The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-25
BOUTWELL'S POLICY.

His Method of Reducing the National Indcbt-
edness-President Grant Seconds Him-The
Weekly Sales of GOid-Its Beneficial Effect.
The New York Times, Washington correspondent
speaks as follows relative to Secretary Boutwells
financial policy
Secretary Boutwell, is in receipt OF as much disin-
terested advice and criticism concerning his policy
as though the cash in the Treasury were his private
fortune and he had asked for counsel to the best
mode Of devoting it to the public good. AS in the
case with doctors of physic so the financial doctors
never agree upon any one prominent feature. Take
the leading New York papers, for instance; no two
fault because he sells gold and buys bonds; another
because he don't sell more of the one and buy
more OF the other another because he don't re-
deem the three per cents instead of the bonds;
and another because it is bound to find fault
generally no matter what is done. So with the adj
vice and suggestions of bankers and political econo-
msts, the prescription of each one will cure, and
nothing else will In view of all this mutifarious
advice and criticism, it Is not wonderful that Mr..
Boutwell, should lind 1t best to follow his judg
ment, and leave support to be based upon the re-
suits of his policy developed 1t may be interest
ing to know that in his general policy OF doing
something toward reducing the debt he has
strong supporter in the person of the President.
General Grant has been, from the outset, very
anxious that a beginning i'll this direction should
be made; He is prepossessed IN laV0r OF the sinking
fund policy, but does not especially care by what
agency the policy OF reducing the debt is initiated.
lie realizes the fact that any method will be popular
with the people and strengthen the credit OF the
Government, in the end, which exhibits a steady,
even though gradual, reduction OF the aggregate of
the national debt Such fact thoroughly devel-
oped will convince the people that the money they
pay for taxes is being applied to its proper uses, and
that administration which reduces ana Keeps It's
expenditures below its receipts Is entitled TO respect
and confidence.
1t Is suggestive fact that the policy OF redeemng
the three per certificates which Is contraction
and nothing else, is urged both by the friends and
opponents OF cOntraction-by people at the East be-
cause it will compel the banks 10 put nifty millions of
greenbacks in their reserve funds 10 supply their
places; and by people at the West, who worship
greenbacks and cry aloud for more currency, for
reasons which it is hard TO understand considering
its effect just here is the difficulty and danger OF
this class Of obligations. To withdraw them, the
Secretary having currency must first sell gold to
obtain it, thus Withdrawing il temporarily from Cir
culation for it is in circulation and is not in the
serve Then he redeems the certificates with his
currency, and 1t goes-where?
Not into circulation, but by law il takes the place
of the redeemed certificates. Then comes a re
doubled cry from the West and South for more
rency; another attack on Congress-ony defeated
last time by sharp anagement-resultng next time
in all probability, in complete overturnng of the
banking interests in the North and East, national
banking on a free basis, with central redemption
which, II it could be secured, would be worth the
danger OF the attempt This is more fully appreci-
ated here than in New York. because political com
binatons in Congress can be formed TO accomplish
results which may be the very opposite OF what may
there be deemed sound financial policy.
II may be said that this is, in substance an aTgu-
ment demonstrating the necessity Of putting out Of
Possibly it is, and it ought unquestionably TO he
done. The spasms Of contraction would surely fol-
low and the result in the end would be beneficial.
| But how would the opponents OF contraction, now
urging the retirement OF these certificates be pleased
| with such result?