Mr. Chairman. let us see what economy invites us to do and what we may do if it has not been predetermined by a majority of this House that we must refund. must fall into the wake of European nations and adopt the worst of their characteristics. the creation of great national debts. if we are not unwilling that foreign statesmen shall continue to hold us up. as the writers of England. Germany. and France are doing. as a people so prosperous that. while we invite millions of immigrants from every other country. we proceed year by year to pay our debt and are thus enabled to reduce the rate of interest on the constantlydiminishing balance of our debt. Of the six hundred and thirtyseven millions which are to be provided forand as the Secretary has paid fortytwo millions in the first part of this year. when the 1stof July comes round it will be found that much. if not all. of the thirtyseven millions will have disappearedbut if the account should then stand as it does now. there would be two hundred millions of six percents. They would be paid inn little over three years. and the interest on those two hundred millions would be less than 5 per cent. for the period of payment. net 150 per cent.. or 120 per cent.. as proposed.
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immigrants