The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1869-10-28
The National Debt and the Hero or
LiuuidatiOn.


Secretary Boutwell, addressed a crowd
ed audience at Horticultural Hall, In tins
city, on saturday night last. Most
heartily was he welcomed by all the
friends of policy ofhonesty, thrift and
ment of national. as well as personal
testimony to the necessity, importance,
entire policy of the admlnisti alton, as he
understood 1t, liz regard TO the pubic debt
was that it Is to be paid, principal and
interest, according to the terms of the
contract and In coin, or that which men
will receive as the equivalent OF COIN.
without any abatement whatever. And
this, he continued latter the applause
following this announcement had subslded)
not SO much-thuugh that indeed would
be sufficlent-becauSe they have lntrusteG
their property to this country upon the
pledge given, but because the opposite
course would develop In forty millions OF
| people such disregard OF right, and the
| principles, which underlie individually
| and public prosperity, as to render them
| the scorn of the nations through all ages.
| In the course of his remarkes, Mr.
! Boutwell, showed how the poor, the de-
| positions In savings banks, and those who
/ whould be compelled to handle greatly
deprecated currency, would suffer even
more than the rich, by the proposed pay
| ment of the debt IN an enormous Issue OF
greenbacks; and added: : L would say,
| never was there d more lnsldlous and
dangerous dclusion submitted to the la
boring people of this country, than that
there Is any safe way for them, except II
maintain the doctrine that the pubic
debt is honestly paid. .
He showed that the existing debt is
much less in proportion to population
and property than the seventy five mil
| ions debt of the Revolution. which our
fathers did not hesitate manfully 70 as
sumo and honestly TO pay, During the
/ eight years OF Mr. Jefferson admins
tration twenty six millions of debt were
paid; an example which Was much ana
de>ervedly applauded, and which we are
abuudantly able to follow. Our ability t,
LAY the present debt is proven by what
we have already done. Instead OF DIVIDE
some three thousand three hundred mill
ions, as we should be, If 10 payments
had been made slice 1865, we owe to day
less than two thousand five hundred MI
IONS, having actually paid twenty five tt
thirty-three per cent OF our vast debt, IL
tia four years OF exhaustion immediate
iy' following the war. And as the Secre
tary, we believe, did notadd, we have
been able to pay very nearly IN gold, too,
for loans received IN an extremely lnfateo
currency. The difference between the
currency price OF bonds which the Secre'
tary Is now buying and gold, is scarcely
en- Ell cent, whlie the currencyfor winch
the bonds were sold, at depreciatlng
nom par value, was worth on an average
scarcely one half as much as gold. In the
sven months of the present adnIinlstra
ton We have paid off fifty SIX miiEons o.
the debt; or at the rate OF one hundred
millions year.
Ii we were to pay hundred million
of dollars year, which we can pay /
tn present system OF taxation be permit
ted TO remain, the pubic debt Will be ex
tinguished in less than fourteen yea Z
Ii we pay fifty millions year, which W,
can an annually reduced taxation, tn
interest bearing public debt will be extln
guished In less than twenty-five yeais
. Aud we pay but twenty six millions Il yea
; and reduce taxation, as we may, to a yer
5 large degree, the Understanding del
will be e4tlnguished III about thirty years
: The question of our aJIiity may he COZ.
,idereu settled, all over the world. W h.
should there be the difference OF one pc
cent against our credit, as compared
W tn that of any other nation? 1t cal
only be due to want OF faith IN our DISPOSE
tlon to pay our just debt. Let that duub
be removed, and Our debt could be tunu
cd at probably four and a halt per cent
aud thus our burdens of taxation Target,
| diminished without retardIug the day U
final payment.
These are wholesome worls. An,
their impression will not De les ened d.
the announcement. thus early made, tia
the next monthly statement from III
treasury will show a further reduction q
ten millions.