Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1871-09-07
How Secretary Boutwell, Keeps Fall
Ing.

Mr.. BOUTWELL, is fortunate in his ene-
mics. There is not an unchanged enemy
in the Union-not one who wishes Gettys-
burg and Vicksburg and Appomattox had
gone the other way-who does not i'm
prove every opportunity to disparage and
belittle his achievements. What if he has
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 it
be the private debts of the fnanciers 1t
is something that Mr.. Boutwell, has vigi-
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 un-
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 cent-the amount
thus saved would pay off the entire prln-
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 lnures
to the benefit of the whole American peo-
pie.
Mr.. Boutwell, has practically effected
the conversion of two hundred millions OF
our five-twenty skies into ten-year fives-
an operation that reduces the burden of
the national debt by two millions of dol
lars per annum. He does this at time
when France is borrowing all she can get
on fves 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 6ves 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 swindle our
bondholders out of at least half ftheir honest
due. Mr. Boutwell, has succeeded in fund
ing his first two hundred millions, in spite
of tory hostility in Europe, and Copper
head malignity 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 that the
two per cent. thus saved in interest shall
be sacredly devoted to buying up and can
ceiling the principal of this loan provided
it can be bought at or below par; let the
interest be paid quarterly, and in London
Amsterdam or Frankfort if desired, with
out tax or deduction of any kind ,and we are
confident that some great banking house
would take the entire loan at ninety five
and that would raise to par within five
years, and within two per cent. of it within
one year after it had been placed. We
can thus pay the last dime of our deb
within forty years, yet take off fifty mil
lions of taxes next winter and fifty NOR,
within three years thereafter.
Such is the modified plan of fundin!
the debt which we hope to see adopted
soon. But, whether it shall, or shall no
be, we shall give a hearty support to Sec
retary Boutwell's efforts to reduce bot
principal and interest of the debt, for W
know that he is honestly and earnestl
doing his very best.-Neso York 1aa6ssn,