The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1869-10-13
Mr. Boutwell's Financial Policy.
WHAT IT HAS DONE-WHAT IT
WILL DO-WARNING UNHEEDED
"A. T. STEWARTS OPINION.

Mr.. Boutwell,, Secretary of the
has Il policv-a financial
1t mainly consists in selling
gold, and with the greenbacks he re-
in payment, purchasing bonds,
which are now due and redeemable, at
the option of the Government at their
face value in the currency ofthe coun-
try. Mr.. Boutwell, is so thoroughly
in the interest of the bonpholder, that
he prostitutes the power of his posi-
ton goes into the market and buys
these bonds at a premium of % per
cent. Thus millions after millions
goes into the pockets of the clique,
who are to be instrumental in making
him President in 1871. These subsi-
dies paid to his friends is drained from
the labor of the country. When the
necessities of the Government demand
it, or Mr.. Boutwell's personal policy
is to be subserved, these bonds will
be put in the market and sold, again
to be bought up as soon as Mr.. Bout
well q appreciate the price of bonds,
and again the b~ondholder is benefited
at the expense of the taxpayer.
The effect of thus protecting the
bondholding interest is that of keeping
capital idle. No one cares to risk the
chances of engaging in business of any
kind while bonds are so good an iu-
vestrnent, and pay such high rates of
interest. 1t seems to be the sole prov
ince Of the Administration to foster
and protect capital that produces
nothing, and to crush out, by all kinds
Of unequal taxation, unjust legislation,
and unfair discrimination on the part
If the Government officials, all the Ia
boring interests of the country. The
terrible results of Mr.. Boutwelrs poi
icy is only too well known all over the
osuntrg 1t is felE1r every branch OF
trade and labor, as web as in agricuI-
ture- The peopledfe fairly grooming
under the onerous Rlrdens of taxation.
The recent panic in New York, when
gold went up from 133 to 160 in a
lew hours, Is the strongest evidence OF
weakness, incapacity, laundering Of
collision on tlkSPart of Mr.. Boutwell,.
If he was not mterested in the work
ings of the 'rMg"1hat brought about
the frightful. 1eefe Of affairs in New
York, he certainly is the most stupid
''dunderhead' tiat ever was thrust in
to a positios%f power That this
storm was hrGing was evident to every
one at all c6lYersant in financial af
fairs.
As early IL September 2Gth, Henry
C!ews, Esq, CT the firm of Henry
Clews & Co., New York, one OF the
largest banking houses in Wall street.
wrote TO the Secretary of the Treas.
ury, stating his reasons for the crisi!
that he knew was coming, and also de
failing the operation of the rings
Mr.. Cicws pointed out several mean:
by which the coming evil might be
averted, and the business OF the coun
try saved from disaster and perchance
ruin. No attention vas paid to thi.
warming by Mr.. Boutwell,. On Tho
23d Of the same month, q few day:
previous to the crash, Dir. Clews sen.
him another letter urging him for the
good OF the country to avert the sure
IL coming trouble ard thereby save
his financial 20 c.. Mr. Boutwel
but went along in all the serenity O
selfopinionst Il Yankee conceit. The
storm burst i'll all its fulJ, and tht
result is that business of all kind;
is unsettled, confidence has been sore.
ly impaired, stocks of all kinds have
been affected in value, and chaos reign;
generally. No ore knows when the
natural order of things will resume
its course. This is what Mr.. Bout
wells policy has done.
For what his policy Will not do, w,
will take the views of y. T. Stewart
of New York, the friend of Genera
Grant and his Administration. Mr.
Stewart, it will be reccollected, wa:
appointed by General Grant, S%ecreta
~ Of the Treasury, but vas not eligi
bic on account of a law against an,
one engaged III business holding tina
position. When asked what, in hi
opinion, has been the effect of the pol
icy of the Administration during tin
last six months, and especially during
the recent crisis, he very reluctantly
bbut very decidedly, replied as follows
Il disapprove of the policy of sell
ing gold and purchasing Londs will
the proceeds, believing as l do that i
will never lead us, to specie payment
Such a policy would not lead Us t
such a result in ten years-no, o il
Il hundred. The purchase OF bond
with gold gives the spectators mean
to carry on their operations. Thi
policy is unquestionably of great ben
eft to those who have no ear o
their own. While solvent men vii
entirely oppose this policy, it will b
approved of by those who + shaky.'
We prefer to present to our reader
the condemnation of the Yankee fl
nancier out of the mouth of q friend o
the Administration, of which he is tn,
head and front, rather than from thos,
who have nc sympathy with him.
Stewart, judging from the immens
wealth he has accumulated, the prom
inent business position he occupies
and the. reputation he bears, is capa
bic of giving a correct opinion on
subject that is part of his daily busi
ness. To show the brass of Secreta
ny Boutwell,, in the face of this nation
al financial disaster, he coolly contin
ues his work of manipulating the re
ports of his Department, to make i
appear that he has been reducing tn
public debt.
/ 1t has been shown time and agail
by the Democratic press of the coun
try, by Mr.. Boutweils own figures
that the debt is increased rather thai