The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-10-11
TEE YInAsclAL csg.urrsH OF

ing, and among the speaker was Secretary
Boutwell,, who gave an Interesting statement
In regard 70 the finances Of the country. In
the course OF his remarks he said he was
aware Of tho difference Of opinion A. 10 tho
payment Of the public debt In the manner
Contemplated by the Administratioa, and
would therefore stats, In single sentence,
the Administration's entire policy With rc-
gard 70 the public debt a. he comprebsndod
d. Il was that the debs was 70 be paid, priu-
cipal and interest, according 70 the terms of
the contract, In coln, OF that which men will
receive ~ the equivalent OF coin, with
out any abstement whatever. [Groat ap-
plause.l This was the proper course, NOT
alone becauso Of the Interest Of those who
had taken the nations prcmise 10 pay, but
because the people would prove themselves
unworthy the character OF American clti-
zens did they hesitate 10 do what they bad
promised TO do. There were those Who won't
tors received dollar for dollar equal 70 the
amount Of the obligations, osAsrs inquired
| whether the interest already paid was not
sufficient 10 satisfy public obligations, and
justify us In compelling the boadholdey 10
release the evidence Of obligations ana
othsrs proposed 70 pay the principal and
deny the interest. All those were snares
n n .
eourse OF procoeiurr. and th.t I'd IN
eourso vh,ch ~ hcnsst r,srchsn,. nn,.rsS
| 40 49, -, oS,,g.sior. rnsn c,,i, Ia -
e,iN,i ss.m a ~ "a, ...s ~ ~
fLo.r eoosirusS srnisn.e'I nav ''
IL has been suggested 70 pay these oblien-
lions In other promises aos bearing such In
tersst, - greenbacks OF Unlted ssSkes Trcas-
ury notes. The Arst answer 10 that was,
nv 100 ~ crss,NsrE th.t ~, 49, n
psyncnt az bcedsS m - n re, -n.,S
Won nav themi Ceyts,nIy IN rcSh,,~ ~,
| the ofIn substItut,ou n ~. ,-r,.,sa y ~
| for another. was pot the i,or,dstIc, ostss
obligation iucurrodi Hsa tbosc VA vr.sS
this proposition Considered tNss thc vhols
bantinS systcm N sSs rarmsr, VIZ W s..ns
upon t6ass nr,u.Isrs ~ shs fry,,.s a.s.ss
nj cur ssv,rv, inss,,ut,on. x.rn Az. S'. ~,
thos. chii,.t,ens ~ ~. ~. .e S WIN
| mect srd 9hst vhsr sh... ss,isss, So,oIn.
| rrnu3istsd M -. ~ -s.sh noIo
tbst snfFsr.s Rich rr.r -. S, ILL., . M,sS
The possession ~ ~ ~ = a. sxs..SS VII
| Of ssgseitv ana Shsn ~. sSv ~ nane.u
mani 7ssr,ys IN. =. 80 sa.,. s v,,H
N r,.snhscts "a ~. snUussu :, mln ",s
thsn IN srcS.r.s ' ~, ,h.ps Sas uee.ve
| honda. thsv vou5 =. c,,.. sn,s- -" s.saLH..
| cSsh. scr;r,~~ !. "a ,s...ssSe~, w ~
snd 49, ,,on..tw SxI,o y. oSSo, snips
cnsr.nc. - ~ 10y, 49,. nao .ue oSpsocia.e 2
hsnS. 81 ~. ishos,n, 800. " - .os 10 .nc
Ths mills Ssht LII p.op,S =, suc seSsnsry.
