As a leading member of the House of Representatives, and as Secretary of the Treasury under President Grant's Administration, he had, of course, a large influence upon our financial history.

He saw very early the importance of devoting every resource of the country to the reduction of the National debt.

It was not with him, as I understand it, a question whether a little saving could be made in the way of taxes by postponing the payment until the rate of interest should be less or the National resources greater.

He saw that it was important that the people should not get accustomed, as the English people are, to consider a National debt as something that was to continue always.
He saw that it was important to the character of the people, as to an individual, that they should be impatient and restless under the obligation of debt, and should consider it alike the Nation's first duty and its greatest pride and luxury to get rid of the burden.

This has always been the temper of the State of Massachusetts, of her towns, and, in general, of her citizens.
Accordingly he insisted that the debt should be reduced so rapidly that the people would take pride in having paid it, and would be relieved from the temptation of listening to the specious and seductive arguments of persons contriving dishonest methods of getting rid of it by issuing fiat money, or any device of direct or indirect repudiation.