The period of twenty years, as that for which the proposed
loan may be contracted, in preference to a shorter period, is suggested,
because all experience, both at home and abroad, has shown that loans
are effected upon much better terms upon long time than when they are
reimbursable at short dates.
Necessary as this measure is to sustain the honor and the interests of
the country engaged in a foreign war, it is not doubted but that
Congress will promptly authorize it.
The balance in the Treasury on the 1st July last exceeded $9,000,000,
notwithstanding considerable expenditures had been made for the war
during the months of May and June preceding. But for the war the whole
public debt could and would have been extinguished within a short
period; and it was a part of my settled policy to do so, and thus
relieve the people from its burden and place the Government in a
position which would enable it to reduce the public expenditures to that
economical standard which is most consistent with the general welfare
and the pure and wholesome progress of our institutions.
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