The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-10-05
Great Republican Meeting al
Cincinnati.
ADDRESS BY HON. G. S. BOUT
WELL.
THE RIKAHCIkL CONBIFIOE OF THE
2 -.4' COUNTRY DISCUSSED.
SPEECH OF Hon. G. S. boutwell,.

publican meeting at Mozart Hall thi
evening. EX-Secretary Cox xpresided
l. Mr.. Boutwell, on being Introduced
K traced briefly. The connection of tn,
Republican party, with the successful
prosecution of the war for the sup
preston OF the rebellion; its fitnes,
"A % take care OF theresults of the same
q and the uIIreasonableness of expect
N ing from the Democratic party, AN ap
&c prOval Of emancipation or the meas.
ures need to secure the emaneipated
in their rights, OF expecting con.
Germ with reference TO the credit oi
y the country, or the payment Of the
> debt incurred in suppressing the re.
belliOn. He believed thatif the DEM
Z ocratic party We're advanced to power
whether the old school or the new
? prevailed the law for enforcing the
amendments would be repealed. He
stated that the Democratic policy, in
their propositions, does not accept tthe
Constitutional amendments as right,
in themselves, although we affirm,
they are the only national guaranty
FLOR the principles on which the war
was prosecuted, and the only security
: for the rights Of the four millions of
! human beings emancipated.. 1t pro-
poses to anuuI the banking system
and TO eliminate from the tariff sys-
tenn the the quality of protection,
wherever it can be found, and this,
without regard to the effect on the
business and property of the country.
It challenges the financial policy of
the government, and seeks to substi-
tute its own will, for the plighted
faith of the nation. Hespoke Tonight,
specially'on the third proposition, and
on the light of the twelfth resolution
Ofthe Democratic State Convention.
He then proceeded to inquire into
the financial history Of the country,
tracing the reduction of both debt and
interest during Mr.. JOhnsOn's admin
istrationIto March 1st, 1859, and;shoW-
ed decrease during two years, OfS39,-
1863, ,03O. Hesaid he need not comment
upon the cause which prevented the
further reduction Of the debt during
the period named. During the pre-
ceding years and canvass, numerous
propositions were named for the pay
ment of the public debt in greenbacks,
but no satisfactory plan was devised
for the payment OF the greenbacks
themselves. These were all substan-
TALLY rejected by the election of
Grant, when the explicit declaration
in the inaugural, terminated for a
time all propositions for the payment
1 Of the debt in any hing but coin. The
i declaration of the. Presisls'at it'll tiIv
ACT OF congress, the first passed. after
his Inauguration, by which Congress
and the country were pledged to the
payment Of the five-twenty bonds in
coin, and to the resumption of specie
81 1,0 al II
time, formed the basis of the finan-
cial policy of the government from
that day to this. This was a rejection
of all postpOnement, Avoidance or re-
pudiatiOn Of the public debt. 1t ae-
lcepted the fact that the debt could on
" be paid by taxation and taxes must
come from the resources of the people
in carrying out this policy. The first
act of the treasury department was to
provide for the efficient collection Of
the revenues, which, during the first
year, increased, from customs, Sl4,-
100000; from internal sources, ST.
100000; while the government eX-
penses, including the premium on
bonds and the payments on the prin-
cipal of the public debt, were reduced
S27. 900, 900. In Decem Der 1869, Con-.
/ REGsS WAS elldDltu W iLl6 lllltI-
nal taxes nearly $4,000, 900, and di-
minished the import taxes nearly $685.
600, 900, or about $50, 900, 900 in ALL The
net debt on the 1st OfSeptember, 1871,
including the accrued interest, was
S274, ,122, $50 3S, a decrease since March
IL, 1869, Of $25l, ,340, ,699 60. In the
same period, the annual interest ac-
count was reduced from S126, ,3S9, $50.
i -. II.
and a quarter per month. Such a
reduction, if treated as asinking fHnd,
would, he claimed, pay the debt, eX-
elusive of the United States notes and
fractional currency, in about thirty
six years.
He further examined the results OF
the Republican policy in the effect of
the election in 1869, when 5-20's on the
lst of January, 1869, had advanced
from 794 per cent. of the par value,
less the accrued interest, which was
then the value in the July preceding
the election, 70 81 per cent, and on
the first of March succeeding, to S73,
and for the last few months had been
substantially at par, with coin under
the same influence. The 1881 6 per
cent. bonds having ten years to run
have advanced from so per cent. in
July, 1868, TO per cent. above par,
while the 10-40's, bearing five per
cent, have advanced in the same pc
riod, from less than seventy-five per,
cent. to more than ninety-nine. I'M
der the same influence, the paper cur,
reney of the country had advanced
twice from March 1st, 1859, from sew
enty-five cents to about eighty-seYen;
nor could it be said thSt these changes,
incurred exclusively to stockholders,
for the Indebtedness of the nation,
have not been increased by the i'm
prOvement in its credit, and the ad-
ditions thus made 70 the value of the
outstanding bonds. But it remained
precisely the same, except upon the
theory maintained by the opponents
of the Republican policy, that the
bonds themselves are to be paid in
greenbacks, and no provision made
for the redemption of the same. II
greenbacks are to be paid in coin, as
one would suppose they ought to be
paid, nothing would be gained by COM
pelling the public creditors TO take
greenbacks in exchange for their
bonds, unless it was by the saving Of
interest, which seemed a poor COM
pensatiOn for the destruction Of the
public credit and the disgrace of the
country. The appreciation in the
value OF currency, due to the improve
ment of public credit, is for the bene-
fit of all those who held any part Of it
at the time the appreciation took
place.
Mr.. Boutwell, then alluded to the
successful negotiation of 500, 100000
of the five per cent. bonds, by which,
assuming that they are TO be paid
within ten years, though the prOba-
bility was they woud not be paid un-
der twenty years, the saving on this
issue in interest, would be $40, 900, 900.
The interest upon the annual saving,
accumulating until the expiration Of
ten years, would be S6,000,O00 more,
giving an aggregate saving of S26, ,OO0,-
0OC, against which was the loss of in
terest for three months at the rate of
five per cent, on Sl3O,0O0,OOO, or
81, 625,000, which he had pre-
viously explained, as glowing out
of the three months notice to bond
holders, of the intention OF the govern
ment to redeem the bonds. IL the
new bonds should run twenty years,
the saving would be twice these esti-
mates. Mnen all the ueIalls OF IneSe
negotiations were completed, way
would be opened for presenting to cap
italists, here and abroad, other parts
of the loan, with the prospect of com
! plete success. These results were the
fruits of the purpose of the Republi-
can party, to accept the debt as the
result OF the war, and without inquir-
ing into the consideration which the
government received for the bonds, to
look only TO the nature of the Obliga-
ton which the country had assumed,
and to faithfully perform it. If, on