, 1870-08-17

he wiil receire a premium Of SC, 600 thalezs
or su ixun-cased f1iSate. 81, GEO thalers for AZ
corvette or ram, 4, 600 tia1e1a for
II IRON battery, IT, 600 thalera for screw ves-
,ti, nnd IL, e00 thalera for \ SCREW OF smaller
dimensions.
SECRETARY BOUTWELL, IN Bos-
TON.
Speech Before tho Hoot, shoe. and
Lcnther Merchants % American
Commerce. tho Public Dcbt, mud
tho Public t:redtts +
Tie aulience-room Of the Shoe aud
Leather Exchange WAS crowded to-day By
merchants and business men to hear an |
address from the Hon. George s. Boutwell,,
Sccte,ary Of the Treasury. He came in ac-
companjed By Governor ClAlin, Go;esuo.
Jewell, Of Connecticut, Senator Wilson, and
the Hon. John 3. Alley, aud had warm re-
ception. The Hon. William B. Speuues,
President Of the association. introduced ME.
Boutwell, to those present in complimentary |
manner. Dir, Boutwell, spoka as follows:
"Mg. PRESIDENT: Beyond the expression
Of my thanks for the opportunity aud cordial
its OF this intexvleS, little ternains for H,a to
say. lou. gentlemen. represent leading !!
branch Of manufactures snG trnde. With only /
brief periods Of depression the interest with !
which you arc conut ctcd has enfoEed CREST |
prosperity from tho moment when it attained |
ths maguitude Of national interest There
il no reason Why equal prosperity u1ay not at
tend it in tie futute~ In venturng further IN
response to yonr request, yet limiting myself !
to the prcpreties OF the occasion, shall refer
to tLrte topics Of general Interest, and not,
tr,st, irrctr1esab1y involved in party contro-
vcrny. speak first OF the revival Of Anerl-
eau commerce. SiE ultaneoualy With the loss
wsr, was the general use and approval OF iron
vessels for the transportation OF passengers
aud merchandise upon the ocean, Had this
change occurred in time Of peace, Amarican
ship-tuildeIs could not have sustained them
selves III composition with the builders OF iron
clips in England aud Scotland. Iron vessels
are takipg The plaSe Of wooden ones; and
IN the construction Of iron VESSELS tho
English builders had, and still have.
great advantage, The iron vessels Of
world. including the foreign trade Of the
United Ststes. The question is not local.
but national IN the largest sense. 1t roncetns
every producer Of grain and cotton Ind oTerE
consumer Of foreign merchandise. It concerns
tho laboring people, ~ the loss Of our foreign
conne1re closes 70 them one important ma
tloual industry upon the land aud another
upon ths sez. And, ahove hl}, the extent Of
our commercial marine in time Of peace is tue
measure Of our naval power IN time Of war:
The reduction Of the public debt By fre-
| quent and considerable payments is also, in
| nv opinion, = topic Of nationA concern. Too
| much attention, fear, Is given to the natural
desire for present relief, aud too llttle thought
| to the pernicious influence Of a vast public
debt upon the business VI tue people and the
warfare Of the country. It il srua that tho
public debt, uron principles Of justice. might
be left to pOste1ity for payment. Tue country
NO transmit them to is richer, wiser. freer,
purer than the country ne received from our
prt decees0ts. Bot it ii not a question Of iu-
diTiduals, nor even Of generations. The ma
tlon IL oue, continuous. enduring. All wise
natiuns, in periods OF growth and during eraH of
power, hare assumed labilis,es and burdens
Which. for tie time, might haya been avoided:
These acts are the evidences Of growth and
greatness. When msrchant's paper IL sold
at lers than par in ordinary timcs, be At once
should seek to reduce tho amount Upon the
market: This ii practical wisdom for an in
diyidual and for uatiou. The payments a.
valcea tue uatioual credit, Taess payments
should be continued Ut the ra:e Of At least
$50 +Gt0, 100 i ye4r, until the bonds Of the
uuited Stases arc at par in coin, whether thay
bear interest at the rate Of or per cent.
This c1n he ione, thluk, after ono year, even
upon the reduced aya:em of taxation But
" the reduction OF tho coln-intereat account il
even more important than the reduction oi
I'll. psiaeipai Of the pubic debt. Tne interest
| parable in coiu ia now reduced to ABOUT
silS,tNl, 900 sear. 1t can be easily under.
t / stood that the ability OF tho government tc
: rtsume and maintain specie payments is mate,
rally dependent upon thc difference between
. the coin receipts and coin payments of ths
Treasury. 1u this view, and upon other con.
