Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1871-10-06
SPEECH OF SECRETARY BOUT.
WELL.
c1nmrrAr1. september as.

meeting a. Mozart Hall this evening. EE-secretary
Mr. Boutwell, on being introduced, traced
briefly the connection Of the Republican party
with the cessful prosecution OF tue war iot tne
suppression ofthe rebellion, its fitness TO take care
OF the reeults OF the same, and the unreasonable
ness OF exp Getting from the Democratic party ap'
pr0vAl OF emancipation or the measures needed TO
secure 10 the emancpated their rights; OF expect
ing concert with reference 70 the ereolt OF the
country OF the payment OF the oeod az a ,hn ne m
a ocratio party were advanced to power, whetner
the old :, hool or the new prevailed, the law tor
enfofcng the amendments would be repealed nc
stated that tho Democratic policy in its prOposl-
tions, does not accept the Consutuuonal hmen1-
ments as Igotip themselves stnougn, as we W., the M
,pTincipals on wbicn the war was proseonted' sno %
the ouly ecurity or the nghats 9i the
prJooses to annul the banking system,
and to eliminate from the tariff system tne
equality oirotecion wheIeyet ct can ea0 Se ibs
businers and prosperity OF the country. cnal,
lonRes the financial policy OF the governmet t an9
geeks to substitute lts own VIII lOI luo PiizuVou
faith Of the nation.
IA spoke TO ight especially on the third propo-
sition, and Ia tbs light OF the twelfth resolution
OF the Democratic State Convention. He then
proceeded to Inquire into tue financial history Of
The country, tracing the reduction OF 0Oth deot
and interes during NJ Johnsons ISL
@ of Ssa9i3 985. So lie said he need not comment
ppOn tue causes which prevented q further Iedno-
ton of tue debt during the period named. DOrlng
the preceding year and canvass numerous propo-
etItins ycere amed for tie payment of the public
debt In greenbacks, but no saisiaot9ry plan 1n was
selves These we're all subs antally rejected by
the election OF Grant, when the xplclt declSIa,
ton of the inaugur | terminate d, for a time, all
propositions for the payment of tn debt In any
thing but coin. Tue declaration OF the President
wi the act OF CongIess-the first passed alter his
inaGguratlUn-by which Congress and the
country were pledged to the payment Oh
the $50 bonds In eoin' spd s 10 the tantio resumP
BILE time ~ med the basis Of the financial
policy Of the government. From that day TO this
there was a rejection of all postponement avoid
nnce or Reputation of the public debt. 1t ac-
oepted the fact that the debt could onl be PAID by
TAXATION, and taxes must come from the resources
of Inc people la carrying out this policy, the
drst act of the Treasury Department was to pro-
vide for the efficient collection of the revenues,
which, during the first year, increased from Gus
toms $i4 900, and internal resources Sz1 OOOOOUi
while the government expenses, including the
premiums bonds and payments onthe principal
of the public debt, was reduced s27,OOO, 90. In
December, 1859, Congress was enabled TO reduce
internal taxes nearly s. 100000, and iminish i'm,
port taxes nearly S25,OJ0O0J, or about t6O,OOtOO
In all. The let debt on sep ember |, 1871, includ-
iGg accrued interest," was y, ,27i 122 go S-a oe-
erea since March /, 500, of S25 ,3406)9.63. In
reduced from Si26 $50 $50 10 Sill 439 355 oO-a9ou
million and quarter per month snch aIedne'
don, IL treated a q sinking fund, womb, ne Claln
ed pay the debt, exclusive Of United States
notes and fractional currency, In about thirty-slA
year..
He further examined the resuiss OF Republican
policy In he effect Of the election in 1859 when
Avetwert.s, on the 1st Of January, ist9, mad ad
yanced from IN per cent. up TO par value, less
accrued inter est, VIII ch was their value in July
preceding the election, 10 BIZ per cent, and on
the 1st OI Mach succeeding TO 4, and for the
last fe months had been substantial y at par viii
coin Uuder The same Influence the 1881 pei
cent. bonds, having ten years to run, have al
sspt sbeVe r psg SgbiIe tep.forties, bearing pei
cent have advanced In the same period from les,
than 70 per cent. to more than 80 Under tht
tame influence the paper currency OF the country
had advanced since March l. Is 3, from rs cents tC
about 81. Nor CAN'T be said that these changes
Injured exclusively to stockholders, for the In
dsbteiuess of the nation had not been increas eC
BY the Improvement its credit and the ad lttloni
thus made TO the value of outstanding bonds; bu
it remained precisely the same, except upon th'
theor maintained by the opponents of the Repu
bncan policy that tue bonds themselves are to b'
paid in greenbacks and no provisions made for th'
redemp ion OF the same. II greenbacks are to b.
