We voted at an early day in the session that we would raise a tax of $150,000,000 from all sources.... What was the result of that vote? On the very day that that solemn pledge was given to the country and the world ... the six per cent. bonds of the United States stood at 90 cents on the dollar in the city of New York. To-day with an expenditure of more than a million dollars a day, ... under this simple pledge in advance, of what you would do, your bonds have gone up from 90 cents to above par, and are now sought for, not only at home but abroad. If you violate that solemn pledge given to your country and to the world, what will be the effect on your securities? Let Congress violate that pledge, and you will see your bonds not only not worth 104½ but you will see them below 85.... The world abroad does not believe your simple asseveration that you would impose a tax, but the people of this Union do and consequently they themselves have carried your bonds from 90 to 104½. But the world does not take them. Impose your tax; carry out your solemn pledges, and you will see your bonds eagerly sought for in the moneyed centers of the world.... I hope we shall not only carry out this pledge which we have given, but I care not if we exceed it.... Under this pledge ... you are now able to borrow money at six per cent. instead of seven and three-tenths, and you are to-day reaping the reward of your pledge of good faith. All just tax measures Mr. Chandler vigorously supported, as furnishing the solid basis of national credit and public integrity, and time established the ability and the willingness of the people to sustain this war burden. Had the heavy taxation been accompanied by an adherence to sound principles in the management of the currency and a resort to borrowing when needed, it would have reduced the cost of conquering the rebellion by at least $1,000,000,000, probably by nearly one-half. The maintenance of the public credit at a high standard was exceedingly important during the war, but it was of no less moment after the collapse of the rebellion, and is as great to-day as it has ever been. On no public question was Mr. Chandler more vigilant and outspoken than on this. Any attack on the integrity of the national promise represented by the bonds of the United States he denounced vigorously, whether it took on the form of the taxation of these securities, or of propositions to pay them in depreciated currency, or of bald repudiation. On May 20, 1862, he said, upon the proposition to tax the bonds: