Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1871-10-05
SPEECH OF SECRETARY BOUT.
WELL
cINc1ssAr1, ssptsmbsr q.

Mr.. Boutwell,, on being introduced, traced pfiei
ly the connection of the Republican party with
the successful prosecution of tho war for the sup
preston of the rebellion, its fitness to take care
ness of expecting from the Democratic party ap-
proval of emancipation or the measures needea 10
secure the emancipated their rights; Of expecting %
try, or the payment of the debt incurred II sup
pressing the rebellion. He believed If the Demo-
old school or the new prevailed, the law for en-
forcing the amendments would be repealed he
stated that the Democratic party, in its propoai-
tions, does not accept the Constitutional amend
ments right in themselves, although, as we
affirm, they are the only national guarantee for
and the only security of the 10000 of human
beings emancipated. 1t proposes to annul the
banking system, and eliminate rom tne tarim sys
FUND, and tn without regard to the effect upon
the business and prosperity Of the country. It
challenges the financial policy OF the government,
and seeks to substitute its own will for the plight
ed faith of the nation.
He spoke tonight especially on the thlrd piopo,
of the Democratic state Convention. He then
proceeded to inquire into the financial history Of
and @ interest interest during Mr.. Johnson's admipistra-
tion March /, 1853, showed decrs ase, during
comment upon the causes which prevented q 1ur-
ther reduction of the debt during the period
named. During the preceding year and canvass
m mt Of the public debt in greenbacks, but no sat
isfactory plan was devised for the payment OF the
greenbacks them elves. These were all euo-
the explicit declaration of the inaugural termin.
ated, for time. all propositions for the payment
Of tbe Ppe.denf WITH the tSe act Of Coneressthe
first passed after his inauguration-by which Con
gress and the country were pledged to the pay
ment of the $40 bonds in coin, and to the resump-
ton Of specie paym mt at the earliest practicable
time, lormed the basis of the financial policy OF
Of all
pudation of the public debt. It accepted the fac.
that the debt could only be paid by taxation, and
In carrying out this policy, the first act of the
Treasury Department was to prov1do 1or the
efficient collection of the revenues which 1afng n6g
the first year, increased from customs $4O09,0U0,
and internal source $27, 0o0e; while the govern
ment expenses, including the premiums on bonds
were a p reduced 81 sa7 7oodooo In u December, 1859,
Congress was enabl d to reduce internal taxes
ne:Sy 40 and o@1ish I'M 0 ?" s
terest, was s2,s74 ia, $50. .sNa decrease since
March l. 1e6s, OF s251 $40, ,6s9,6s. In the same
period the annual interest account was reduced
from $126 $3.50 to $111, ,4s9,3 ,3'6 50-abolt mil
hon and q iarter month. Such 2 reducuon,
II treat as sinking fund, wOu d, he claimed, pay
the debt, exclusive of United States notes and
fractional currency, in about thirty six years,
poicy in the the feet Of the @ election in 1853 when
hvetwenties, on the 1st of January, 1863, had ad-
vanced from 71M per cent up to par value less ac-
crued int rest. which was their value in July pre-
list of March succeeding to SIX, and for the last
coin. Under the same influence the 1881 six per
per cent bonds, having ten years 10 run, have al
vanced from 80 per cent. In July, 1868. 10 pei
cent. above par; while ten-forties, bearing per
cent, have advanced in the same period from less
than Is per cent. to more than 20 Under the same
advanced since March /, 1;ss, from Is cents to
about 81. Nor can it be said that these changes
Injured exclusive to stockholders, for the 1nde6t
edness of the nation had not been increased Dy tne
improvem Mt of its credit, and the additions thus
made to the value of outstanding bonds; but II re-
mained precisely the same except upon tne ThGosy
policy, that the bonds themselves are to be 10 IN
greenbacks, and ms provision made for the redemp-
coin, as one would suppose they ought 70 be paid,
nothing would be gained by compelling the pubic
bonds unless sit It was by the saving of the interest,
which seemed poor compensation for the destruc-
ton of the public credit and the disgrace OF the
country. The appreciation in value of the cur
rency was due to the improvement of the public
credit. 1t is ior the benefit of ali those who held
any part of it at the time the appreciation took
place.
