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The address analyzes how public faith and fulfillment of obligations shape borrowing power, compares historical interest rates and debt repayment outcomes, and links national financial management to the credibility of government. It also discusses funding bill provisions and proposes a structured approach to refunding the public debt with long-term 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is the main argument about public credit in the speech?","Question",{"text":112,"@type":113},"The speech argues that preserving a high degree of public credit is vital, in peace as well as in war, because it underpins every financial operation of the government and affects borrowing costs.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the speech explain why public credit matters financially?",{"text":117,"@type":113},"It links borrowing ability to the nation’s capacity and to the public faith that the government will keep its promises, noting that market confidence can raise the value of securities even without special legislation.",{"name":119,"@type":110,"acceptedAnswer":120},"What does the speech propose regarding refunding the public debt?",{"text":121,"@type":113},"It discusses the funding bill’s provisions and expresses a preference for authorizing a single bond at a specified interest rate and terms, including mechanisms for gradually contracting legal tender and planning future payments.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},322913,1790546419,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":14,"category_name":15,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":39,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144},962075114765,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","98-84390-30Fenton,Reuben Eaton  \n# The funding bill\n\n## COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISION\n\nBIBLIOGBAPHIC MICBOFORM TARGET  \nORIGINAL MATERIAL AS FILMED·EXISTING BIBLIOGRAPHIC RECORD  \n7Caton819-85   3f24,1870CwmdimgiQ0,sbeeeW.1870. 1pamplleta0nlstc  \nOv.  \n### RESTRICTIONS ON USE:\n\n Reproductions may not be made without permission trom Columbia University Libraries.                  \n## TECHNICAL MICROFORM DATA\n\n5mmREDUCTION RATIO:          11:1IMAGE PLACEMENT:IA (IIA IB IB1  \nFILM SIZE:            \nDATE FILMED:                41\u003C/g8  \nINITIALS:                  上  \nTRACKING\\#:                                                                                32881  \nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n## 61 THE FUNDING BILL \n\nSPEECH  \n0F  \nMR.FENTON,OF NEW YORK,  \nDELITEBED  \n[N TⅡE SENATE OF THE UNITBD 8TATES,  \nFEBBEABY 24,1870.  \nWASHINGTON:  \nF.&J.RIVES&GEO.A.BAILEYREPOTEBB ASD PAISTBBS OPTHE DBBATE3 OF cosonEss.1870.  \nMr.FENTON.Mr.President,upon theoundest maximsof finance a bill'for the refunding of the publie debt wouldnaturally seemto follow instead of precede the apprecintionof the publie credit.Strietly speaking,pablicereditis moreproperly the eausethan the effeet.It is one of the vital forees of theState.Greamnterial resources are the first and most obvious elements of strength;but thesubtile andensitive power of publie ereditis hardlly less08ential.In our modern system it cannot be0verestimated.Nonation ean beexempl fromthe necesity of borrowing.The triumphs ofmodern akill and the methods of modern war-fnre require the ability to compres Vasteffortainto briefyears,while distributing the eompensntionsoverextended periods.Whetheratsucha time the nation ean borrowmaybeatest ofita continued existenee.  \nLooking to our own coantry,I trust that ithas entered upon a long epoeh of unbrokenpeace;yet it would be the depth of folly,pre8uming upon this happy prOspeet,to remainblind or indiferent to the possibilitiea of thefutare.But whether undisturbed tranguillityor the fortune of oceasional strifa be our lot,our duty is still the snme.Publie credit is noless esential in peace thaninwar.That it mnyexist in war,it mus exist in peace.It is animportant faetor inevery financial operation ofthe Government.In the management of thedebt,in the regulation of the raLes ofinterest,in erery scheme of funding,it lies at the verybasis.In peace,it isa queation of an annualaving of millions;in war,it is B question ofBving the nation itself without ruiaou8 sacrifices and exactions.  \n6 Ag.86. L& Co.  \nTHE FUNDING BILL.  \nThe importance of preserving a high degreeof public creditis writen in the histories aroundDs.Great Britain pays but three per cent.intereat,because her credit is untarnished,becaus0shefithfullyfulfillsevery obligation.The United States Gorerament toward the cloae of Mr.Buchanan's administration could hardly bor-row attwelve per cenL,because its credit w8greatly impaired.After the war of the Revolution the debt of Masachuseta sold attwelveand a half cents on the dollar,but the Statehonorably diachurged this debt in full,andalways having paid in gold,it has long beenable,until recently,to borrowat les than fourper cent.Now;mark the eontrast.We areto-day paying six per cent.interest on thegrenter partof our national debt Ifour pub-lie credit were what it ought to be,if the faithof the world in our honor and honesty weresuch n8 we may welldesire to crente and justify,there would remainno questionabout theimmediate and rapid eonveraion of oar debtinto four or four and a half per cent.securiLies.Publlie eredit depends not alone uponthe promise to pay,but alike upon4 generalbeliof that the word is as good as the deed.The Bpirit of those who are ita guardians lasan influence no less than their positive action.Whenthe old Confedoration of thirteen StateswaB converted into a solid national Govern·ment,the credit of the Unionrapidly advanced.Within a yenr the market value of ite securitiesrose nearly a hundr","cbCaiknYw3QC1EFJ","https://ap.wps.com/l/cbCaiknYw3QC1EFJ","pdf",465015,"English","# The funding bill\n## Restrictions on use\n## Technical microform data\n## Speech in the Senate (February 24, 1870)","[{\"question\":\"What is the main argument about public credit in the speech?\",\"answer\":\"The speech argues that preserving a high degree of public credit is vital, in peace as well as in war, because it underpins every financial operation of the government and affects borrowing costs.\"},{\"question\":\"How does the speech explain why public credit matters financially?\",\"answer\":\"It links borrowing ability to the nation’s capacity and to the public faith that the government will keep its promises, noting that market confidence can raise the value of securities even without special legislation.\"},{\"question\":\"What does the speech propose regarding refunding the public debt?\",\"answer\":\"It discusses the funding bill’s provisions and expresses a preference for authorizing a single bond at a specified interest rate and terms, including mechanisms for gradually contracting legal tender and planning future payments.\"}]","The Funding Bill - Speech of Mr. Fenton of New York Delivered in the Senate of the United States, February 24, 1870 | PDF",1789963879,12]