Rutherford B. Hayes: “The policy of the United States, steadily adhered to from the adoption of the Constitution, has been to avoid the…”

I would commend the suggestions and recommendation of the chairman of the Commission to the careful consideration of Congress.

If successfully accomplished, it will secure a large decrease in the annual interest payment of the nation, and I earnestly recommend, if the bill before me shall fail, that another measure for this purpose be adopted before the present…

While, in my opinion, it would be unwise to authorize the Secretary of the Treasury, in his discretion, to offer to the public bonds bearing 3 1/2 per cent interest in aid of refunding, I should not deem it my duty to interpose my…

Provided, That this withdrawal shall not affect any existing valid adverse rights of any party.