Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1869-05-14
The Public Debt Statement.

| Secretary Boutwell's second monthly
| exhibit of the condition Of the national
| obligations is even more satisfactory and
/ encouraging than his first. The absolute
reduction of the great public burden has
| been much greater during April than it
was during March. Although the amount
of principalca appears quite insig-
| nificant in comparison with the, grand to-
| tai of which it formed part, still the
diminution is an index finger pointing
hopefully way out of debt, and is,
moreover, convincing evidence of the radi-
cal change of policy which has taken
| place in administering the finances of the
Union. These, too, are but beginnings.
The practical handling of, vast, fiscal af-
| fairs is the task and duty Of new man,
whose efficiency and accomplishment wifi
| increase with his increase of knowledge
and experience, gained from daily study
/ OF, and contact With, the routine of his de-
partment. Evidently, the Secretary ap-
preciates that the public debtis the great
| commercial fact that presides. over all la,
bors and Industries, modifies. all material
| development and all intellectual pre-
gress, and hence demands his .rbest
thought and most careful direction, Ii is
plain that McCulloch's plan OF administer
ing the national obligations and pteasiify
balances, in plant Difference to- sectional
interests, has been abandoned by his sue
cessor. 1t is true that, in one regard, Mr..
Boutwell, is the ally of Wall street bulls
and bears, yet he is a compulsory, not
willing, alder and abettor of their schemes.
The seQuestration of vast accumulation
of coin, in preparation for payments of
interest, necessarily represents an immense
capital arrayed on the side of the dealers
in gold, for it is a part of the general sup
ply which is kept out of the market, leav-
ing monopolists and spectators to absorb
and deal in the floating remainders, This
involuntary copartnership of the Govern
ment in the interests of the gold premium
can be dissolved only temporarily, when
the Treasury vaults contain. q surplus be-
yond current or contingent wants, which
can be sold publicly, and thus made to re-
inforce competition. Gs4ag g ,0;i
AllinGications point to conscientious,
energetic and systematic management of
the national debt by Mr.. Boutwell,. Limit
ed by the despotisml of circumstances ia
his power to do he yet appears TO be dof
ing the little within the scope Of his abili-
ty, with 8. view to open q new path that
will lead to the complete discharge of our
vast obligations, and the consequent lIber-
alton of Industry from an oppressive bur!
den. ~ Tt affords us much pleasure, thus to
accord to our Finance Minister integrity
of purpose and wisdom Of policy. We
are at a critical point of our history, at
which it is to be determined whether we
are to follow in the footsteps Of other ma
tions and transmit to posterity the system
of perpetual taXation, or wlletherlwe shal,
be able, within reasonable period, to, re-
move our great mortgage on the labor and
industry of the country . Mr.. Boutwell,
has assumed the latter. position 4%nd is en-
deavoring to inaugurate a pplicy which
will put the gradual and reasonable fiqui-
dation of the whole debt beyond 7disputeo
The general burden of taxation makes.
everybody interested in this conclusion,
for it gives hope that the masses of the
people may get back, after awhile, to the
condition of those happy days when, il
was less of hardship to Chicago
Republican, I'd. ....-...o.,