Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1869-06-04
From the N. Y. Independents
sECRE EAR~ BOUTWELL, AND
HIS CRITICS.

!
Il Is said that of our New York
merchants visited Washington lately to
induce Secretary Boutwell, to change
his policy and stop selling gold and
buying bonds; Affirming very positive
" that otherwise gold would go to Us,
and general disaster WOuld follow in
the train. We hope the honorable Sec
rotary will not listen to such advice (;
but so far change his policy rs 20 in
the sales of gold to 1--we millions
a week, and buy bonds to the same
amount. He has got thu money on
hand; and why IN the name of common
n and eOmmon honesty, should he
not use It,. Such a change OF policy,
and no other, we most decidedly advO-
cate. a private individual who should
20 on boarding money as the Govern
ment has done, instead of using it in
paying his debts, would not be tolera-
led anywhere except among thieves.
It isdifhcult to please everybody; and
hence the better course in morals is to
do right and in matters of expediency
to do that which is best on the whole,
and then let critics and grumblers have
their oWu way. We hope that Secreta-
~ Boutwell, will adopt this rule in re-
/ spect to the sale of surplus gOl.l, and
the purchase Of the public debt, to be
I set apart as a National Sinking Fund.
aThis whole idea" SAYS Critic No. l.,
- q AAAAAACo8g - EAGCG VI AASaAA1l4A NAA
glery." Not so thought Congress when
enacting the law in 1852, and pledging
the faith of he Government to create a
Sinking Fund, at the time of issuing
its hve-twenty bonds, and asking the
people to loan it their money. Not so
says the history of sinking funds in
this country and in Europe, as we will
show at another time. Not so should
the Secretary Of the Treasury say,
whose duty it is to execute the law OF
Of Congress. Had the law been obey
ed from the commencement, we should
to-day have had a Sinking Fand OF
$3.50, 600, COO in Government bonds; and,
if this be a "humbug, :" then thu more
of il the better.
Critic No. 2 thinks that the Secret lry
ought to reserve his surplus gold for the
ultimate redemption of greenbacks; OF
if he uses it at all, 10 apply it at once tC
his The former is simply tbe
boarding process; and Of this we have
already had quite enough under the
policy of Mr.. McCullOch. The latter
would be a process for contracting the
currency; and this is not what the Leg
Of the country requires, and Is, more
over, just the thing which the last Con-
gress restrained the Secretary from do
ing. He is bound by the terms Of the
law to cOnhne his purchases to the in
terest-bearing debt, as shown by thi
clause that sets apart the interest of thu
Sinking Fund to the same purpose a
that of the bonds themselves.
"But wiIlnOt the interest on the bond
held as a Sinking Fund still rcmain?'
inquiries Critic No. 8; "and, if so, wha
relief from taxation viii the process
= bring to the people2" Would not tn
t interest wereply, equally remain to b
provided for if these bonds were in tn
hands Of private holders? The differ
) ipnnn in the Fuvn nazaz 10 MT tho a nanun
OF interest to be paid. but simply tn
] party who is to receive it. In the Oh
case it is the Government putting th
interest to the credit of the Sinkin
Fund and in the other the privat
f bondholder.
Let the Secretary cancel and actua
ly destroy the bonds as he buys them,
9 shouts Critic No. f. "and not set thel
y apart as a Sinking Fund" We repl
e that he is expressly directed by la
of Congress to keep the purchase
bonds and all their accruing interest f
. this specific purpose; and that, as 8
officer of the law, he has no right to c
e anything else.
n ITO be buying bonds at Is or 16 p,
cent. above par is a losing and cost
L operation" observes Critic No. 5, wit
" his arithmetic singularly befogged.
The Secretary sells gold to the amoul
OF 100000 at a premium of 40 p
@%6S@ AA6 ~ [EtnNN
a He buys the same amount of bonds
al 10 per cent. in currency above par, pa
ts Ing I,160, 900, and saving to the Cover
ment just $4,000 by the operation.
4 Selling gold and buying with current
le he makes all the difference between Il
currency premium on gold and the pr
MUM on bonds; and this we call pro
le and not loss.
E. "But," says the New York Time
appearing as Critic No. 6, "this is su'
stantially Pendletonian ~repudiatiO
50 because The bonds are bought in at lie
s. than par in gold" Not at all. Does
l. debtor repudiate his obligations VIII
he goes into the public market open
and fairly and buys up his immature
paper at its market price? We thir
. not. He has as much right to buy b
own notes as those of other parties.
The Government has the same rigb
If When its obligations mature, then the
must be paid dollar for dollar. But
they can be purchased at a cheapt
rate prior to this time, then the GO
eminent has as much right to be a pu
chaser as any other party, To call tn
reputation, because the Governmel
buys its W unmatured bonds for LEI
| than par in gold, is simply to talk MOI
sense.
We advise Secretary Boutwell, to pr
serve the ever tenor of his way, al
keep right on in the course which
has Ia A0o OuI y uAhiSO w y
r heve that he will do it, and be susUai
ed most cordially. The recent furry
/ the gold premium is a mere furry
/ spectators. The higherthey raise {
premium, the better the currency PR
Al that the Government viii receive f
=, its sales of gold. They Will get enOuI
IS of il in due seasn. We should be e
a ceedingly sorry to see the Secreta
Is diverted from his course by the criti
or frightened therefrom by the schenl
10 of the bold gamblers.