The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-07-23
Secretary Boutwsll's Management
Of the Treasury.

Secretary Boutwell's Management
OF the Treasury.
tCorrespondenes Of the Newark IN. ~ Courier Of
wAsuisoTos, Is. O., July 20, 1862:
Criticism on tho management OF the
Treasury by Secretary Boutwell,, though NOS
20 general, still crops out occasionally In TO-
ealitles; the most notorious specimen Of 70,
cent date appeared In the money article Oh
the New York World, under date Of July ~.
II the writer Of that remarkable contriou-
ton to the financial literature OF the gay
presumed less upon the credullty OF MS
readers, paid more attention TO the eompila.
zion az statistics, and ignored his style OF
weak attempts at wittlCism In his illustra-
lions. he would command more respect, and
The Journal that employs him would add to
its usefulness instead OF being tho subject OF
rdicule as tho vehicle used for tho convey
ance OF such stuff to the public.
Tho writer In question, exhibiting com
mand OF refined language that might chal-
lcnge the admiration Of his associates, con-
cludes one Of his Characteristic paragraphs
with conundrum, as follows; "What Is the
differoace between McCulloch and Bout
well 7" but lot having patience enough, as
do the weekly papers, to await an answer
from his readers, he answers II himself,
thus; "Just the difference between tweedle.
DUN and tweede-dce, only Boutwell, Is lit
tie more so-eIcsls In brass and lnsufiera-
BILE buncombe." Not satisfied, however, with
this brilliant evidence Of his resemblance TO
tho greatest political economists OF all ages,
the man of the World, In his own opinion,
completely annihilatos the honorable Socrc.
tary bya graphic illustration Of the immense
distance Mr.. Boutwell, will be obliged ia
travel In order to reach specie payments,
unless he Immediately takes the arm OF the
man Of the World, turns short around, and
goes In exactly the contrary direction.
Under such a state OF affairs, why should
not Mr.. Boutwell, at once resign and urge
upon the President the positive necessity OF
possessing himself Of this astute mind to aid
him In the affairs Of the Government
But to examine for moment what thl'
writer states as a serious argument. He says
"The selling Of gold by our Treasury De
partment Is viewed unfavorably by Europe
as weakening the real money power OF gov
crnment and the basis Tor 3 sound fnancia
system. If the Government continues to gc'
rid OF Its surplus gold, then by what process
Is specie to be accumulated 10 amount sum
Gcicnt to Justify the resumption Of spcci,
paymcntsi" He then, with degree OF self
sufficient complacency that is refreshing
says: "The question Is a very simple one
The accumulation Of gold by government
an Indispensable requisite to the resumptio,
of specie payments"
II the people Of this country thought tn
Secretary Of the Treasury cared a fg no,
| Europe views his actions, he would desci
vedly lose their respect, but this fneuclG
writer's anxiety about the views Of Europ
are not warranted by facts; II Europe
fearful of the character Of our financial sy,
TEN, as he lnsinuates, how happens II thu
she holds now more than 81 900, 200, 900 {
| American securities and how happens
| that since Mr.. Boutwell's advent to otfic
she still holds n tight grasp Of these secur
| ties, and at every favorable turn OF tho ma
kot secures morei
He who panders 10 the views OF Europe
| our financial system, must be either q poo
| American or weak-mlnded Englishman.
Still harping on couuudrums, he asks q
above quoted, If we get rid OF our gold b
| what process can we accumulate in order I
resumed This he does not answer, 1t bcin
evidently beyond his depth; but he does IL
sist that the accumulation Of gold Ia indi
pensable to the resumption Of specie pa,
ments.
A more absurd and ridiculous opinion WI
never expressed by an amateur In hnanc
to say nothing Of one who assumes to be
professor.
Europe for years after the war cease
would not take our bonds at a better RAJ
than 7l@72-recently she has become bett
satisfied with sour basis for q sound fna-
cial system" aud is 10th to part with the
when she can sell them back to US at
Does this money writer, this astuto. profess
Of political economy pretend to say Il
bonds have risen ton per cent. In Europe,
proportion to the increase Of gold held
this Government Facts repud,atc such
theory ; the Government hclds less gold t
| day than It did at many periods when bon,
were worth but 81 In London. Credi
, credit and confidence In our financial stu
ton, Is the cause Of the advance In Walt
. and credit and confidence is what will email
e the resumption Of specie payment, while
n thousand million Of gold coin would not.
have noticed this article OF the Wo,
simply to Illustrate how easy II Is for t
D.. money writer's generally to find oPportu
v ties for attack on Government officials.
, | a former letter you have the reliable
formation that Secretary Boutwell, had up
that date disbursed more currency for bon
he had purchased than he had realized fro
the sales of gold. Since then his purchas
OF bonds have been largely In excess Of |
sales OF gold he may be able to continue
purchases Of bonds without selling gold
some time to come-but If the time ARR,
, that his currency balance falls too low
consequence of his heavy disbursement
then the people generally, notwithstandi
the objections Of tho World, will applaud
wisdom If he converts his surplus OF gold
currency.
That Secretary Boutwell, has institute
reforms of great economy In the expenses
| the Government cannot be denied. That
Ia totally unmlndful OF those ignorant a
tacks, know that ho Is deserving Of prais