blessings of the Union. The spirit of patriotism is universal and is
ever increasing in fervor. The public questions which now most engross
us are lifted far above either partisanship, prejudice, or former
sectional differences. They affect every part of our common country
alike and permit of no division on ancient lines. Questions of foreign
policy, of revenue, the soundness of the currency, the inviolability of
national obligations, the improvement of the public service, appeal to
the individual conscience of every earnest citizen to whatever party he
belongs or in whatever section of the country he may reside.

The extra session of this Congress which closed during July last
enacted important legislation, and while its full effect has not yet
been realized, what it has already accomplished assures us of its
timeliness and wisdom. To test its permanent value further time will be
required, and the people, satisfied with its operation and results thus
far, are in no mind to withhold from it a fair trial.

Tariff legislation having been settled by the extra session of Congress,
the question next pressing for consideration is that of the currency.

The work of putting our finances upon a sound basis, difficult as
it may seem, will appear easier when we recall the financial operations
of the Government since 1866. On the 30th day of June of that year
we had outstanding demand liabilities in the sum of $728,868,447.41.
On the 1st of January, 1879, these liabilities had been reduced to
$443,889,495.88. Of our interest-bearing obligations, the figures
are even more striking. On July 1, 1866, the principal of the
interest-bearing debt of the Government was $2,332,331,208. On the
1st day of July, 1893, this sum had been reduced to $585,037,100, or an
aggregate reduction of $1,747,294,108. The interest-bearing debt of the