The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-10
Speech Of Secretary Boutwell,
in Philadelphia.
The p'"oancial Policy Of the Administra-
no.. Rea0irmed.
Our Debt to be Paid in Geld or
It's Equivalent.
Its Funding at a Reduced Rate Of Interest
Dependent Upon the Election.

Dependent Upon the Election.
PHILADELPHIA Oct 0, 1899.
Secretary Boutwell,. Of the Treasury SERVED Ia ibis
city today nom Washington, as the gatest OF the
Union League, under whose auspices he delivered q
speech at horticultural Hall Tonight N behalf
OF the republican candidates for state oeers at the
approaching election The hall was denseiy crowded
with an audience numbering several thousands,
among whom were many ladies.
william d. Lewis was elected chairman OF the
meeting. He introduced Mr.. Boutwell, 20 the assem-
blage, who upon coming forward, was received with
| loud manifestations OF applause. After quiet had
| been restored Mr.. BOUTWELL, SAID
SECRETARY BoUrwELL's SPEECH.
/ MR.. PRESIDENT. LADIES AND GENTLEMEN-f have
not come here TO- night to meet you for the purpose
OF makinga partisan speech nor merely because an
election IN this State ia pending r,know very well
how large the interest OF the countryts In what may
be done herc In this city and in this State
| and In another great State Of tue Union On
| Tuesday next; out as q mere party issue
would nave left 1t 60 the Judgment or
| the people, without myself interposing q word
either for good or for evil. We cannot how
| ever, DO insensibe to two great considerations
Involved In some degree but they are not the prn
cipal considerations involved in the contest in which
h
doubleday Is whether an administration which Ia
the successor Of administration that far the
| voice Of the people Is concerned, has been the
administration for the eight preceding years shall
now be endorsed ana justified by the voice OF
great people. tAppiauseI That ia q consideration
to which we cannot be Indifferent.
SHALL GRANTS ADMINISTRATION DE ENDoRSEDP
There Is another consideration Witch has somewhat
Of personal character and that Is whether the chief
magistrate OF this republic man called by the
exigency Of the struggle for national existence from
comparative retirement to the command OF an army
OF million OF men, whose conduct he guided with
consummate skill to q successful ISSUE ON the
restoration Of the government shall be endorsed
and Justified by the people whom he has served 80
well. (Applause.) BY your voice, In common with
the general Judgment OF your countrymen, you
called him to the great military position which
he has earned by his services, by his devotion by
his patriotism, by his unexampled conduct In the
command OF your citizen soldiers. 1t Is matter OF
some consequence, not TO him much, but to you,
TO the country to the world to postety that there
shall be no shrinking on your part % 10 what your
voice and your judgment shall be now This
occasion Ia not personal to the President OF
the United States; but may say here, what
gentlemen upon this platform would gladly endorse,
that In the long years OF this nations
life no man has been called to the chief magistracy
who brought larger share Of patriotism or unset.
fish devotion to public Duties capacity equal to
any emergency either in war or In peace lApplause
This one generally, and the other to some extent
personally, great considerations TO you and TO
| the country; but they are the considerations
| which have brought me here onQht. 1t Ia
| rather when having passed through a great
struggle for national life. when by the voice
| OF the people the declaration or indepcnd-
ence has been made living fact that all
| men are created equal tapplause, when the nag
Of the republic every foot OF the terri
tory OF the nation, whether now the people OF this
| country arc TO falter In the application Of these
great principles OF Justice; and the only important
question remains whether you will so Identify your.
selves on the Judgment you now give Of the policy OF
the President and his administration to render 1t
certain that the obligation pecunary chiefly, and
| others always which you incurred In the struggle
for national existence shall be faithfully kept ZAP
plause.l -
Is not 80 much question whether the public
debt should DO paid az 1t IS whether forty millions Of
| people have the conscience and sentiment or right
SO imbued IN Them that they win do right even
though II may be at their own peril doubt not
as to whether the pubic debt should be paid ex.
actly in the manner contemplated by the admins
Single ps Sentence when may eom sT
rson IL regard anG q t PSpy sDo daS nas
| is TO be paid principal and interest-tappause}--
i
or that which men w,l receive as the equivalent Of
coin. LApplause.l And this not so much Though
entrusted their property to this country upon a
pledge given but because 1t would develop in forty
millions Of people such disregard Of right and the
perity as TO render them the scorn or the nations
through all ages. II is not that | plead for men
| who have taken your promise; they have their
rights but ii is because you would prove yourselves
base and unworthy OF the character Of American
citizens II you should hesitate to do what you have
| promised to do. l am aware that there are those
who go into an inquiry az to whether the pubic
are those who institute the inquiry as
u the interest nus eady paa
| justify us In compelling bondholders to produce the
evidence OF the obligation; and there are those who
these are schemes aud decisions There is but one
way out Of the difficulty, 4 you please to call i
calssNSat one way, and that . the way
which the honest merchant pursues, that
to the last cent II he has IL. tApplause.l some
have suggested TO us that we ought to pay these
Ss
the arst answer to that IS, gentlemen. do you pro-
pose to pay the Treasury notes Or greeno sSs,
II 50, III IN wSsts : Certainly in nothing but
coin. The substitution OF one promise to pay for
oSsaso %nd nave Sey considered slsoSow desr
mental this policy Is as every wrong policy always
whole banking system OF the country Is based upon
these promises OF the government OF the United
StatesS have they considered that the savings
institutions are oiled with these obligations
the az nse and sa Z
not the wealthy men alone who suffer- The evil
extends to every laborer and to every hearthstone
In the country. The moment greenback or q Trea.
sury note Is invalidated or diminished In value by
over issue, Ia IL the rich men alone who suffer,
or Ia II not che poor men who are finally
compelled TO shoulder the losss Rich men
are men OF sagacity, at least they have the
credit OF the possession OF average share OF that
quality. II the government should issue two thou.
SAND millions OF greenbacks and they were com.