Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1869-05-14
The rnhlic nchi statement.

Secretary Boutwel'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 II
was during March. Although the amount
Of principal cancelled appears quite inslg-
nihcant in comparison with the grand to'
tai of which il formed n part, still the
diminution is an index finger pointing
hopefully the way odt 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, arc hut beginnings
The practical handling Of vast fiscal al.
fairs is the task and duty of q new man,
whose efficiency and accomplishment will
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 APP
preCiates that the public debt is the great
commercial fact that presides over all Ia,
bors and industries, mOdides all material
development and all intellectual pro.
gress, and hence demands his best
Thought and most careful direction 1t is
plain that McCElloch's plan OF administer
ing the national obligations and Treasury
balances, in plant Difference 10 sectional
interests, has been abandoned by his sue.
cessor. II is true that, in ono regard, Mr..
Boutwell, is the ally of Wall street bulls
aud bears, yet he is compulsory, not
willing alder aud abeltor of their schemes.
The sequestration of vast accumulation
of CON- in preparation for payments OF
interest, necessarily represents an immense
capital arrayed on the side of the dealers
in gold for it IL Il 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
mcnt in the interests of the gold premium
can be dissolved only temporarily, when
the Treasury vaults contain surplus be-
yond current or contingent wants, which
can be sold publicly, and thus made TO re-
inlOrCe competition.
All indications point to conscientious,
energetic and systematic management Of
the national debt by Mr. Boutwell,. Limit
cd by the dcspotism of circumstances in
his power to do, he yet appears to be do
Ing the little within the scope of his abili-
", with a view 10 open 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. II affords us much pleasure thus to
accord to our Finance Minister integrity
of purpose aud wisdom of policy We
are Mt critical point of our history, at
which il is to be determined whether we
are To follow in the footsteps of other ma.
tions and transmit to postcrity the system
of perpetual taxation, or whether we shall
be able, within reasonable period TO re-
mnvo pt1r prcat mOrl pa 90 on the labor and
industry of tho country. MIR. Boutwell,
has assumed the latter position and Is en-.
dcavoring to inaugurate n policy which
will put the gradual and reasonable llqui.
dation of the whole debt beyond dispute.
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 while, to the
condition of those happy days when it
was less of u hardship to live Chicago
Republican,, 2d.