Reconstruction, as finally agreed upon, means this and only
this, except that the late slave was enfranchised, giving an increase,
as was supposed, to the Union-loving and Union-supporting votes. If
_free_ in the full sense of the word, they would not disappoint this
expectation. Hence at the beginning of my first Administration the
work of reconstruction, much embarrassed by the long delay, virtually
commenced. It was the work of the legislative branch of the Government.
My province was wholly in approving their acts, which I did most
heartily, urging the legislatures of States that had not yet done so
to ratify the fifteenth amendment to the Constitution. The country
was laboring under an enormous debt, contracted in the suppression of
rebellion, and taxation was so oppressive as to discourage production.
Another danger also threatened us--a foreign war. The last difficulty
had to be adjusted, and was adjusted without a war and in a manner
highly honorable to all parties concerned. Taxes have been reduced
within the last seven years nearly $300,000,000, and the national debt
has been reduced in the same time over $435,000,000. By refunding
the 6 per cent bonded debt for bonds bearing 5 and 4-1/2 per cent
interest, respectively, the annual interest has been reduced from over
$130,000,000 in 1869 to but little over $100,000,000 in 1876.
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