The New York herald., 1870-08-14
SECRETARY BOUTWELL,.
Address Of Secretary Boutwell, Before the Boston
Shoe and Leather Association Views
on the Revival Of American Commerce
and the Reduction and Fund
ing Of the Public Debt
BOSTON, August 10, 1870.

Several hundred Of the business men OF Boston
Assembled at the Shoe and Leather Exchange, on
Pearl street, to hear address from G. S Boutwell,
Secretary OF the Treasury. Among the d1stin-
gulshed persons present were Governor Clanin, cx-
Governor Jewell, OF Connecticut; Senator Wilson,
John b. Alley and others After a felict0us intro
duction by william b. Spooner. President of the
Shoe and Leather Exchange, Mr.. Boutwell, was
warmly welcomed, and spoke as follows:-
Mr.. PREsIDENT-Ieyond the expression 0 T my
thanks for the opportunity and cOrdiality OF this
Interview little remains for me to say. You,
gentlemen, represent a leading branch OF manufac-
preston the interestwith which you are connected
mas enjoyed great prosperity from the moment when
There is no reason why equal prosperity may not at
tend 1t IN the future. In venturing further
IN response TO your request, yet limiting
myself to the proprlet1es OF the occasion, 1
shall refer to three topics OF general interest," and
not, trust lrgecoveraDly involved III party cOntrO
versy ! speak first OF the revival OF American COM
merce simultaneously with the loss OF about one
third OF our tonnage during the war there occurred
genera use ana approval OF iron vessels for the
transportation of passengers and merchandise on
the ocean. II this change had occurred in time Of
peace American shipbullders could not have sus-
tanned themselves III competition with the builders
OF iron ships In England and Scotland Iron YES
sells taking the place of wooden Ones and in the
construction OF iron vessels the English builders had
and still have great advantage. The iron vessels
OF England are monopOlizng the trade OF the world,
including the foreign trade OF the United States.
lulS luouOpoy uIusb DC U!OAcu uOWu. luc quCS-
ton Is not local, but national IN the
largest sense. 1t concerns every producer OF
gram and every consumer OF foreign merchandise.
IL concerns the aboring people, as the loss OF our
foreign commerce closes 10 them one important
national industry upon the land and another upon
mercal marine In the time Of peace is measure OF
naval power in the time ofwar.
The reduction OF the public debt by frequent and
considerable payments is also. in my opinion, q
topic OF national concern. ZOO much attention.
fear is given to the natural desire for present relief
and too little thought to the pernicOus influence
OF vast public debt upon the bHsiness OF the
people and the welfare OF the country IL Is true
tLat the public debt upon PRINCIPLES OF justice,
we transmit TO them Is richer, wiser, freer purer
than the country we received from our predecessors
But II Is not question OF individuals nor even OF
generations. The nation one continuous. endur
Ing, all wise. Nations in periods OF growth and
during eras OF power have assumed liabilities and
avoided. These facts are evidences OF growth and
greatness. When merchants paper is sold at less
seek to reduce the amount upon the mar
He Ts ans IS practical no,oa Wisdom rne or nV AN
ments lts "a already i made nae toward ard the national
DEBT have advanced the national credit. These pay
ments should be continued ut the rate OF at least
fifty millions year until the bonds OF the United
States are ut par In con whether they bear interest
at the rate OF four or sX per cent This can be done,
think, alter one year, even upon reduced system
OF taxation; but the reduction OF the coin interest
account Is now reduced to about S1ls,0oO 900
a. year. 1t can be easily understood that
maintain specie payments IS materially dependent
upon the difference between com receipts and coin
payments OF the Treasury. In his view, ana upon
other considerations hardly less important, ! say
that the interest account should be reduced TO
mons I a0aTs yea year "a 10, OF
reduction or the rate OF interest Will accomplish it
Immediately.
The third topic then OF national consequence to
which shall advert Is the reiundlng po: ton of
the debt at low rate OF interest. This Is now pos
sibe only on the fact or the rapid reduction of the
nj ftpn tn
improvement Of the public credit. 1t Is not hazard.
GUS to say that considerable reduction can thus be
made in the interest account and this without refer
ence TO the war In Europe. Our history is this
First taxation and surplus OF revenues second,
payments upon the pubic debt; third, Improvement
OF the public credit. What we now seek and expect
is reduction OF the rate OF interest Oh part OF the
debt, and to the extent that this is accomplished
the occasion for taxation Is removed. In the pre-
sence OF a public debt reduction OF taxation Il
merely transfer OF burden from ourselves Co
persons who for the moment have no will or voice
In the matter. reduction OF the rate OF interest
made possible only by generous temporary sys tenn
hiiation occasion taxation. The relief is not
for the present time and for this generation only but
o sne for rs seady supports Of the
pubic faith. We deprecate war and adhere to u
policy of peace. With q citizen soldiery, brave,
capable and patriotic, we have no use for large
standing army. With our credit so established that
we can command money without delay and on favor
able terms, the nation is prepared for every eXgency
without mach delay will relieve you entirely In
the general prosperity OF this country this city
shares. None OF us can be Indifferent to its for
tunes. It's growth is not marvellous like that of
many villages and cities of the West but 1t is favor
able and substantial. Boston lis the first city OF
the country in population, wealth and business
The indications are that you are straining to make
Boston what 1t can and ought to be, and not what
other city Is. This is practical and wise. Bos-
ton is City OF merchants, and this organization. as
understand, is composed OF merchants chiefly.
AS class you are most sensitive to
every adverse and to every favorable CIR
cumstance. The business OF the country for the
first six months OF The year 1870 was about twenty
per cent greater than Tor the corresponding six
months OF 1862 OF this increase i hope you have
your SHARE and that you will also share equally in
the future growth and prosperity OF the United
States.
At the conclusion OF Mr.. Boutwell's address calls
were made Tor Hon. Henry Wilson, VINO spoke few
moments compllmentlng Secretary Boutwelrs
management of the Ire asury Department.
At the conclusion OF the Senator's remarks the
President informed those present who desired to
take the guest by the hand that they would have
opportunity, and the meeting was Informally dis
solved.