The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-17
nir. Bouiweil, o.. she Finances.

Tor what 1t says and what it does not say
1t is remarkable as containing the most
explicit declaration Of the policy of the
admlnistration in regard to the payment
OF the public debt, principal and interest,
in cotn, which has yet been given to the
country. Mr.. Boutwell, said she was
aware OF the differences of opinion as to
the payment Of the public debt in the
manner contemplated by the administra-
ton, and would therefore state, in sim
gle eentence, the administration entire
policy with regard to the public debt as
he comprehended it. m It was that the
dept was TO be paid, principal and inte-
rest, according to The terrcs Of the Con-
receive as the equivalent of coin, without
any abatement whatever" This is far
more explicit than the language of the
Chicago platform, framed by the conyen-
ton which nominated Gen. Grant for
the Preaidency. It is much more to the
purpose than anything said in either of
the POLITICAL platforms adopted by the
two great parties.' We pointed out at
the time the ambiguous character of the
phraseoiogy used in each, and while not
asspming anything else than good faith
Tor either, commented upon the impro-
pfiety OF employing terms upon such q
subject which mightjadmit of q double
construction. Both parties agreed sub
stantia!ly that the debt must be paid
according to the terms of the contract. I"
But whas were those terms? That was
precisely the question that men were left
to answer for themselves, according to
their own notions of what was Just or
expedient. It was this ambiguity in the
Democratic platform which enabled Gov.
Seymour, and Mr.. Pendleton to stand
side by side upon it. It was the same
ambiguity in the Republican platform
whichss while it satisfied the bond hold
ing interest at 1.-The Eastward, did not Of
fend the non -bond-holding tax payers of
the West.
ME-. Boutwell, deserves the credit of be-
ing more frank aud manly in the defini-
tiqn OF what he ,gonoeiyes to be the true
policy Of the administration and the duty
OF .taercq1ptry. To the doubtful phrase
''teggas of the contract" he adds the une
qulyocal Interpretation Sin coin" In
regard to the obligation Of the Govern
ment to pay its interest. speedily accru-
ing FROM time to time. in gold, there
could NO question, because the pro-
mise was express-this express provision
growing out. Of the fact that at the time
OF the pepdency of the legislation autho-
rizing the loans, the Government was
also bgsying itself with the issue cf cir
cplahng notes with which to carry on the
war. Was the obligation any the less
binding in regard to this principal, be-
cause at tho time Of contrac citing the debt
nobody had thought Of stipuIating ex-
pressly for Its payment in the far future
in golda Under what had always been
implied from the econstitutional provision
on the; subject of coming money and re,
guiating its value, such q stipulation had
never r'heen deemed necessary before.
All debts of the United States, when not
specifically provided for otherwise, were
understood to- be payable in coin or its
equivalent: Contracts which are clearly
implied are just as obligatory in morals,
and as between man and man will be en-.
forced with no less readiness by the
courts than those which are express.
MIR. Boutwell, does not understand that
in this respect there is any different rule
In morality or law for the Government
and for individuals.
But the Secretary's speech is no less
remarkable for it's omissions than for its
statements. 1t IS notable as speech
upon the subject Of the national finances,
A"oC Oy rn0 ulBueSC unanClal Omcer OF
the Government. in which there is not
one word, from beginning to end, in re-
ference to the possibility, or the desira-
bllity even, at any future day, of re-
turn to specie payments. Mr. Boutwell,
discusses the present financial system
pretty well, but he discusses it as if it
were the only or the permanent policy of
the Government. He seems to think
that sufficient for the day are the evils
thereof" and that it is no part of his
business to be devising plans or RENE
dies toy the morrow. All his suggestions
have reference to the present only, and
imply that as we are doing to-day. we
shall continue in the future. This. may
ne very we'll for the bond.holders; or
that large class of COMMERCIAL people
who having profted and grown rich by
the existing system-a system of mon
sstrousiy expanded credits, one being
heaped upon the other-haye no desire
that any change should be made in their
day, or else dread the possible cost of q
return from a period OF imitation to the
reduced standard of gold values. But
has MIR. Boutwell, no crumb of comfort
to dispense to the much larger class of
taxpayers of moderate or scanty means.
and those who live by their daily toll,