, ! ellt ratons hardly loss important, SAY thai
tue interest account should be- reduced t.
| SlCG, ,U0U. COO year. 4 reduction Of tho prin
: eipa1 will accomplish this result in time. bu
. | the REDUCTION OF the rate Of interest will &C
compllsh il Immediately.
t 1.-THE third topic. then, of national conse
: quence 10 which advert il the refundinE Of
! portion Of tins debt At lower rats Of interest
@ lIIi- is now possible ou1v upon tho f4ct or tn
8 rapid reduction Of the public debt and tho con
9 se9uent and rroposssonate improvement Of th
q public credit. 1t is not hazardous to say thu
r considerable reduction can thus be made i
{ the interest account, and this without refel
S ence to the war in Europe. Our history
S this l. Taxation and ; surplus Of revenue
q 4, Payments upon the public debt. 5. In
i seek md expect il reduction OF the rate {
!" interest upon part OF the debt Toth e,
n tent that thus accomplished the OCCASION II
ta1atiou 10 removed. In the presence Of
public debt tlls reduction Of ta1es 10 merel
Is Tho transfer Of = burden from onrseIveH
persGns who, for the moment, have no will (
Is voice in the matter. A reduction in the rAte
- interest, made possible only By generou
<3 temporary system Of taxation. is, 70 the exte!
of Of the eav1Dg, the annihilatiou Of tie oecasia
Of for taxation. The relief isuot for the pzeser
I | time md for this generation only, but for .
he times ard for every eener1tiou. This il Il
IL fec< <upense to tile nation for its steady au
o. port Of the public faith. We deprecate VI
BE- and sdherc 10 the policy Of pesce. With
Of citizen soldie1y brave, .capabe and P
ia army md with our credit SO established III
Is, We can command money without desay II
1T npon favorable terms. the nation IL pfepAt'
- l1r every edSency. This is the prepar1ut
ma for Vaf that in time Of peace We ought
10. I make.
r. ''Eut, gentlemen, turn frcu these topic
.at and without much delay will relieve Ion c
jpa tirely In the general prosperity Of The cen
,ns TT this citr aharee- None Of US can be md
to fe,ent to it's fottunes. It's EroEth ia net ct: M
Ive the Vest; but it Is respectable and subeta
,ds tia- Boston Is not tho first city OF the coz
her t1y, in population, wealth, and business 7
in Indications are that yun are stirring 10 M
bic Boeton what it can ind ought to be, md q
the xhAt rome other caty il This Is practical =
rs. uise. Boston ia 4 aty Of merchants, and :
00o organization. IL undesttsud, il composed
e.A merchants chiefly. As class, you are NJ
Ge- sentative 70 eyezy kdreIse And TO every faY
on able circums tance. Tbs business Of tha col
= try for the first Elk months Of the year l:
try was about 20 per cent greater than for
ara corresponding slx months Of the year IS
ana OF this increase hope you h.d your abs
H. aud that you will also share equally IN the
ich .ure growth md prosperity Of the Uni
1tv States
ma when the Secretary had concluded. II
- - calls we're m1de far Senator Wilson, v
rns came forward, and enid that he coincided v
|ara Mr.. SpoeneS in his comments on the q
~ with which the finances of the country
fain been managed By this ai1tninistra alton In
to space Of II months. S150, coo 900 Of tha o
.hle liz debt had been cancelled, and the result
bicb been the strengthening Of our credit Ehr,
YER ina remarkable degree. There ware m
thar prominent statesmen who had dasired
nth the taxation OF that period might have b
con- continued for one year longer, and thus
may further strengthened cur credit. As ~
It's we could now e1tinguish from ea5, ,o00, 90
rus s59,m, go annually, and with that on b
,ver be hoped the Secretary Of the Treasury &C
feet still continue the admirable s5stera Of din
asily ithinE the debt which he had al,eAlr putst
the There we're those who had predicted
Light | within = year or so after tbs close o. tne
dis the country would 70 10 pieces, bnt M tasts 3
tho cnuttoSerted these predictons, and Tue g
the TT stood stronger than erer before tne w
rise, Something Of tits vas due to re eaec0
SITS ability ot tha Secretary Of the ifs1snls!
ould au Of it to the readiness vi "n'cu tae e'
n it's tzy developed resources which no one
udld posed that she possessed
.xiat- The Sec1eisrT and Senator epent
nakp t;r,a n atri.1 conversation with those ptef