In the same address he asserted the ability of the country to pay the debt within the period of twenty-five years, and he also declared his purpose to secure a faithful collection of the public revenues. At the close of his administration of eight years one fifth part of the public debt had been paid, and if the system of taxation that existed in 1869 had been continued the debt would have been extinguished in less than a quarter of a century from the year 1869. In his administration, however, the crisis was passed. The ability and the disposition of the country were made so conspicuous that all honest doubts were removed, and the repudiators were shamed into silence. The redemption of the debt by the purchase of bonds in the open market strengthened the public credit, and laid a foundation for the resumption of specie payments. General Grant's inaugural address was followed by the passage of the act of March 18, 1869, entitled "An act to strengthen the public credit." This act was a pledge to the world that the debts of the United States, unless there were in the obligations express stipulations to the contrary, would be paid in coin. In accordance with the report of the Secretary of the Treasury, President Grant, in his annual message of December, 1869, recommended the passage of an act authorizing the funding of the public debt at a lower rate of interest. Following this recommendation, the bill for refunding the public debt, prepared by the Secretary of the Treasury, was enacted and approved July 14, 1870. By this act the Secretary of the Treasury was authorized to issue bonds to the amount of $200,000,000 bearing interest at the rate of 5 per cent, $300,000,000 bearing interest at the rate of 4� per cent, and $1,000,000,000 bearing interest at the rate of 4 per cent. Under this act, and the amendments thereto, the debt has been refunded from time to time until the average rate of interest does not now exceed 3� per cent. Although these two important measures of administration were not prepared by General Grant, they were but the execution of his policy set forth in his inaugural address. In respect to the rights of the negro race, General Grant must be ranked with the advanced portion of the Republican Party. Upon the capture of Fort Donelson, a number of slaves fell into the hands of the Union army. General Grant issued an order, dated Feb. 26, 1862, in which he authorized their employment for the benefit of the Government, and at the close he said that under no circumstances would he permit their return to their masters.