If the National credit was to be maintained these sixteen hundred millions of floating obligations must be promptly placed on a basis that would give time to the Government to provide means for their ultimate redemption.
Blaine emphasizes the urgency of addressing floating obligations to maintain national credit.
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It is to the eminent credit of the Republican members of Congress that they stood in a crisis of this magnitude true to principle, firm against all the power and all the patronage of the Administration.
Such an opportunity would have been a menace to the public credit, and would have proved a constant source of corruption.
Emboldened by the support of the National Administration, the Southern leaders believed that they could carry their designs through, and, instead of being restrained by the protest or the advice of Republicans, they chose with apparent…
Crises often arise in the conduct of National affairs when cherished opinions must be sacrificed and new departures taken.
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