Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1871-09-14
Now Senator Boutwell, Keeps
Failing.


mics. There is not an unchanged enemy
in the Union-not one who wishes Gettys-
burg and Yicksburg and Appomattox had
gone the other way-who does not inn
prove every opportunity to disparage and
belittle his achievements Whatif hehas
paid off over 1.-TWO Hundred Millions OF
the National Debt? The money came in
to the Treasury. and he couldn't help pay
ing debts with it." Why, gentlemen
money has come into our treasures, yet
no debts have been paid with it unless il
be the private debts of the financiers. II
is something that Mr. Boutwell, has yigi-
lantly guarded the Federal Treasury, and
applied every dime of receipts, first, to the
payment of current expenses; next, to the
liquidation of the national debt.
Having reduced the principal largely
and steadily, Mr.. Boutwell, is trying HARD
to reduce the interest on what remains I'M
paid, by funding the five twenties, now re-
deemable and drawing six per cent. inter
est, in new bonds drawing lesser rates Of
interest. Suppose he could succeed in
this, and reduce the average rate of in
terest barely one per eent-the amount
thus saved would pay off the entire prin,
cipal of the debt in less than half cen.
tury. Ought not every patriot to wish
him well not merely, but to render him
all possible support in his .arduous under
taking? Every dime he thus saves inures
to the benefit of the whole American peo-
pie.
Mr.. Boutwell, has practically effected
the conversion of two hundred millions of
our tiye-twenty skies into ten-year fyes-
an operation that reduces the burden OF
the national debt by two millions of dol
lars per anuGl He does this at time
when France is borrowing all she can get
on fives at heavy discount; her loans OF
course coming right in the way of ours
There are not three governments in Eu-
rope that could sell two hundred millions
of ten year fives at par And remember
that our national debt is still considerably
over two thousand millions, and that we
have great party in the country which
through & resolve Of its last national con-
vention, stands pledged to swindie ou1
bondholders out ofat least halftheir homes.
due. Mr.. Boutwell, has succeeded in fund
ing his frs! two hundred millions, in spite
of tory hostility in Europe, and Copper;
head nalignity at home And now, If he
will withdraw all the loans at present au:
thorized except the 4 per cent, and obtain
from Congress power to sell one thousand
to fifteen hundred millions of that. having
thirty, forty or fifty years to run, at not
more than six per cent. below par, we are
confident that he may save enough in in
terest to pay off the entire debt, including
the discount on his bonds, within the
next forty years Let him stipulate thai
the two per cent. thus saved in interes
shall be sacredly devoted to buying ~
and canceling the principal of this loan
providing it can be bought at or below
par; let the interest be paid quarterly, an(
in London, Amsterdam or Frankfort i
desired, and we are confident that somt
great banking house would take the entir,
loan at ninety-five and that would raise t.
par within five years, and within two PEE
cent. of it within one year after it ha(
been placed. We can thus pay the fas
dime of our debt within forty yeals, We
take off fifty millions Of taxes next white
and fifty more within three years thereaf
ter.
Such is the modified plan of funding
the debt which we hope to see adopte,
soon. But whether ii shall or shall no
be, we shall give a hearty support to Sec
rotary BoutwelFs efforts to reduce bot
principal and interest of the debt, for W
know that he is honestly and earnestl
doing his very best.-N Y. Tribune.