New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-12-07
MIR. ROUTWELRS POLICY.

The Secretary of the Treasury has right
to congratulate the country on the reduction
of the National Debt by more than One Hun
bred and Ninety Millions of Dollars, involv-
ing reduction of its annual burden by more
than Ten Millions of Dollars, during the
twenty-one months that Gen. Grant has been
President and himself keeper of the strong
box. Cavilers may say, "What of it'll They
" did not pay it," but the country knows bet
ter. Had President as lenient to whisky
thieves and other Observation-Disclosures as An
drew johnson ruled during those twenty-One
months, with a Cabinet more anxious to dis
burse and expend than to save and pay, the
Debt would have been at least One Hundred
Millions more than it is to-day. Had the last
Executive really desired rapid reduction of
the Debt, we might have paid as much in
1878 as in 1S69-7O. The present Administra-
ton has right to be proud of its Financial
record; and the cOuntTy-which does not and
never did believe National Debt National
blessing-is proudly glad that its rulers have
made such a record.
We agree most heartily with Mr.. Boutwell,
that we ought not to stop reducing the Debt.
1t is easy to say that it will be more cOnven-
lent to pay fifty or hundred years hence than
now; but who can kRow itH Twelve years ago,
no one imagined that we were on the eve of
a most destructive war: who can clearly fore
see that we shall never again be compelled to
defend or surrender our most precious rights p
and who does not know that we are now
bound over to keep the peace in o vast sum 7
If our DULLES who are eager to see Great Brit
ain browbeaten and Spain rufled with regard
to Cuba would help pay off the Debt, we should
then be in condition to adopt what is COM
mended as a spirited foreign policy; but they
never think of paying. 1t suits them better to
run into debt at any rate, and then repudiate,
on the assumption that our creditors are Shy
locks and usurers. But when did needy prOdi-
gals ever have any Other3
There is very little in Mr.. BOutwell's Report
that does not command our hearty approval !;
but we have scanned that Report in vain for
any explanation of his persistent retention of
nearly One Hundred Millions in the Treasury.
Had he used twO-thirds of that amount in
buying up and canceling bonds during the
first quarter of his administration, he might
have obtained them cheaper than he now can,
while the saving of interest thereon would
have amounted by this time to at least
Five Millions of Dollars. Add to this
the saving in price, and we judge that
the National Debt would have been Ten Mil
lions less than it is, and our ability to borrow
at reduced rate decidedly increased. When
Mr.. Boutwell, tells us that he has failed to
fund any part of our Debt at lower rate
because Of the War in Europe, we must insist
that he has tied his own hands by keeping the
Treasury gorged with gold Had he pushed
the last possible dollar out upon the public,
diminishing the supply of bonds pressing on
our market by the full amount thus sped
beyond the prison-bars of the Treasury, he
would have been far nearer floating his new
bonds than he is to-day.