The New York herald., 1869-10-11
The October EIections--Secrctury Bout.
Wells Philadelphia Speech.


The Secretary Of the Treasury. on the
national finances, as the guest of the Loyal
League of Philadelphia, made in that city an
earnest appeal to the people of Pennsylvania
on Saturday evening last In behalf of the
administration and the republican party
From the speech ITSELF published in full in
yesterdays HERALD, our readers have doubt
less formed their own opinions of its merits
But why the Secretary Of the Treasury, after
the late dangerous antics of the bull ring in
Wall street, should leave his official duties at
Washington to take the stump in Pennsylvania
may need word or two of explanation.
The regular State elections Of Pennsylvania,
Ohio, Indiana, Iowa and Nebraska come off
tomorrow. The general impression seems to
be that as the vote will doubtless be short in
all these elections, the democrats will carry
Indiana; that the republicans are sure of
Iowa and Nebraska but that while the issue
in Pennsylvania is very doubtful, there is
chance for the democracy even in Ohio. No
national Importance is attached to the contest
in any of these States, excepting Pennsylvania
and Ohio, and the main object in these two
with the democracy is foothold against
Grants administration, which will give them
! foothold for the next National Democratic Con-
vention. If they defeat Geary and elect
Packer as Governor of Pennsylvania, Packer
will be kept in the foreground as "Penn-
| sylvana's favorite son. for the succession;
and if in Ohio they elect Pendleton over
! n a.
tial champion of the Western democracy, will
| be apt to prove too strong in 1872 for the New
York Tammany managers of the game.
| Hence there is something of general inter
est felt among the politicians touching the
results tomorrow in Pennsylvania aud Ohio; !;
and the chief interest attaches to Pennsyl-
vania, because the campaign has been more
closely fought there than elsewhere on the
merits of Grants administration. On this
| broad issue the democrats have made their
| fight against Governor Geary, and if they
| defeat him they will claim the result as YER
national policy. Accordingly we may assume
that, with the consent Of the President, Bout
well has put in his official oar for Geary In
fact, however, this election is purely a local
one, and as in all such elections a large body
| of the voters remain at home, 80 we expect in
| this case the result touching the aiminstra-
| tion, whether yea or nay, will practically
signify nothing
But what says Secretary Boutwell,? He
says that one question before the Pennsyl-
vanians is, whether the Chief Magistrate shall
be endorsed by the people whom he has served
50 well? And that another question is,
whether our national obligations, chiefly
pecuniary, shall be faithfully met? and this
in the affirmative was the text of his discourse.
He says that the debt is two thousand four
hundred and fifty millions Of dollars, of which
sum twenty-one hundred millions bear inter-
est that considering our resources, this debt
is lighter than that which Jefferson had to
meet that if the debt of 1866 had remained
untouched it would have been now not less
than three thousand two hundred mil
| lions, in addition to three hundred and
ffty-six millions of the national currency
hat If in these four years, exhausted as we
were by war, we have reduced the debt to the
|
the rest is very easy; that hundred millions
4 year, the reduction we have been making
under Grant, will extinguish the debt in four
teen years; that fifty millions year will
finish it in twenty-five years, and so on and
that in refunding the debt at four and half
per cent interest, instead Of six, we shall save
twenty-five millions a year. This he holds il
the great point of the whole problem, and
whether we shall be able to refund at an
interest Of four and half per cent WILL he
contends, depend very much upon the issue o
these October elections in Pennsylvania ant
Ohio. The Secretary says, in Short eff BY
an uncertain vote in Pennsylvania and Ohio
on Tuesday next (to-morrow) the faith of the
country or the faith Of Europe is shaken il
the disposition Of the people of this country to
pay their debts, the extent of that change will
be felt in the depreciation of your bonds, ant
in the fact that You are to continue for a longe,
time to pay six per cent interest" instead o
four and a half on the debt.
Now we submit that while this, as an appeal
for Grants administration, is very good, it |:
begging the question for Governor Geary
The Congress which win have TO act upon thii
financial proposition is already in exist
ence. These October elections are purely
local, and the people so understand
them. In. Pennsylvania, for instance, tb'
popular vote tomorrow nobody expects
will c9me within thirty thousand 9f th
November or the October vote Of last year
! and II nav fall fftv tbouaapd abort aveu of III
\ October vote Next a. the democrats uni