40th Congress > House > Vote 531
Sponsor: RANDALL, Samuel Jackson (D-PA)
Description: TO TABLE THE PREAMBLE TO THE RESOLUTION CONCERNING THE REPUDIATION OF THE NATIONAL DEBT, SAID PREAMBLE STATING THAT IT MAY BE ASSUMED THAT THE HOLDERS OF UNITED STATES SECURITIES HAVE ALREADY RECEIVED AN AMOUNT GREATER THAN THEIR ORIGINAL INVESTMENT MEASURED BY THE GOLD STANDARD. IT WOULD SEEM JUST THAT THE SIX PER CENT INTEREST NOW PAID SHOULD BE APPLIED TO THE REDUCTION OF THE PRINCIPAL IN SEMIANNUAL INSTALLMENTS, THEREBY LIQUIDATING THE ENTIRE NATIONAL DEBT IN 16 YEARS AND EIGHT MONTHS. THIS SIX PER CENT INTEREST IN GOLD WOULD BE EQUIVALENT TO NINE PER CENT IN CURRENCY AND WOULD AFFORD TO THE CREDITORS A FAIR AND LIBERAL COMPENSATION FOR THE USE OF THEIR CAPITAL.
Original source documents: Congresional Globe vol. 85, p. 73; House Journal vol. 67, p. 63;
