The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-05-13
SECRETARY BoUrwELL, =, poI,cy.

:
SECRETARY BoUTwELL's POLICY.
We can congratulate the country that the
Secretary Of the Treasury has policy we'll
defined, positive and explicit. There Ia no
longer any doubt about Ii. All who know
George s. Boutwell, knew that he would have
a policy, and that this policy would be made
up from his mature thought and from cor
rect judgment, aud also from q careful study
IL respect 70 what were and arc the financial
necessities Of the Government, and the wants
and welfare Of the general business Of the
country, and the best interests Of all con-
cerned.
His plan Is TO buy Government bonds to
the amount OF not less than q million |
weekly, and to as much larger extent as the |
means on hand will allow. lie also intends |
70 sell a million Of gold each week, and |
more than this should the receipts allow Of |
his doing so.
The Secretary will not be alarmed nor |
driven from this purpose by what may be
said In the newspapers, and until Congress
shall direct him to do otherwise, he will in
all probability pursue the policy he has
marked out.
There Is one thing that may be said OF the
sccretary's plan; 1t Is explicit, and he has
told the public In plain terms what he means.
There can be no charge made that his policy
Is ambiguous. 1t is straightforward and
unmistakable, both in letter and spirit.
All may rest satisfied that while Mr..
Boutwell, is In the Treasury there will be no
encouragement given for the formation Of
rings, and there will DO no chances for the
bankers and brokers OF Wall street to make
Roadway against the Government and the
people through the formation Of clIques
whose conduct will be conuivcd at by the
Secretary. Mr.. Boutwells course will merit
and will receive the Communications OF the
people on this account. For once We will
have an independent Treasury, and all dir
reputable alliances and questionable agencies
will be discarded.
Some journals Of the country, and we no.
tlcc particularly the New York Times, have
taken occasion to doubt the authority OF
Mr.. Boutwell, to do what he proposes TO do,
1t not being, as they affirm, in strict conform
tty to law and moreover they think that it
may not operate favorably TO the business in
terests Of the country.
The Times, to be explicit, has the follow
ing disclaimer against his planj but ii will
be seen that this journals argument, II 1t
be an argument, Is built upon conjecture
that the Secretary has acted in contrayen-
ton of law, and still not that he has really
so acted. The Times supposes the laws UNI
der which the Secretary acts, and by which
lie is governed, to mean most anything, but
1t does not seem to know whether the secre-
tary is right, or the hypothesis stated by
this editor is the correct version of the laws
which should govern Mr.. BOutwell's course
in this particular. Nobody would ever know
what the law is by reading the Times.
The following is the arguments Of the
Times
"If Mr.. Boutwell, has concluded that I'M
der the law he may buy bonds, notwith-
standing the seeming existence Of proviso
to the contrary in the public debt, ut least
he should be governed by the Limitation to
'one per csn'Hm' cnlolned by the sinking
fund law.
"Mr. Boutwel's policy, then, Is open to
the objection that Ii exceeds the authority
conferred by the sinking fund law, and
therefore conflicts, or appears to conflict,
with the cnactments Of last session. What
ever room for diversity Of Interpretation ex-
lists on the question OF right, the extent of
bond-redemption contemplated by the act of
1862 is specifically fixed, and beyond this
boundary he cannot properly travel. The
power Of redeeming bonds unlimltcdly has
no existence In law, and 1t Is difficult to be-
lleye that Mr.. Boutwell, desires TO assert the
tTf1 Ii
scribed mark set by the measure Of 1862.
In that case the amount to be redeemed
is subject to something beside his dlsCre.
ton, and has no relation 10 the means at his
command"
We have TO reply to this that our New
York contemporary docs not itself appear to
be quito clear as to the scope and power Of
the law and moreover, we would suggest in
this connection that Mr.. Boutwell,, who has
been for several years member of Congress,
and went fresh from that body to the Treas
ury, may be presumed to know as much in
respect to the real intent and meaning OIL
the law as our friend the editor of the Times.
The balance of the Times article Is taken up
by an attempt to show that the plan of the
Secretary Is not In accordance with fair
dealing with certain class of Government
creditors; that there are certain outstanding
and overdue obligations of the Government
which should first be met. 1t thinks also
that there may be some doubt as to the abll-
lty of the Secretary II he pursucs this policy
TO meet next years expenditures. The i'm.
propriety of the sccretarys course, in the
opinion Of the Times, Is illustrated by an al
fusion to the farmer who should undertake
to pay oil a mortgage on hi, farm which had
some time TO run, while he left, in order to
do this, other outstanding bill at stores and
elsewhere, due and over due. But what If
the farmer, by taking up hi, mortgage,
could make new one on cheaper and better
terms, and thus save money to he speedily
able to meet satisfactorily these immediate
obligations How would il be then
The truth Of the matter Is that It is a wise
policy for the Government to pursue the
policy of calling in as fast and as far as pos.
sible Its bonds, upon which 1t Is paying
heavy Interests, aud If it need hereafter &c
effect further loans they can be made al
much lower rates II money can be Dor,
rowed for four or four and % half Der cent
why should six, seven, and even nine pei
cent he paid However Wall street NAV
regard the plan of the sccrctury-nud the
T".cf article gets Its anUur from tha,
puartcr-thc people will see and acllnowl
edge the wisdom of his policy.
There Is one thing about this plan Of tn
Secretary, and that Is 1t breaks up all ring
and clilues aud outside agencies. This wi
commend 1t to the considerable Judgment c
the people.
People who Cannot Tako Care u
Themselves.