New-York tribune., 1870-08-15
WORK DAILY TRIBUNE MONDAY AUGUST IS, 1870

national concern Too much attention. fcaT s glygn y,n
70 the desire for Fe Tns aTa pne tGS b
upon the business Of the people ana me Weuac o le
country It is true that the pubic de9 ~ upOi p,,c'RSs TS
of Justice might left to postoflty Tor payment me
country transmit to them Is richer wiser reer prer
Than n, the nof %S Of Sda nor even Of
rations The nation Is one, continuous, enduring. M
wisc nations i'm periods of growth and during eras OF
p6wer have assumed liabilities 8Qd burdens whlh Tor
The time, might have ReeD 9TOidcd These acts he to
evidences gown and greatness rnIry Mhem times he at
should seek TO reduce the amount upo1 to Ia ,
This is practical wisdom for an nauta tovard a,d iI tbe
national debt have advanced the nat0na circuit incso
payments should he continued at the rae OF AZ ieas
600 year. until the bonds OF the Unlteu states are
at par in coin whether they bear interest," al te e vi
four per cent. This can be DONE 'nh nIoor %
The reduction of the coninteres account Is even ~ Ho IRE
important than the reduction OF tno y reduced
To about sl8 100000 year. II can DE easily
that the ability of the Government to resume and main
tain spccie payments Is materially dependent upon Ie
dfere between the coin receipts and coin payments
of the Treasury In this view, and upon other confdeI
tions hardly less important, say that the interest ac
count should be reduced to SOOO9OO year. Ituo o
ton Of the principal Will accomplish s @ occonb
The hind topic then Of national consequence TO which
advert is the rebuilding OF portion OF the debt Mt
lower of interest. This ID now p0ssiDie only upon
Of the rapid reduction OF the public deDt ana te
CONSEQUENT and proportOnate improvement OF the pub
lie credit It not hazardous To say that
reduction can thus be made in the interest account anu
this without reference the in Europe. Our his
tory this: o. Taxation and surplus of revenue. ~
the pnbIic credit What we now seek and expect H.
reduction of the rate of interest upon part OF the ue @
To the extent that this Is accomplished the occasion TOT
taxation is removed. In the presence OF puo uJUV
The reduction OF taxes is merely the transfer OF
from ourselves To persons VINO, br l m ~ at ~
will or voice in the matter reduction IN the fate vi
interest, made possible only by generous ah
system Of taxation Is TO the extent OF tno % -, "a
annihatiOn Of the occasion for taxation Ihe reIlei
for the present time and for TINS 10 Du.
for all times and for every geheratOh' NY iio
pense to the nation for its steady support OI te P'
reace. With citizen s0ldiery brave capaDie anu pa
triotic have for large standing army hIi
with our credit established that we can cOInmahu
money without delay and upon 1ayor3De ters ms Ip %
tOn is prepared for every eXgency IHs Is he PoPd"
ton for war that IN time OF peace we ought 10 Idhe
But gentlemen turn from these topics ana WltbOuI
much delay viii relieve you entirely. IA lo eoiyi ~ M
can be Indifferent TO its fOrunes. It's growth ~ mol mar
veous, like that OF many villages ana cteS OF tho "et
first city VI the country In population, wealth, ana Dus
The indications that You are striving TO make
other city IL. This is practical ana wise. Boston Is
city OF merchants gnd this organzaLon as under ,,
sensitive to every adverse ana TO every It0r
able circumstance The business OF the country Ior tne
six months Of the year 1870 was about 20 per cent
greater than for the corresponding six months the year
1862 or this increase hope YOU had your SHARE ana
prosperity OF the United states.
When the Secretary had concluded, loud cas were
made for Senator Wilson, who came forward, and said
that he conceded with Mr. spooner his comments
the skill with which the finances OF the country had been
managed by this administration. In the space Of II
months s50oO00 Of the public debt had been canceled
and the result had been the strengthening OF Our credit
abroad in a remarkable degree. There were many prom
uent statesmen who had desired that the taxation OF
that period might have been continued for one year
longer and thus still further strengthened our credit
As IL was we could eXtinCuish from s25O000O 10
$OOOOOO annually, and with that hand he hoped the
Secretary OF the Treasury would still continue the admir-
able system Of diminishing tho debt which he nad
already pursued There Were those VINO had predicted
that within year after the close OF the war he
country would 20 pieces but facts had cOntrOYerted
these predictions and the country stood stronger tan
ever before the world Something OF this was due 60 tho
executive ability of the Secretary OF the Treasury and all
of to the readiness with which the country developed
resources which supposed that she possessed
The Secretary and Senator spent short time III social
conversation With those present. and the proceedings
NJ closed.