people. You cannot revile the bondholder without reviling the American people, and you cannot attack or impair the value of the bond without not only disgracing and ruining the good name of the credit of the country the world over, but without undermining the very foundation of the most important credit institutions in the country, in which, some way or another, the interests of all of you are involved. Do that—disturb that credit system—and you may long wait for that revival of prosperity which we so much need, and which is now within our reach; for you have taken away one of its most essential conditions.
To pay a debt is not a pleasant thing, but it is a necessary and also a profitable thing. We have shown the world that we can pay ours, and that we are willing to pay it. In 1865 the total of our interest-bearing debt was $2,381,530,294.96. In 1878 it is $1,794,535,650, a reduction in thirteen years of nearly $600,000,000, or one-fourth of it. It has been said that we have paid off our debt more rapidly than was necessary and prudent. In some respects that is true. But there is no doubt that this excess of zeal in discharging our National obligations has had a powerful effect in strengthening our credit, and it is owing to the strengthening of our credit that the Government has been able to reduce our annual interest, in a far greater ratio than it reduced the debt, by funding our 6 per cent. bonds into securities bearing interest only at 5, 4½ and 4 per cent. In 1865 our annual interest charge was $150,977,697.87. In 1878 our interest charge is $94,554,473. Thus we have got rid of about two-fifths of the annual interest in the same period of thirteen years. In a still greater ratio the debt and interest have been reduced in proportion to the population. Thirteen years ago our debt was $78 25-100 per capita. To-day it is $41 57-100 per capita. Thirteen years ago the interest was $4 29-100
