orizing the funding of the public debt at a
lower rate of interest.

Following this recommendation, the bill for refunding the public debt,
prepared by the Secretary of the Treasury, was enacted and approved
July 14, 1870.

By this act the Secretary of the Treasury was authorized to issue bonds
to the amount of $200,000,000 bearing interest at the rate of 5 per
cent, $300,000,000 bearing interest at the rate of 4 1/2 per cent, and
$1,000,000,000 bearing interest at the rate of 4 per cent.

Under this act, and the amendments thereto, the debt has been refunded
from time to time until the average rate of interest does not now
exceed 3 1/2 per cent. Although these two important measures of
administration were not prepared by General Grant, they were but the
execution of his policy set forth in his inaugural address.

In respect to the rights of the negro race, General Grant must be
ranked with the advanced portion of the Republican Party. Upon the
capture of Fort Donelson, a number of slaves fell into the hands of the
Union army. General Grant issued an order, dated Feb. 26, 1862, in
which he authorized their employment for the benefit of the Government,
and at the close he said that under no circumstances would he permit
their return to their masters.

In his inaugural address he urged the States to ratify the Fifteenth
Amendment, and its ratification was due, probably, to his advice. At
that moment his influence was very great. It may well be doubted
whether any other President ever enjoyed the confidence of the country
in as high a degree. He gave to that measure the weight of his opinion
and the official influence of his administration. The amendment was
opposed by the Democratic Party generally, and a considerable body of
Republicans questioned its wisdom. General Grant was responsible for
the ratification of the amendment. Had he advised its rejection, or
had he been indifferent to its fate, the amendment would have failed,
and the country would have been left to a succession of bitter
controversies arising from the application of the second section of the
Fourteenth Amendment, which provided that the representation of a State
should be based upon the number of male citizens over twenty-one years
of age entitled to vote.

General Grant accepted the plan of Congress in regard to the
reconstruction of the Union. There were three opinions that had
obtained a lodgment in the public mind. President Johns