The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1869-09-15
Letter From Washington.
WASHINGTON, Aug. 80, 1869.

The Secretary of the Treasury, from
his private retreat in Massachusetts
where he never reads the newspapers,
is still determined to force upon the
people his ruinOus contraction policy
which in the space oftwo short months
has more completely crippled trade,
financial movements and
brought the country to closer prox-
unity to general bankruptcy than any
other measure ever inaugurated by
any other official in this country. In
obedience to his orders the acting Sec
rotary of the Treasury has directed the
Assistant Treasurer at New York to
continue the purchase Of bonds and
the sale of gold during September to
the same extent and in the same man.
ner as in the present month. Mr..
Boutwell, sees clearly and plainly the
terrible effects which this policy is
bringing upon the countryside cry Of
distress is reaching him from all quar-
tiers, and still, intent only upon his
own personal ACKNOWLEDGEMENT, trust
ing that in the financial crash he is
trying to make believe that he can 30
manipulate the country as to be the
next President, he is wilfully and wan
tonly deafto the distress he is creating.
It is perhaps a pertinent question to
ask, in addition to his ambitious
schemes, how much percentage Mr.
Boutwell, receives from the sellers of
the bonds he purchases at the highest
market rates7 Having tho power to
purchase them at their face value, and
yet paying a premium of from twenty
two to twenty three per cent. and up
wards, we are forced to the conclusion
that there is selfish motive-and one
very strong indeed-which impels him
to thus recklessly and wilfully squan-
der the public money. Strictly speak
ing think the question could be rails
ed, is not Mr.. Boutwell, committing
malfeasance in oficcq Certainly no
sane man would, in his private bust
ness, buy up his own notes, having
from thirteen to fifteen years to run, at
an advance Of twenty-three per cent
on their face value when by the terms
of the contract creating the debt,
he can discharge them for the
amount they call for unless he
had some idea Of being pecuniarily
benefited by the operation. Yet this
is what Mr.. Boutwell, is doing, regard
less of the fact that he is running the
country. If his management of the f.
nances does not lead to an inevitable
destruction of the Radical party then
shall loose faith in the principles OF
Democracy as applied practically to
self-government, and confess my belief
that the American people made great
mistake when they exchanged the Brit
ish Constitution, with its crown, its
uCACuito1y "iotOStoSs, AGS 0tANeAoh
without representation, and all the rest
of its faults and crimes, for our Federal
compact which long since has been
trampled in the dust. In connection
with this subject copy the following
from The National Repu1Ncn... Of ~.
morning. the snc cS.a. organ of Mr.
ERcc;aa,well coming from such source i
is significant. Speaking ofthe propos
ed modification of the Income Tax (al
electioneering dodge of the Radicals
by the way, and will amount practical
ly to nothing). The Republican says
Mr.. Delano deprecates the enormou
increase of revenue as the receipts al
ready indicate. The estimate for tn
fiscal year ending June 3Oth 1870 tw'
hundred and twenty-five millions o
dollars, nearly seventy millions in Elk
cess of the income for the past fisca
year. However willing the people ma.
be to pay taxes, the manufacturing ant
producing interests of the country can
not prosper under such drain of tn
direct wealth of the nation. 1t viii
therefore be brought to the attention
of congress at its next session, and sucl
modification of the present law recon
mended as in the opinion of the Secre
tary of the Treasury will best prOmot
the interests of the citizens of ever
section of the country" Now ther
are several points in the paragrap
quoted (which emenated directly fro1
headquarters) that are worthy of atten
ton. The fall elections are exceedingl
important and the very life Of the Rad
ical party depends upon their bein
successful. The talk about modifyin
the Internal Revenue laws, and bring
ing up the subject before Congress
,chich meets after the elections, is simpl
an electioneering dodge-a bait throw
to the people to land them, gudgeon
like in the baskets of tho Radical fish
ers. Secondly the admission that til
country cannot stand such an enormou
drain upon it, is very significant, a.
though made Inadvertently. This nc
mission is what the Democratic part
has contended for four years, an
| should at once established the heav
charges which we have made again