pid In coin, as one would suppose, they ought tt
be paid. Nothing would be gained by compelling
the public creditors to take greenbacks in ex
change for the bonds, unless it was by the saving
Of the interest,", which seemed poor compensation
for the destruction Of the pubic credit and tbs
diagrace OF the country. The apprec alton II
value Of the currency was due to the improvement
Of the public credit. 1t is for the beIeht OF al
thoss who held any part OF 1t at the time the ap
probation took place
Mr. Boutwell, then alluded to the successful ne
Rotialion of $2U0, 900, 90 of per cent bonds, b!
which--assuming that they are to be paid within
ten years, though tue probability was they woul'
not be aid under twenty yeaIsotne saving OF IN
terest on this issue would be $40, coo, 000. The in
terest upon the annual saving accumulattng anti
the expiration of the ten would be So 600 90
more dsing an aggregate saving of S26 OyO,0O
Against this was the Toss of interest for thre
months, at the rate of per cent. on $1,000 90,
or st,6lA,00O' which he previously explained q
growing out OF the three months notice to bond
holders OF the intention of the government to re
deem the bonds. II the new bonds should ru
twenty years. the saving would be twice thes
estimates When all the details Of these neg iii
tions were completed, a way Woul1 be opened fo
presenting TO capitalists, here and abroad otne
1 Ss.s! u tue iO"A' WIN p'O-p''' . 'D
These results were the fruits Of the purpose
the Republican party to accept the debt rs the II
Bnt OF tue and, without inqUiring into the col
sderation which the government had received Il
the bonds, 10 look only TO the nature OF the obi
g-tion which the country had assumed, and
faithfully perform it. II, on the part of the r
publican party, ere had been any hesitation;
they had lis eIed to suggestions that the bono
might be paid by the issue of gree backs, tt
public credit would have been still further ia
paired, and the substitution Of bonds at low
rate OF interest made impossible. II notice
BILE that the intere't paid by our government del
was the standard for the interest rate thrOughol
theeountry, aud, 10 some extent, throughout Il
worlu; for the bonds of lhe United STATES We
negotiable st more commercial points outsid tn
country than the bonds of any other governmen
Thts was due TO he implicit faith of the people
other countries, inspired by declarations Of the
publican party. ana gu. tanned by evidence given
the daily reduction OF the pu tic debt. He b
iieved d very consideraoe payment should
made to reduce the debt, relieIe labor from t,
burdens through many generations, and above
To place the naLiOn in such position that in 0
igency large 10 ms might be obtained at home
abroad The public debt should be reduced
least dty millions yearly, and ths could be accvI
plishe1 With such reduction of taxes as won
meet he damands or business, and remove most
the Objectionable features ofthe tariff system L
amendments to The internal revenue system b
relieved pe Jple Of most, II not all, the really b.
densome taxes, while from seven subje.ts nO
taxed about $125, ,OUO COO would be received ann
ally.
Abros1, had eliminated from The difference
tween gold and paper all that WAS due TO a Wa
OF iaiIh in he financial character of the cOuntl
The remaining difference could be overcome
awaiting tie growth OF the country until its q
mand TOR money should be equal to The prese
supply, or by reducing he volume of currency
an amount not exceeding TWO millions per mon
II was. no doubt, true that the present vOluI
nigh be continued vii good harvest and &c
eral prosperity, and the ditfereI ce between pap
aed gold annual y decreased. IL was the purpo
of the kepubi an party, OF President Grant a
those associated with him, to do what was prachC
TO render the paper of the country as valuable
gold the earliest moment, without injury
business Interests. The mesns was left 10 &c
gress and there was, he took !, no difference
opinion in the Repu6 itan parry that the volui
OF paper money Was under no circumstance, to
increased On this II made distinct Issue vi
the Democratic party,
Mr.. Boutwell, recapitplated the financial resu
OF @. ants Adm Iistration. and, in cOnnec ion W
the statement that taxes had been reduced 8
20. = o. annually, said we could reasonably exp'
that o further reduction Of S3i,UOO,O.0 might
made. He said that pub ic expenses, excludi
interest on the public debt, pensions, bounti
cost OF the Internal Revenue Bureau, and all
penses Te-ultipg from the war, hid teen reduc
IRON $lT3b2 ,37l IL for the year ending June
lss 10 S95,6i, ;6s2, so for the year ending June
1871, showing that the actual cost OF the peace
tAblishment was less than 6l0O,000,00e.
Mr.. Boutwell, then said the course OF the De
ocratie party In reference 10 the debt was subsll
TALLY the same in feet that lis course was duri
the war, and IN since the war the principal
Itaels 10 the improvement Of the public cIe
had been The declared purpose of the DemOcra
party 10 com. el the holders of tiye-twenty boE
b accept greenb cks in their place coupled W
Verted, ut the holders option, into new per &c
bonds. He traced the pDfavorable effect of De
oeraIc policy on our credit In Europe, ana ~
tho Ohio Democratic platform seemed
entirely disregard the shpulations Of
act Of February IS, 1862, providing that dut
on imports should be collected in coin, and that