Page:The Presidents of the United States, 1789-1914, v. III.djvu/269

 CHESTER ALAN ARTHUR 223 terms, to extend their corporate existence. Over due five per cent, bonds to the amount of $469,- 651,050 and six per cent, bonds to the amount of $203,573,750, were continued (except about $56,- 000,000 which were paid) at the rate of 3^ per cent, interest. The interest-bearing public debt was reduced $478,785,950, and the annual interest charge $29,831,880 during the presidential term. On July 1, 1882, &quot;An act to regulate the carriage of passengers by sea&quot; was vetoed because not cor rectly or accurately phrased, although the object was admitted to be meritorious and philanthropic. A modified bill passed congress, and was approved August 2. The attention of congress was fre quently called to the decline of the American mer chant marine, and legislation was recommended for its restoration, and the construction and main tenance of ocean steamships under the U. S. flag. In compliance with these recommendations, the fol lowing laws were enacted: June 26, 1884, an act to remove certain burdens from American ship ping; July 5, 1884, an act creating a bureau of navigation, under charge of a commissioner, in the treasury department; and March 3, 1885, an amendment to the postal appropriation bill appro priating $800,000 for contracting with American steamship lines for the transportation of foreign mails. Reasonable national regulation of the rail ways of the country was favored, and the opinion