Mr.. Boutwell, then alluded to the successful ne
gotiation of $500 O00,0 600 of per cent bonds, by
ten years, though the probability was they would
terest on this i,sue would be $aOO0o,Ooo The in;
terest upon the annual saving accumulat1ng until
the expiration of the ten years would be S. 00
more, giving an aggregate saving of $26G0J,0O0
Against this was the loss of interest for three
months, at the rate of per cent s130, 600 ,00o
or 81, 1,625 900, which he previously explained Of
growing out of the three months notice to bond
deem the bonds If the new bonds should rur
twenty years. the saving would be twice these es
Inmates. When all the details of these negOtia
tions were completed, a way would be opened 70,
presenting to capitalists here and abroad, Othel
parts of the loan, with prospect of complete sue
cess.
These results were the fruits of the purpose Of
the Republican party to accept the debt as the re-
sas OF war M without nguhhg into the con on
the bonds, to look only to the nature Of the obi
CATION which the country had assumed, and to
publican party, there had been any hesitation; i
they had listened to suggestions that the bonol
lie credit would have been still further impaired
and the substitution of bonds at lower rate of in
terest made impossible. 1t was noticeable that the
standard for the interest rate throughout the coun
try, and, to some extent, throughout the world.
for the bonds of the United States were negotia
than the bonds OF any other government. This
was due to the implicit faith of the people o
Republican party, and sustained by evidence give1
In the daily reduction of the public debt. BE be
neved s1 a very considerable n crab payment should b.
burdens through many generations, and, above all
to place the nation in such position that in an
tgency large loans might be obtained al home o
abroad The public debt should be reduced a
least fifty millions yearly, and this could be &C
comPiished with such reduction of taxes a
DoSAAASSo
most of the Objectionable features Of the tariff sys
tenn. The amendments to the internal revenu
system had rel eyed people from most, If not all
the really burdensome taxes, while from sevel
SUBJECTS now taxed about Sl25, 600 600 would be
ceived annually.
The improvement of our credit, at home an,
abroad, had eliminated from the difference be
tween gold and paper all that was due to a wan
The remaining difference could be overcome b
awaiting the growth of the country until its de
mand for money should be equal to the presen
nT hU rsr ftnr nf
an amount not exceeding two millions per month
1t was, no doubt, true that the present volum
erai prosperity, and the difference between @ I'll h
value of paper and gold annually decrease.
was the purpose of the Republican party,
President Grant and those associated with him, t
do what was practicable to render the paper none
OF the country as valuable as gold at the earlies
MOI moment, without 81 injury to business interests
he took it, no difference of opinion in the Repul
ican party that the volume of paper money wa
under no circumstance, to be increased. On th
1t made distinct issue with the Democratic part,
Mr.. Boutwell, recapitulated the inanci. result
Of Grants Administration. and, in connection wit
the statement that taxes had been reduced $50
O0.0t0 annually said we could reasonably expe
that further reduction of $4,000 600 might /
made. He said that pubic expenses, excludin
interest on the public debt, pensions, bount,
cost of the Internal Revenue Bureau, and all e;
penses resulting from the war, had been reduce
1868, to $95 648 80 for the year ending June
1871: showing that the actual cost of the peace e
IaDlsnnenC was lSSS IMAM
Mr.. Boutwell, then said the course of IL
Democratic party ia reference to the debt W,
substantially the same in effect that its course WI
during the war, and that since the war the pri
cipal obstacle to the improvement of the publ
credit had been the declared purpose of the Dem
cratic party to compel the holders of fve-twen
bonds to accept greenbaaks in theirplace, couple
with the conditions that greenbacks might be CO
verted, at the holders option, into new 3per cen
bonds He traced the unfavorable effect of Del
ocratic policy on our credit in Europe, and sa
the Ohio Democratic platform seemed to entire
25. 1852, providing that duties on fmpo1
should be collected in coin, and that an amount
coin equal to one per centum of the public de
should be annually set apart as sinking fund, al
that interest on the public debt should be paid
coin. The Democratic proposition to pay t
"t aystwenties in gresnbacks would require an adj
European holders accepted greenbacks, they won
be drained, and the currency Deprecated to t
rates ruling during the last year Of the war 7
irredeemable paper money would be invested
lsnds aud other property most valuable and le,
affected by deprecated currency itself The c1
rency itself would pass rapidly from capitalists
the middling interests end laboring classes, W
WOU1d he the 1Osers Land for aOricu1turoI ~,