New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-11
OUR PUBLIC DEBT.

in this city to-day and Is the guest of the Union
League Club under whose auspices he made speech
this evening in behalf of the Republican candidates
for State officers at the coming election. The hall
| was densely crowded with an enthusiastic audience
of ladies and gentlemen. VIM. ID. Lewis, esq, hav-
ing been elected Chairman of the meeting, introduced
Mr. Boutwell, who, on coming forward, was received
with shouts OF applause As soon as quiet had been
| restored, Mr.. Boutwell, said,
SECRETARY BoUTwELLs SPEECH.
Mr. PRESIDENT, LADIES, AND GENTLEMEN: have not
here tonight TO meet for the purpose Of making
partisan speech merely because election In this
State pending know well how large the interest
OF the country is in what may be done here In this city
and In this State and another great State OF the Union
Tuesday next; but party issue would have
left II TO the Judgment OF the people, without myself in
terposDg word either for good for evil We cannot,
however be insensbe to two great considerations in
voved In some degree, but they are not the principal
considerations involved In the contest in which part
cpate. One Of those considerations undoubtedly is
whether administration that, far the voice of the
people concerned has been the administration for the
eight preceding years. shall be Endorsed and justified
by the voice Of great people. lApplausel That is q
consideration to which we cannot be Indifferent
SHALL PRESIDENT GRANT BE SUSTAINED
There is another consideration which has somewhat OF
personal character and that Is whether the Chief Mag
israe OF this Republic called by the exigency Of
trement to the command Of an army OF million of men,
whose conduct he guided with consummate skill to a
cesfu ISSUE the restoration Of the Government shall
served so we'll [Appause.l BY your voice, in common
with the general Judgment OF your countrymen you
called him the great military position which he has
earned by his services by his devotion, by his patriot
ISM by his unexamped conduct In the command Of your
citizen soldiers 1t is matter OF some consequence not
him much but 10 you to the country 10 the world
70 postery, that there shall be shrinking your
part what your voice and Judgment shall lie
This occasion Is not personal TO the President OF
Gentlemen upon this platform would gladly ndorse that
In the long years OF this natons lie no man mas been
share OF patriotism unselfsh devotion TO public duties
capacity equal to any emergency either IN war or In
some extent personally. great considerations to you
and the country but they not the considerations
having passed through great struggle for national fe
when by the voice of the people the OF nde
pendence has been made living fact that all men are
created equal appause wnen the Nag OF the republic
every loot q ns teTD Sa the
the application OF these great principles Of justice and
Identity yourselves judgment you give OF the
policy Of the Pr sdent and his Administration as TO rem
der certain that the obligation, pecuniary chiefly and
Others always which yon incurred In the struggle for
tional existence shall be faithfully kept lApplauseJ
tits not so much a question whether the public debt
should DO paid 1t is whether 100000 people have the
that they will do right even though 1t may be at their
own peril l doubt not that there are differences OF
debt sSaS be be Rad a sy s s
whom they have ntrusted with power; but
may say here In one single sentence which compartments
In regard TO the public debt that it is to be paid prinei
pal aud interest appause according TO the terms OF the
coz anu S Of Coin HppaaseI And this NOT so
much Though that indeed would DO suiielenp because
pledge given do otherwise would develop
In 100000 people such disregard OF right aud the
principles which underlie individual and public pros
perity TO render them the scorn OF the nations
hon. nmig hey \
would prove yourselves base and unworthy OF
the character Of American citizens II you should hesitate
to do what you have promised TO do. am aware that
there are those who 20 into an inquiry as 10 whether e
public creditors shall receive dollar for dollar, equal 10
the amount OF the obligations there those who in.
sttute the inquiry AS TO whether the interest already
Justify us in Compelling bordhoders to produce the
evidence Of the bgato and there are those who have
schemes aud deusons. There but way out Of the
difficulty. you please TO call dlnculty-yet is not
very great dculty-but one way, and that is the way
which honest merchant pnrsues, that Is 10 meet his
obligations manfuly and fuln them TO the Last cent II
ne has IT, Applausel Some have suggested to us that
we ought 70 pay these obligations in other promises not
bearing interes-green0acks United states treasury
Well the first answer To that 49, gentlemen doy0u
propose To pay the Treasury notes or greehDacks
that you issue IN payment OF the bonds IL SO IN what
promise TO pay for another promise TO pay Is not gu
dalton OF the oohSatoh nna nave ssS cosuerea ItsO
always be detrimental even To those who advocate
banking system OF the country based upon these prom
SEES Government OF the United statesi Have they
these obligations Of the national government and that
when you invadate repudate these obligations II Is
not the wealthy men alone who suffer- The evi extends
10 every and every hearthstone In the country
The moment greenback Treasury note Is inyalida
alone who suffer or is y not the poor men who are
finally compelled 10 shoulder the lossI Rlch men
are men Of sagacity, at least they have the credit
OF the possession OF average share Of that quail
~. II the Government should issue two thou
PEELED to receive them in exchange for government
bonds what would they dol They would go into the
ma of ne auI
houses, land flour aud wheat-eyerythng that has the
quality of prosperity In IT, and the worthless ana depre
OF the aborng people applause asnpp9se Address
TO the aborng people OF this country than that There
TO the opposite theory that the public debt must DO
honestly paid. lAppause IL they give by their votes
their countenance 10 the opposite theory that ny any
them, depend uDon IL the weight OF the ev VIII
fall very largely upon themselves. -, r,,,,
SHALL PEOPLE SHRINK FROM THE PAYMENT OF THE
DEBT
TINS country ought to shrink from IT. IL is large in
ngures 1t is twenty four thousand I'VE hundred millions
interest But is it a debt from which the people OF
this h country ,S ought h snrnk Den lasS
debt in proportion to the population and prosperity than
the debt OF the Revolution which our orefahers ala not
pause In the year 1871 tho United states owed 5Oo6
600 funded debt In 1901, when Mr. Jefferson TOOK INC
then a people hardly than s.OO,OOo In number.
We estimates of the value OF the property OF the
mi: Three miS.s Of people pie
anna a Of or Xpp ia
Today we are 100000 strong. We have accalnu.
Lated Ssh in a SSpty Mr. Sser sas
eight years ONCE the public debt was reduced
from ;s 600 TO reduction hiS OF ~ rssSiysS and
fully deserved the thanks Of his country Applause
ans the the dsS e. sS SSa n
OF isOi Consider also that the capacity OF te people 70