The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-03-12

extent, Tor the reconstruction policy adopted
by Congress, as opposed TO that OF President
johnson, having been the Chairman of that
committee since the death OF Thaddeus stevens.
In addition to his public duties Mr.. Boutwell,
has found time to write several books OF value,
and is the author OF o "Manual of the School
system and School Laws of Massacb usetts,'
''Educational Topics and Institutions" "A
Manual OF the Revenue system" and a recently
published volume of speeches on Recon
siructlon."
HIS FINANCIAL VIEWS.
Mr. Boutwelps views on financial matters are
very well SCI Tor h in the folio wing extract rom
a speech made by him last fall in the hassachu-
setts Republican State Convention;-
1--WE do not propose to tolerate, sanction. or
permit an issue of demand notes, payable in
| coin, to be exchanged for the time bonds OF the
| United States. We intend to limit, and If
necessary, to diminish gradually, the volume of
paper money untl it approximates in value
| to the standard OF coin. We intend that there
shall be one currency for the bondholder, the
mel chant. the farmer, the pensoner, and the
laborer. That currency shall be of the value
ofeold. When this is done, the public debt
will be paid as the resources of the country
may permit, and to the satisfaction OF those who
pay and those who receive. When the credit
of the country is restored, as 1t will be by the
single fact OF the election OF General Grant, we
can issue bonds, pay able after ten or twenty
years, bearing lower rate ofintere5t, and thus
save annually the sun of twenty or thirty mil
lions OF dollars. But, first OF all, as a meaus of
restoring the public credit, the people must
dispel by their votes the apprehension OF ma
tional dishonesty in the public finances. The
Republican party knows no policy in finance
but honesty"
The question of the funding of the national
debt being before the House Jnly Il, 1868, MI.
Boutwell, introduced q substitute for the Senate
bill and the bill reported to the House from the
for the funding Of the entire interestbearlng
public debt, amounting to $3.50, 0O0000 all Of
it payable in coin upon forty years. time, and at
three and sixty-ive hundredths per cent. rate
IF inip OutWpll
The amendment to which | wish to call the
attention of the House provides for the funding
OF 81 0,G0o, 900 OF the public debt $400 000 900
payable in fifteen years at five per cent. interest,
$400 600 900 payable in twenty years at four and
| halt per cent. interest, and $40O 000, 900 pay
able In twenty tive years at three and siXty-fVe
huDdredtbs per cent. interest; the latter sum OF
S4OO 600, 600 payable, principal and interest at
the option OF the taker, either in the United
States or at London, Paris, or Frankfort.
When we consider the rapid development of
| the resources OF this country, its increase of
| population, and the augmentation of wealth,
there is no hazard in the prediction that our
excess of revenue to be applied to the liquida.
| ton of the public debt will not be less in any
future year than 1t Will be in the present year.
| Now sir, nation Is distinguished from indl.
| yiduals in its financial affairs in the particular
am now considering. 1t an individual owes
debt three. five. or ten years hence, and has
money which he could now apply 10 that debt,
If 1t be not III the terms of the contract that he
shall pay it Immediately, he may use that
| enterprises or even hazards, and pay his debt
| when it natures. But a government is dit-
ferently situated. Unless 1t be absolute poverty
| in the national treasury, know of no eondi-
| tiop of things more disadvantageous to public
credit than the possession OF large funds in the
treasury without any present means OF using
those funds in a legitimate and proper way.
Sir, this debt looks pretty large, but it is
small debt for this country, when you consider
that we paid 81, 600, ,000, 600 in less than three
years. What is to be said OF the So, 900 coo, 900
| W Of
closed our public debt was $l27, 100000. That
| does not look large to us. but it was as heavy a
debt for the seven millions of people in the
United States at that time, considering that
| days labor would not produce more than
thirty-three per cent. in gold OF what 1t will
produce now, as the $4,000, coo 900 OF debt is to
the people of the country at the present time.
ob ect 10 the sale of gold. If we require the
Secretary OF the Treasury 10 advertise that he
| will be ready at any time TO pay the interest on
the de bt next TO become due, the public credit
ors abatng the interest on the pay ments which
he makes TO them, there will always be oppor-
tunity Tor those who own coupons or those who
choose 10 command the gold that is in the
| Treasury: and at any rate the amount which
he advertises that he will pay upon demand, is
so much gold upon the markets of the conn-
try. The difference bet yeen this proposition
and the proposition to sell gold is, that we pay
out gold where 1t is TO be paid, and relieve our
| selves of interest," becoming due next October
next November, or next January, and also i'm
prove the credit OF the country. Coupled with
by the Secretary OF the Treasury. / need not
make any suggeslops to this House, in the way
of reasons or arguments in favor of taking from
the Secretary power which, If homes ly exer.
cised, can never be productive of any good
| whatsoever.
(Mr. Randall of Pennsylvania asked Mr..
Boutw ell if he believed the Five twenty bonds
| were payable in gold.)
/ viii state exactly what is my opinion on
| that subject. When we issued $500, 900, 900 of
| Fiyetwenties, we stipulated to the public
| creditors that the United States notes kno gn
as green backs should never be issued in excess
| of four hundred million. That was the first
stipulation. The second stipulation was that
we would not compel payment under five
years; but there was a stipulation over
and above the law, inherent IN the
very nature OF society, in the exoe-
rience aud tradition OF all mankind that every
| nation in its senses, actuated by an honest pur-
pose, II, when struggling with Vcissitude, il
was obliged TO resort to forced loaus an extra
ordinary means of raising money, by which its
credit was impaired and its securities are forced
below the rar value of gold, that such q nation
should make every honest effort possible for the
| resumption of specie payments aud the restora-
tion of its puOlic credit. That obligation rests
| upon US. Now, If according to the terms of the
act of 1864 1t does not appear beyond all lvll
| that We might not pay tuese bonds in green
backs in the same act 1t does appear that we
| shall never is.ue more than $500, 000, 900 of
| greenbacks.
THE WAR DEPARTMENT.