New-York tribune., 1870-01-11

Ties by standing at his through pestilenCc
asking personal favor and always sharing
the exposures OF his men.
strongly attached feels Certain that TITS and nio too
due TO one who never spoke OF himself and seemed % S
hvOus OF all things except to serve ms country WIN hS
whole heart and his whole soul - ,,.
BY command OF GENERAL bHElthAS'
c. ID. TOWNSEND, Adjutant General
LECTURE BY SECRETARY BOUTWELL,.
ABILITY OF THE COUNTRY TO PAY THE PUBLIC
DEBT-THE REDUCTION OF TIE REVENUE
DEPRECATED.
WASHINGTON, Jan. 10.-Secretary Boutwell,
tonight delivered lecture for the benefit OF the Charity
Fund of the Grand Army Of the Republic, Department
OF the Potomac, lincoln Han, which was hed Win
ladies and gentlemen He traced the history OF the
country at length showing that resistance to tyranny
and love OF freedom characteristic of the coonss
and the general spirit Of the people found express
sion in the Declaration Of American Independence lie
asserted that the student Of history will ind Intimate
connection between the rejection Of so much OF the org
nal drat Of that Declaration as denounced tlc save Ge
and attempt dissolve the Union in 1850 and 1861
Independence inevitable. lt came aud IL seelred
equality to the Colonies as States IN lu recOgnuono OF
nations of tLe world The Civil War was alike inevitable
| IL came, and secured freedom ana equality 10 tne
citizen The war for Independence gave States, and IL
gave us a nation but citizenship privilege, ana
emerged from the civil war purified and ohastened,
| while citizenship is no longer a privilege merely,
| but it is established ms right: But II
! is not enough that are independent,
That the Inhabitants OF the country all citizens, and
! equal before the law. nation cannot act fully and
freely before the world she il not independent IN the
largest and sense, nnless she Is comparatively Tree
of 5nb with capacity TO raise revenues much IN excess
OF ordinary demands, and credit unstancd By any aet
ot dshOnOr and relieved Of every Apprehension even III
the minds of the most umid Ths statement suggests
the only remaining difficulty IN countrys pain As
the OF the Revolutionary War 0d not hesitate 10
assume their share OF the burden OF Ihe war % u%Dp'
so 1 trust that you, who have made so great great
sacrifices for the Union Will conTage0nsiy ilIe tnio t
example At the close OF the feVoIuuonaly w. on
interest bearing debt of the country was about soO
600 The population less than 100000 but accepting
that number the nearest approximation 10 Tue tutn
the debt averaged SIS to each person. INC pIescn.
interesbearing debt OF the United States can be put AZ
about 81 and it IS not unreasonaoe 10 M
the present population OF the country AT t2SVVDOv. @
| eon II is safe 10 assume also that the
property Of the country in proportion TO s popua.on, p
great as it IN 1850 1870 even II We assume he
value OF property in 1920 TO have been equal 70 80 @ aUr
gegate property OF the country 9t the present moment
10 be at least 1900 for each mhabtant or an aggregate
of 900 at the former period against si2OO"CO
at the present time. But whether these estimates OF h
agercgate property OF the country the two different
pcriods be correct or not it cauot well be denied
| that the present average is more than three tunes
the average i'm 1890 The result thar the former pc
rod the debt was eight and thrcccDtbs per cent while
the present time IL IS only Ve per cent OF hI pioy
approximation the truth yet relatively II IS an nndeI
estimate, rather than an over estimate OF thG pleSet
resources. cannot doubt that was as dncGlt lor MI MI
JefFqrsou's ADMINISTRATION and for the people OF the
country reduce the debt during his term at the rate OF
tile rate Of Sl00,OO0,OOO per annum From lSOl
TO 1909 the country was subjected to al the
taxation which those IN power dilta To lns IVl ny
reduction the debt leading feature OF MI Jeher
sons policy Our condition AZ the present time IS Pecn
dnary expenses pensions and Interest, we nave sur
pus Of SlOOOoOOOO annually for the reduction OF the
principal OF the debt The treasury IS ITce from
! Embarrassment, and have no occasion 10 borrow
dollar for any purpose wHateyeT PI2ySGn % can Dg
made for the payment OF the ItL-lOLS ooIusl
Ing to S9i OO0O0O, in 1874, when they VIII ne IedeeO
more. as tie public interest may require. Tie
amount OF $S O0OO0 due in 1851 can be plld at maturity
proposition loan has one purpose aud one only
the reduction of the interest accouut-and II ts can
| not be accomplished, have occasion TO lntrudC
upon the markets OF the world Oar power TO place
new loan at reduced rate OF interest IT, IN my olUn
revenue. Nothing but the menace OF payment viii III
cc Tho holders OF SIX per cent bonds TO surrender then
and accept a bond bearing lower rate OF interest i
you reduce the revenue SO that 1t Is barely adequate
10 meet the Necessary eTPGnTs bonG oI @ rcsoeI
resist every effort 10 Induce them 10 aecep
Guiding Pacific Railway bonds, is $l2j.cOOoO. The COY
has already bought OF rs own bonds
tho INTEREST on which IS paid TO the lreasnrer savn2
our actual Interest at about sl2OOOOo Inc lSgucuol
OF the interest account SsWogO year VIII chable u.s.
choose to make ths the pass OF sinking Inhd 10 pay
the principal OF the interest bearing debt In IS years,
interest the present rate That is 10 say saving OF
SIsOOOOO0 annually In the amount Of interest VIII III -
years, with the accumulated lnteIeS, De Glua 10 tt
bonded debt Of the United states ought there them ~
doubt as to the wisdom of maintaining revenue
higher rate for one or two or even three years II neces
|
the result Is surely, accomplished IN aeon, ono
| Otler. IL tue puDlo aSSSp'
the new bond lower rate the question is settled ~
favor of the Government; II they decline the oppor
tupty the revenues will quidate the principal OF the
debt and the interest will disappear proporonatey In
either case the country succeeds II, however. we ~
once reduce the revenues till they sufficient for ord
nary expenses pensions and interest the public debt
and the public creditors shall consequently refuse 10 re
Ceye a new bond at a lower rate of interest, what VIII
be the condition Of the country thirty hye years hence
10 will have paid sI2o0,00O,OOO OF interest upon
the public debt, and the entire pInc
pal Will then be unpaid. Again, say
il IS not sufficient for nation that II s politically nde
that the people are all citizens that they free aud
enua or even that political power IN their hands To
ali these must added national financial Independence
This America has not THIS she canuGt have until she
dmuishes perceptiby her public debt and renders IT'S
| paynent certain within generation. dare not cite
examples but the nations many that are crippled IN
| their policy and retarded In the development
| Of their industries by the magnitude OF their
| debts Their example should be "a warning to us:
| The public debt Is the only serious result Ol
| the war of any considerable magnitude now
remaining; but IL Is result serious as 70 demand some
present sacrifices for the future public good Ihey are
Sacrifices however which will not Interfere with the
general prosperity OF the country nor Is the e1gency
30 exact as TO leave us without the opportunity Of
eyng from time those Interests that are most
heavily burGened On the one hand by courage ana the
manl acceptance temporarily or burden cohsloeit-
! ble no doubt, but not insuppOTtablc, we secure
| tha permaueut prosperity aud financial independence
| OF t6e country on the other hand, II we shrink
from the task and tile duty may not say, Ot mastering
these dicuucs at once we Increase Tie dLk:egile DuI