Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-01-14
The Bubble Reputation.

likely 10 Jake d 6tGp Chn@Au'
The Bubble Reputation.
The success of President Grant and
Secretary Boutwell, as financiers has not
been altogether SO great as their popular
ity with the Radical party would have in
duced the people generally to have sup
posed Indeed they are beginning to be
considered in this regard as failures. The
Chicago Times begins to think that their
financial fame is feeting, if not already
fed. It says that since March the debt
has been greatly reduced, and there have
been confident anticipations that the re-
duction would continue at the rate of eight
or nine millions Of dollars month, but
now the news comes from Washington
that the debt was lessened only three mil
lion dollars in December. The receipts
from customs and internal revenue have
greatly diminished, and the stringency in
the money market and the stagnation in
business which have caused the dimunl-
ton ore likely to continue the coming
year Indeed the business troubles of the
country will increase. unless Congress af-
fords relief by providing for an increase in
the volume of currency. The prosperity
which has enabled the government to draw
more than q million of dollars day from
the tax payers is now succeeded by de-
preston which has reduced the treasury
receipts, under the same system Of taxation,
the past month, to a point which has
permitted the Secretary of the Treasury
to pay only about half as much on the pub
lie debt as he paid in November. If this
depression should continue and increase,
as now seems reasonable, the reputation
of the President and Secretary Boutwell,, as
financiers, will go down as rapidly as they
went up. They will be censured for that
in which they are nOWise responsible, as
they have been commended for that in
which they were entitled to no credit
They had nothing to do with the modif-
cations OF the whishey and tobacco tax,
which were chiefly instrumental in giving
US III increase of revenue and they will
have nothing to do with the financial legis-
lation of Congress relating to revenue this
winter. Mr.. Boutwell's bill Tor funding
the public debt may be carried, but his
views with regard to taxation and currency
have no moro influence in Congress than
have those of the weakest member.
The recommendation in the Presidents
message that the Treasury notes be repu-
dated. in part, by shaving them at the
Treasury Department, is the only one in
the message relating 10 finances which has
attracted attention, and the scheme has
been universally condemned as impracti-
cable and dishonest. Thus the fame of
Grant and Boutwell, as fnanciers grows
dim as hard tines come on.
Wilmington, Charlotte and Rutherford
Railroad.
We complete this morning the publica-
ton of our extrf cts from the report of
Colonel r. II. CowAN, the late President
of the Wilmington, Charlotte and Rather
ford Railroad. We regard it as O mastery
defense of the old Board of Directors in
their management of the Company. The
| amount Of work which has been accom-
pished in the reconstruction of the road
after the devastations of the war, the
ultimate completion, and the confidence
which had been restored to the credit of
the Company, under all the difficulties
| which surrounded the President and Board
of Directors, was really wonderful. We
feel satisfied, after reading this Report,
that the road could have been gradually
completed, with more and more rapidity
the further it progressed, by means of its
First Mortgage Bonds, had not it's credit
been destroyed by subsequent legislation.
In order to make this great work po-
litical machine ald to provide Offices for
political favorites, its progress has been
retarded, and the State has increased its
debt by four millions of dollars to no pur-
pose.
Without any fault Of the present officers,
the credit of the Company is not SO good
to-day as it was year ago, nor are its
affairs prosperous. We see no prospect
for the rapid progress of the Road until
the credit of the State is restored. In
deed, President Sloan stated in the last
meeting of the Stockholders that he would
not sell q single bond until they would
bring price at least three times their pre-
sent value. This is proper, not only in a
business point of view, but absolutely ne
cessary for the future welfare of the Com.
pany. If the three million dollars of bonds
are disposed of for less than one million of
| dollars, the large capital stock and the
debt of the Company will, in its unfipish,