The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1869-03-19
HON. GEORGE S. BOUTWELL,

HIS Speecnes made On the moor OF
Congress:
HIS PLAN FOR PAYING THE DEBT.
The question of the funding of the
National debt being before the House
July 81, 1868, Mr.. Boutwell, intro
duced substitute for the Senate bill
and the bill reported to the House
rom the Committee of the Whole
The latter provided for the funding
of the entire interest-hearing public
-debt, amounting to 81, $50, ,00O, 900
all Of it payable in coin upon forty
wears time, and at three and sixty
five hundredths per cent. rate of in
terest. Mr.. Boutwell, said:
"The amendment to which / wisf
to call the attention of the House
provides for the funding OF 81 200,
900 900 of the public debt, S400, 900,
900 payable in fifteen years at five
per cent interest, S400, 900. 900 paya
BILE in twenty years at four and hal
per cent. interest, and s400, 600, ,00(
payable in twenty five years at three
and sixty-fve hundredths per cent
interest the latter sum of s400, 900.
600 payable, principal and interest
at the option OF the taker, either in
the United States or at London, Par
is or Frankfort.
he TAKES A HOPEFUL VIEW OF THE
DEBT.
"When we consider the rapid de
velopment o the resources of this
country. its increase of population
snd the augmentation of we lth,
there is no hazard in the prediction
that our excess of revenue to be ap
piled to the liquidation of the public
debt will not be less in any future
year than it will be in the present
year. Now, sir, a nation is distin
guished from individuals in its finan.
cial affairs in the particular i am now
considering. If an individual owes
debt three, five, or en- years hence,
and has money which be could now
apply to that debt if 1t be not in the
terms of the contract that he shall
pay it Immediately, he may use thai
money in various other pursuits, in
business, in enterprises, or even haz
ards, and pay his debt when it ma.
lures. But government is differ
emily situated. Unless it be absolute
poverty in the National Treasury, ]
know of no condition of things more
disadvantageous to public credit
than the possession OF large funds in
the Treasury without any presen,
means of using those funds in 6
legitimate and proper way.
THE DEBT THRILLING AFFAIR AFTEE
"Sir, this debt looks pretty large,
but it is small debt for this coun.
try, when you consider that we paid
1000, 100000 in less than three
years. What is to be said of the
81, 900, 100000 remaining? Why,
sir, when the war of 1912 closed our
pnblic debt was s127 100000 That
does not look large to US, but it was
as heavy a debt tor the seven mil
lions of people In the United States
at that time, considering that days
labor would not produce more than
per cent. in gold of what
it will produce now, as the $1,000
BOO, 900 of debt is to the people of
he country at the present time.
his OPINION ABOUT SELLING TREASURY
81 oil, to the sale of gold. II
we require The Secretary OF the
Treasury 10 advertise that he will
be ready at any time to pay the inter-
est on the debt next to become due,
the public creditors abating the in
terest on the payments which he
makes to them, there will be always
opportunity for those who own cou-
pons, or those who choose to buy
coupons, to command the gold that is
in the Treasury and, at any rate,
the amount which he advertises that
be will pay upon demand, is so much
gold upon the markets of the coun
try. The difference between this
proposition and the proposition to
sell gold is that we pay out gold
where it is to be paid and relieve
urselves of interest becoming due
next October, next November, or
next January, and also improve the
credit of the country. Coupled with
hat is a provision prohibiting all
'ales of gold by the Secretary of the
Treasury. / need not make any sug-
.estions to this House in the way OF
easons or arguments in favor oi
sking from the Secretary a power
which, if honestly exercised, can
lever be productive OF any good
THAT He THINKS OF PAYING THE FIVE
TwENTIEs IN GOLD.
Mr.. Randall, of Pennsylvania,
sked Mr. Boutwell, ifhe believed the
ve-twenty bonds were payable in
old
Il will state exactly what is nv
pinIon on that subject. When we
'sued $500, 600, 900 of five-twenties,
re stipulated to the public creditors
nat the United States notes, known
s greenbacks, should never be issu-
d in excess of four millions. Tha:
'as the first stipulation. The second
tipulation was that we should not
ompel payment under five years,
ut there WAS a stipulation over and
bove the law, inherent in the very
ature of society. in the experience
nd tradition of all mankind. that
very nation in its senses, actuaied
y an honest purpose, if, when strug-
ling with vlcissitudes, it was Obliged
, resort to forced loans, an extraor-
mary means of raising money, by
hich its credit was impaired aud its
are forced below the par
alue of gold, tina. such nation
,ould make every honest effort pos
BILE for the resumption of specie
ayments and the restoration of its
ublic credit. That obligation rests
pom US. Now, if according to the
rms of the act of 1864 it does not
ppear beyond all cavil that we might
OF pey these bonds in gre enbacks,
the same act it does appear that
e shall never issue more than S400,-
y, 900 of greenbacks."
According to the account made on
le 4th of March, Secretary Boutwell,