The weekly standard., 1869-10-20
MIR. Boutwell, on the Finances.

ON account of the length of Mr.. BOUT
WELLS speech we are unable to publish it,
nut we present the following editorials from
the New York Times, which gives the most
important points, and whose sentiments are
the same as our own. The Times says:
The speech delivered by Secretary BouT-s
WELL at Philadelphia on Saturday is an able,
eloquent and luminous statement of the
financial condition and prospects of the Re-
public. He puts in one sentence the entire
policy of the Administration in regard to
public debt, and that sentence is this: arfhe'
debt is to be paid principal 'and interest, ,ae-
cording to the terms Of the contract, and in
coin, or that which men will receive as the
equivalent of coin, without any abatement
whatever" 1t will require a pretty adrolt
Democratic word-twister, we fancy, to mis-
represent that. And it is creditable to the Sec
retay that he places his policy on SO high
and honorable ground. sit is not" he
SAL rs, ''that plead for men who have taken
your promises. They have their rights.
But it is because you would prove yourselves
base and unworthy the character Of Ameri-
can citizens, if you should hesitate to do
what you have promised to do. W.
Our debt is $4,000, ,OOO, 900, of which 81, :
100 ,OOO, 900 bear interest. 1t is a large sum;
but the colossal outlines dwindle somewhat,
or, at least, do not SO affect the imagination
when Secretary Boutwell, shows, as he con-
clusively does, that it is a very much less
debt in proportion to population and proper
ty than the debt of the Revolution, "which
our fathers did not hesitate manfully to as
sumo and honestly to pay, As to the re-
demption of our own debt, the Secretary
speaks with the utmost confidence. And
what we have now to note, and to call the
attention of our readers to, is this: that Be-
cretary BOUTWELL,, Commissioner WELLS
and Commissioner DELANo, three gentlemen
whose personal integrity is beyond cavil,
and whose official position makes their
opinions more responsible and important
than that of any other three officers in the
Government, have, during the last fortnight
explained exactly hoso and sohen the nation
al debt will, at the present rate of surplus
revenue, be entirely paid. The declarations
of Commissioners DELANo and WELLS on
this subject we have already given; in COM
plete accord with them Mr.. Boutwell, says:
'If we were to pay hundred millions of
dollars year, which we can pay if the pres
ent system of taxation be permitted to re,
main, the public debt will be extinguished
in less than fourteen years. If we pay fifty
millions year, which we can pay, and an
nually reduce taxation, the interest bearing
public debt will be extinguished in about
twenty-five years. And five pay but twenty
six millions year, and reduce taxation,
as we may, to very large degree, the inter
est-bearing debt will be extinguished in
about thirty-two years" ,...
What becomes of the argument for repu-
dlation, when, without an additional penny
of tax, the entire great national debt will be
swept away in fourteen years, and when /.
even in SO reducing taxation as to collect
but one fourth of our present surplus reve-
nue., it will be extinguished in hirty-tuo
years9 ...,. ..4
There is another important point in Mr..
Boutwells speech. Having shown that
since the 1st of March Tor, practically, since
Grants inauguration) no less than $56,oOO
900 of the public debt have been paid, he
declares that the true inference from this
fact is that 1--WE can speedily refund so
much of this debt as we desire to refund at
a rate OF interest not exceeding Al per cent"
This, of course, would save to the country
from SIS, 600, 900 to $25, 900, 900 more fair
ly to be carried to the account of the pres
ent Administration And when once the
ghost of repudiation is forever laid, the
credit of the country will rise. "The bur
dens of taxation" says Mr.. Boutwell,,
whether heavy or light, can be removed"
Even as it is, the great proportion of inter
nal taxes already rest on luxuries-$44, ,00O,-
900 on distilled spirits, for instance, and
$2S,O0O,0OO on tobacco, out of total of
s15s,oOO.OOo. .0.a-r.aa. a...- .4.s, u. b.
The address of the Secretary, like all the
others that have been delivered of late in
vindication of the Government, is full of
hope and confdence-a confidence we'll
founded, we believe, in the honor, honesty,
integrity and patriotism of the people, re- 1
gardlng their national promises. e..