Rutherford B. Hayes: “To the Senate and House of Representatives:I transmit herewith, for the consideration of Congress, the report of the…”

Believing that a measure for refunding the national debt is not necessarily connected with the national banking law, and that any refunding act would defeat its own object if it imperiled the national banking system or seriously impaired…

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

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…