| a. knrds.S ss,,,,. .,,c na iouI OF
tvothons. "a oaa $780, ~ ..,,,,a .. wnlen
ine intersst m. MI. Sshs nn' va pear
| n,sSs,,nr ~ ~. ,,s,,r,.s,. W., ss lcss IN pro
he aebt Of ~ Rsxn,n,,on anu p.Spey saan
fathers aid not hesitate mssfuiIy 70 U psy ,o''
In the year 179l the United States owed
s75,O0o, 900 funded debt. In 1901 Il had
risen TO $Ss,oO0, 600. We were then people
hardly more than 5000, 900 In number, With
the property OF the country worth probably
not more than one nfth as much as Il Is TO-
day. We have now 10000, 900 OF people,
and an accommodating wealth Of not lcss than
MY thousand millions Of dollars. During
the eight years Of Jefierson's administraiioS
the debt was reduced from sS3, 600 600 L
J EST ,000, 900, . deduction Of ga, OOO, 600. IL
our own day the capaclty Of the people n
pay the debt has been immensely increased
Tho productive power Of one man on th,
creation Of wealth Il now at least four lime,
as great a. was the productive power of ON,
mau at the commencement OF the century,
Considering all these facts. the public
debt OF to-day dwindles away In comma risou
with the amount Of public debt that was az
sumed BY the nation when II came ont al
colonial existence into thu supreme maiesty
Of nation. Our capacity for paving IN
, debt might be estimated by What we had paid
II none OF II had been paid from 1895 10 III,
!. present time, the funded debt would no
have been less than three thousand two bu n
10 dred millions, In addition to three huudre,
= and nfty-six millions Of United states mote
!, In circulation; but by our system Of Ia xatIo,
q reduction had been effected Of several nun
dred millions. of dollass. &c "a .ss-s =.
- ea", eAnaustea as We mad been BY war, VI
nAa oeen anie 70 pay twenty-five or thirty
tnreo per cont OF inc public debt, were We 4
vi u NOnHtQQtlI
B augmenung, Win . valuation continually In
ereasng, aud me capacity Of people In tn
pr9euce OF wealth. greatly acceleratedf
So'e W psy one nunaIeo miliions Q
as yoI' wnlcn we can pay u III
81 p.,n 'ysse" o. ,Aa sas DC permitted =
aaI sne PaonS aeos would Dc OF
pas AZ ~ u, I'M .aan iourteen years.
40, Wig annually decreasing taxation, the
4 ,inonJsssS ~ ~ PSonc aeot wouid % eI
nsusa S.t ~ ioss Jun 'wemnytWo years. II
~ W. Inunons year, ana
Isey iS1ucc .a.aao1, .ne inseress-oeanng
ueN "ouia w eAanBuishoo In ABOUT thirty
yea ~
but tne most important consideration, and
, was .ne one wn .si mao induced me speaker
. 70 20 present On this occasion, was this: We
Sehs ~ PSs W .no !arsci PART OF tnia
70. sens. iu.eIes.i put the last six
: on .nVu'ns having demonstrated k
9 ,s S et y, INC soin,y and disposition ottnt
n psoksS~ 'I.' .eoe W. hos noe oniy
nshsncs ~ ,,a 49, ae a ~ sh y, any a,s
,inr.i al. nit " Wig "ola VI NJ
!. Is 'couid snesJ,,x r.S1nd ~ NnoS ~ ~, IN
Il ~ Sa.i..JJ 1a NUN Vi 'hi'
$500 not .scsaSins ,ous uu ~ m nI.e oi IN
This rn",S Nv. ny ~ asn nai per CENT
from sIShte.n 70 tvsas az ,,i,opy sae a
" TN " snshsy hVe miiions year
}. /, the comins pisn,i". Ts. .s,. insSi.ee
an as.ns o,ooson. ne clodit o. Ihs
tian ~ ,p Ipv y, .ne soi'y An1 aisPosi
tion. ,h.s Ia pII ILL., w iospon" W an oonga'
q .'ss. ..s I ~ oesn assumed; 'uss 10 pro
oa snG PeDpie evincee An indsposi'
az onr rrsdit sh,oeS , nHoa 'nn aepIeemtlon
1871 ra.n p ioow ~ Y Any un-
4 Tnssdav ' ~. ~ f.i,S ~ Tn snd onio on
. sition any, nn,, Saior ~ tne aispo-
sharar the sgsc, ~, W Ky saei aeots Is
tion oS an honS. VA ~ ien u .ne aePreca-
8 nsnoo tos Ioaao. aa e. sus sSaeoqaent cohtin'
a rats ~ ,n,sro., pood =, .ne Mn per cent
= lion. ,nsisaS -, ans J ou ~ oohga,
o.,.. ~ sa,J. "e ,Ss 10 ~ 'he next sih
J. us " .oPiase 'hem ~ iouf anu nal