The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-07-22
Secretary Beutwelrs Financial
Policy Defended.

toorrespOnds,s, q NE Newark a., ~ Courier.
A great hue and cry has been raised
Throughout the country respecting the ad-
Secretary Boutwell,. The honorable gentle
man, like bis predecessors In office, has been
accused OF allowing limitations Of his
financial policyto "lcak" for the benefit Of
certain spectators. Certain newspapers
have insinuated that he has been governed
by venal motives, and to him Is attributed a
want Of sufficient intelligence to conduct the
financial affairs Of the Government. Those
who have met and know Mr.. Boutwell, are
In better position to judge him than are
these prolific Fingers Of Ink, who, for merce-
nary or sensational purposes, attack him and
his policy. II Is fair TO presume that not
one In ten Of the Secretary's defamers have
either ever seen or conversed with Mr.. Bout
well, and from the Ignorance displayed In
their criticisms on his policy, II Is safe to as
sumo that none Of them are aware Of the
business Of the Treasury Or the requisite re-
qulrements for head OF the institution.
The gross and unwarranted attacks on the
Secretary are only equalled by the EVIL
dent malice and ignorance Of those who
make them.
Mr.. Boutwell, has been accused of an en-
deayor to create q stringency for money, and
the accumulation of large currency bal.
ancc In the Treasury has been pointed TO as
an Indication OF his attempt, while IL Is well
known TO those familiar with the subject
that 1t has been entirely beyond Mr.. Bout
wells control to prevent the accumulation
that has occurred. A few facts on the sub
ject will best serve to expose the ignorance
and malice that have so unJustly assalled
the minister OF finance.
The Secretary has been censurcd for SELL
t..sr fnr
funds from active use into the vaults of the
Treasury. In answer to this, and successful
contradiction is impossible, we reply, he has
disbursed more currency for the bonds he
has purchased than he has realized from the
salos Of. gold, while his predecessor never
bought bonds at all. The extraordinary
amount Of currency now In the Treasury 10
TO be accounted for, from the fact that the
internal revenue receipts exceeded BY elgh-
teen millions tho estimates Of Mr.. r. A.
Rollins, late Commissioner. No sensible
man can accuse Mr.. Boutwell, Of venality or
imbecillty for this. The Secretary Gould
not dlsburse them as rapidly as received, for
the reason that the various departments Of
the Government had eth ,usted their rcspec-
tive appropriations for the fiscal year n
month before lie close, and each department
was compelled to walt to make Its drafts on
the Treasury, as against the appropriations
for the fiscal year, commenced July I, 1869.
Since that date the disbursements have been
In excess Of the receipts, and as the funds
are disseminated an easier condition Of the
money market will cnsue.
Instead Of censure, Mr.. Boutwell, should
be the recipient Of praise for his bold action
In carrying out tho pro, islons Of the sinking
.dnd act Of 1862. His predecessors in Office
failed TO do what he has done. He views the
act Of 1869 as mandatory, and not only full
hlls Its positive requirements, but has also up
to date made purchase Of bonds aggrcgating
six millions Of dollars, which ho will hold
subject TO tho action Of Congress. We write
this In Justice TO tho official character Of Mr.
Boutwell,, differing from him as we do on
many questions OF politics. 1t has been our
pleasure to learn his views from his own lips,
and we desire to accord to him that need OF
praise that a man OF his intelligence and ca
pacity Is so clearly entitled to. Tho economy
OF his administration OF the affairs Of the
Treasury Is not yet perceptiblc to the public,
but he Is patient and palnstaklng, unmlnd-
| full of the criticism born Of political malice
and Ignorance. We venture to predict that
the whole country will soon hail his manage
ment OF the finances as success, and 1t Is
to be hoped that party rancor will be lost
sight Of in general admiration Of at least ono
Of General Grants cabinet. G. r. G.