Terre Haute Speech Delivered July 18 1870 At Terre Haute Indiana
Terre Haute Speech Delivered July 18 1870 At Terre Haute Indiana
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We mean by a Funding Bill, a bilt by which we will be able to reduce tJio rate of interest on the public debt. Our bonds now draw six per cent, and five per cent. We could not get money at any less rate during the war, but the time is come now when we think we can borrow money at lower rates. How do we pro- pose to do it? Not by violating the con- tract by trying to swindle our creditors the men who loaned their money to the "Government but by an honest and legiti- mate method, such as has been... practiced by every honorable government in the pjvorld. We passed a bill authorizing the Government to issue three kinds of 'ixmds. First, bonds to the amount of two hundred inHlions, drawing five per cent, ; second, bonds to the amount of two hundred millions, drawing- 4 per cent. ; third, bonds to the amount of one thou- sand millions, drawing four per cent. We authorized our Secretary to sell tlwse bonds, , if he can, at par. If he can sell a bond kt par that draws only four pen- cent, interest, then he can take the money he gets for that bond and by with it another bond that draws six per cent.
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You can find similar books in the "Read Also" column, or choose other free books by Oliver P Oliver Perry Morton to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
We mean by a Funding Bill, a bilt by which we will be able to reduce tJio rate of interest on the public debt. Our bonds now draw six per cent, and five per cent. We could not get money at any less rate during the war, but the time is come now when we think we can borrow money at lower rates. How do we pro- pose to do it? Not by violating the con- tract by trying to swindle our creditors the men who loaned their money to the "Government but by an honest and legiti- mate method, such as has been... practiced by every honorable government in the pjvorld. We passed a bill authorizing the Government to issue three kinds of 'ixmds. First, bonds to the amount of two hundred inHlions, drawing five per cent, ; second, bonds to the amount of two hundred millions, drawing- 4 per cent. ; third, bonds to the amount of one thou- sand millions, drawing four per cent. We authorized our Secretary to sell tlwse bonds, , if he can, at par. If he can sell a bond kt par that draws only four pen- cent, interest, then he can take the money he gets for that bond and by with it another bond that draws six per cent.
What to read after Terre Haute Speech Delivered July 18 1870 At Terre Haute Indiana?
You can find similar books in the "Read Also" column, or choose other free books by Oliver P Oliver Perry Morton to read onlineMoreLess
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