The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-03-15

| TO be Collector OF customs NJ new OF-
leans.
The Rev Secretary OF the Treasury
nnd HIS Financial Views.
From the Ne'O York Times.
AS the organizer of the Internal Rev
enue system and its first administrator,
Mr.. BOutwell's capacity for one branch
OF duty connected with his new Office
has been to some extent proved. With
more recent discussions on financial
TOPICS he has not been prominently
identified. He spoke at some length,
however, in opposition to Mr.. Gartield's
Loan bill, in March, 1866, and in jan
uerV OF last year introduced resOlu-
ton relating TO interest on bonds; and
from these appearances 1t is not difficult
10 deduce his opinions on material
points connected with our financial
policy.
on the subject of contraction, he
holds decided opinions. He opposed 1t
in 1866, as measure pregnant with dis
aster TO trade and industry, ,and wholly
unwarranted as means toward re-
sumption. He resisted the proposal to
invest in the Secretary, power to push
forward contraction beyond the point
reached in 1866. "If," ne said, "the Sec
retary of the Treasury should reduce the
non bearing interest circulation to the
amount of hundred millions, three
TOurtLS of the mining and manufacturing
establishments IN the northern portions of
the country tVO1tLd be suspended" With
this conviction, he deprecated the con-
ferring of large discretionary authority
upon the Treasury, maintaining that
il would operate as Il constant menace
TO business, the interests of which must
necessarily suffer. The duty of Con-
press to define and limit the financial
policy of the Administration, he urged
as clear and urgent; and the contended
that in the adoption ofthat course, more
reliance should be placed upon the
gradual effect OF time and renewed
prosperity, than upon the arbitrary
measures OF the Secretary. What the
business of the country could bear,
was the test by which he would try the
merits of policy; and he strenuOusly
onnosed whatever might operate adj
versely. He then preferred practical
results to theories-de1ined to unlimi-
ted powers; and there Is no reason 10
apprehend change in his opinions.
The bill introduced by Mr.. Hooper
March IS, 1866, received Mr.. BOutwell's
emphatic Endorsement, one OF its prOvi-
sions being "thGt the public deOt shall
not hereafter be increased by authority
of this or any previous acts of Con-
Cress." a similar provision is embo-
died in Mr.. HOopcr's measure of last
session, which the hostility of Senator
clude, then, that the wholesome prOhi-
bition of any increase of the gold-bear-
ing debt, which is hoped for as a means
of strengthening the public credit, Will
receive tho support of the new Secre-
tary.
plan on the part of Mr.. boutwell, is the
resolution he offered (January 27, 1861
instructing the Committee on Ways
| and Means to Inquire into the e1pe-
diency of porviding by law as follows:
| "FOr notice, by the Secretary OF the
Treasury, when the United States coin
| in the Treasury exceeds twenty mil
lions that he will anticipate payment OF
the Interest first falling due on bonds
such payment to be subject to rebate
of interest at the rate specified in the
bonds. For a new loan of 600, ,O00, 900 at
six per cent, the principal and interest
| PAYABLE in coin; the loan TO be confined
to citizens Of the United States and not
to be transferable or payable to any
others, and the bonds to be liable TO
State and local taxation; the bonds to
be payable, fifty millions on the lst ef
January, and fifty millions on each
succeeding lst of January. For new
cent, principal and interest payable in
coin, and which may be made payable
either atFrankfort or London; theibonds
TO be PAYABLE, fifty millions on the 1st
of January, 1900, and to be untaXaDle,
either by the Uuited States or any State
or municipality; that the shareholders
of fiye-twenty bonds may exchange
their bonds for the bonds of either OF
these classes, and that the Secretary oi
the Treasury be prohibited from
making sales of Rold."
"IHGt the Secretary Of the ITeG SHry Ce
prohibited from making sales OF 00td, Is
n proposition as pertinent at this mo-
ment as it was a year ago. The resolu-
ton, however, shows his reliance upon
some funding poOcess as method OF
lessening the public burdens; his con-
demnation of contraction being guar,
antee against the embarrassment ana
ruin which would attend the enactment
of the Sherman Scheme.
On all these points Mr.. Boutwell's re-
corded views harmoniZe with the lueas
suggested in the Presidents inaugural
In the division upon Mr.. Schenck's bill
(Eeb. a. as furnished to the newspa-
pers, his name does not appear. But the
whole tenor OF his speeches indicates 8
scrupulous regard for the maintenance
> untarnished OF the national faith, and
his resolution of January, 1865 IS more
than presumptive recognition OF the
principle affirmed by the late Congress
So far as 1t Is proper to infer policy
from Mr.. Boutwell's past course, We
may assume that he will preserve in'
violate the rights OF the public creditor
Y without forgetting the care and consid-
Grafton which are due to the interests O.
the country.