New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-01


collected many Millions more than his preoc-
c,ssor did under the same mposts and
managed to spend less, so that his first year
will show reduction of the principal OF our
great Deat by nearly Ninety Millions OF Dol
lars. which reduces the annual burden of in
terest by more than Five Millions. Ana
the fact that he has paid SO much
during his first year has slShaiIy
appreciated the Public Credit, as 1T could not
fail TO do When we were merely paying the
interest on our Debt, and had President at
the helm who officially recommended that we
continue to pay interest for seventeen years
and thereupon repudiate the principal, 1t was
inevitable that our National credit should
droop and our Twenty-six Hundred Millions
of Debt be regarded with distrust by capital
lists. We were then paying the cost OF Demo
cratic rascality-the Democratic National Con-
yention which nominated Seymour and Blair
having unanimously resolved that the bulk OF
our National Debt was payable IN Greenbachs
that is. that a debt drawing six per cent in
tcrest in coin could be righteously discharged
by payment in the debtors irrcdeemaDle notes
of hand drawing no interest at all! Had that
platform triumphed, our Government would
have lost all its credit, and would have deserved
to lose it.
Gen. Grant assumed the Presidency with p
distinct avOgal that the principal as well as
the interest of our bonds was payable, and
should be paid, in coin: and Congress re0chocd
that declaration in a vote which was substan-
italy party division-thc Democrats for pay
ing in Greenbacks the Republicans for paying
in Coin Gen. Grant made one of the Repub-
ican majority his Secretary of the Treasury
and he commenced paying according to the
Republican programme. For time, capitalists
hesitatcd, and doubted, and caYed-mumblcd
musty aphorisms about "new brooms" &c,
and wondered how long this would last-but at
length they became satisfied that there was no
sham about it, and their distrust was succeeded
by confidence. That il the whole story. Any
one who is in debt, and embarrassed, and dis
trusted, can rccstablish his credit by the precise
means employed by Gen. Grant and Mr.. Bout
well to restore that of the Union.
But what of this tale of his Loyal League
" friends, who were long of gold at 140"-is
there no foundation for that3 Not a shred,
scntilla, a shadow! IL is pure invention, as
baseIess rs forgotten dream. Mr.. Boutwell,
dined one evening at The Union League Club,
and said his say there about the Finances
every word of which appeared in THE TRIB-
UNE next morning. Others likewise gave ex-
preston to their diverse views, nearly all OF
them favoring an early resumption of Specie
Payments. So far from being calculated to
favor those who were "lORg of gold" the
whole drift of that affair, and especially of
Mr. Boutwes remarks, was in the opposite
direction, as any one may see who will refer
20 the journals OF next morning.
Collect acknowledgement n view to fund
ing the bulk of our National Debt at lower
rates. SO as to save Fifteen to- Twenty-Five
Millions of interest per annum such Is the
policy Of Mr.. Boutwell,, as has been openly
proclaimed and clearly understood from the
start 1t was never calculated to favor those
who chose to be "long of gold" and was never
understood to do 80. Whoever has plotted to
transform Mr.. Boutwell, into a gold-gambler
or the ally of gold gamblers of any sort, has
sadly missed his mark, and been compelled to
report that the money be invested in tlie foolish
SPECULATION has "gOne where the wOodbine
" .wjnethr Mr.. Boutwell, is not seducea into any
such line Of business, and never can be.