The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-11
BOUTWELL,.
The secretary of the Treqs.Gry,,s speech Mt TIOr-

handkerchiefs, and for few moments the audi
ence was almost beside itself. When quiet was re-
stored, Mr.. Boutwell, said:-
Mr.. President, Ladies and Genteman:-I have
not come here tonight to meet You Tor the purpose
OF making partisan speech, nor merely because
an election is pending. l know very well how
large the interests of the country is in what may
be done here in this city and in this State and in
another great State of the Union, on Tuesday next;
but, as mere party ISSUE would have left it to
the judgment of the people, without interposing
word myself either for good or for evil.
We cannot, however, be insensible to two great
considerations, involved in some degree: but they
are not the principal considerations involved i'm
the contest in which you participate. One of those
considerations undoubtedly is:-Whether the ad-
mnistration, which is the successor of an Admins
tration that. as far as the people was concerned,
has been the administration for the eight preced.
ing years. shall now be entrusted and justified by
the voice OF a great people tApplausel. That is
consideration to which | cannot be Indifferent.
There is another consideration, which has more
of a personal character, and that is:-Whether the
Chief Magistrate of this Republic-a man called i'm
the pressure OF the eXgency of the struggle for
tional existence from comparative retirement to
the command of an army of million of men, whose
conduct he guided with the most cOnsummate skill
to silful issue in the restoration of this govern
ment. shall be ndorsed and justified by the people
whom he has loved and served so well. (Applause)
By your voice i'm common with the general iudg-
mCnt OF your Countrymen, you called him from the
greatest military position, which he had earned by
his services, by his DEVOTION by his patriotism by
his uneNampled conduct in the command of your
citizen soldiers 1t is matter of some con sequence
not to me so much, but to you, TO the country to
the world, TO posterity, that there should be no
shrinking on your part as to what your voice and
your Judgment should be now. tAppause)
The Presidents Policy.
This OCCASION howcvr, is not personal, even to
the President Of the United States. But may say
htr VI al.
gladly indOrse, that'in all the long years of this
nations life no man has been called to the Chief
MagStracy who brought a larger share of patriot
ism, of unsellsh devotion to the public interests,
OF capacity equal TO any emergency, either in war
or in peace tApplause.) These-one generally,
an, a. .ne other to some extent persohal-are great
considerations to YOU and to the "'i'iS uut they
are not the considerations which has ,C ,aC
here tonight 1t is rather whether now, wm-'
having passed through the struggle for national
life, when by the voice Of the people the Declara-
tOn of Independence has been made living fact
(applause)-that all men are created equal zap.
plause): when the flag of the Republic waves over
every foot of the territory Of the Union; When JUS
tce has been everywhere organized into law: Whe-
in the application Of those great principles of iu5
tce is the only important question which remains
ioI n yOT OH I%r m M m Is wnfther
have now given with the policy of the President
and his administration as to render it certain that
the blgatiOnS-pecuniarY, chiefly, and Others also
which you incurred in the struggle for national
existence shall be faithfully kept. (Applause.)
No Reputation Of the Debt.
It is not so much Il question whether the public
credits shall be paid as it is whether forty millions
of people have the conscience and the sentiment
of right so imbedded in them that they viii do
right even though it were to their own hurt, CAP
plause.)
in the country to whether the pubic debt should
be paid exactly III the manner contemplated by the
entrusted with power. And may say here in one
single sentence, which comprehends, as under
Tegard to the public debt thait is to be paid prin,
cipal and applause it IS to be paid
principal and interesaccording 70 the terms Of the
contract, and in coin, or that which men will re-
ceive as the equivalent OF coin, without any abate
ment whatever; (Appagse) And this not 50
cause they have intruSted their property to this
%on eVop VSR in fy os Of Us peope sac6
disregard OF right and the principles which under
lie ndydua M ana a RSoc RSo prosperity yy as to 6 render
(AppauSe). It is not that ! plead for men who
have taken your s0miSSSi They have their rights
and unworthy the character of American citizens
if you should hesitate to do what you have pro
l am aware that there are those who go into an
inquiry as to whether the public creditors shall
ceVe dollar for dollar equal to the amount of the
Obligations. There are those who institute inquiry
as towhether the interest already paid is not sufi
i'll compelling the bondhOlders TO release the evi
dence of the obligation. There are others who pro
Well, my felloW-ctiZenS, all these are snares and
delusons: they are schemes There is but one
way out OF the difficulty, if you please to call it
difficulty; but as 1 will have occasion to show you,
not very great difficulty But there is one way,
the way which the honest merchant uses, and that
is to meet his obligations manfuly and to fulfill
them to the last cent, if he has the ability Cap
plauSe)
Some have suggested to us that we should pay
these obligations IN other promises not bearing in.
terest-greenbackS, United States Treasury notes.
Well, the answer to all that is. gentlemen do you
propose to pay the treasury notes the greenbacks,
that you issue in payment Tor bonds? If So in
what? Certainly in nothing but coin. The sub
StitutiOn of one promise TO pay Tor another promise
TO pay is not liquidation of the obligation you
have made
Results of Reputation.
Have they considered, also how detrimental this
policy is, as every wrong policy always must be
detrimental, even to those VINO defend and man-
tain it? Have they considered that the whole
these promises OF the Government Of the United
States.
Have they considered that the saving institu.
tiOnS are filled with these obligations of the Ma
tional government; and that when you inYalidate
and repudiate these Obligations. IL is not wealthy
men alone that suffer? The evil extends to every
laborer, and to every hearthstOne in the country.
The moment the greenDack or the Treasury note
is inValidaed, or its value diminished by the over
ISSUE Is the rich men alone who suffer- or is it MOI
rather poor men, who are feeDly able to shoulder
the lOssP Rich men are generally men of Sagacityi !
at least, they have credit Tor the possession of
an average share OF that quality, The moment
they see the government issue thousand or two
thousand millions of greenbacilS which they are
compelled TO receive in exchange for the other
notes, or for the government bonds, what would
they do? They would go into the markets of the
country, purchase real estate, ships, houses, lands
-four wheat. everything which had the color of
currency of the country would be left in the hands
of the labOrng people OF the country. would say