suffer. A less ambitious effort on our part will be less obnoxious to attack,--thus leaving the bonds to their natural position in the money market, and strengthening all the movements of commerce. In order to determine the operation of this provision we must look into details. I have the estimates before me, showing our present and prospective liabilities for interest; but I content myself with presenting compendiously the result, in order to determine the question of taxation. Suffice it to say, that under the operation of the present measure there will be in 1871, after the payment of all liabilities for interest, a surplus of $43,000,000 to be applied to the payment of the national debt. With each succeeding year the reduction of interest will rapidly increase this surplus; and when we bring into operation other provisions of the bill, and convert $500,000,000 of sixes into a like amount of four and a half per cents., effecting a further saving of interest, equal to $7,500,000 annually, the surplus revenue, as compared with necessary expenditures, will in a brief period approach $100,000,000 annually.