The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-10-02
SECRETARY BOUTWELL, |!
HIS SPEECH At CINCINNATI ! 1!
Streng Defense Of the Administrators
Financial Policy

| have come to Ohio, because | made
promise few weeks since that | would
come. That promise was made at time
when your fortunes were less clear than
they now are. Happily, the administra-
ton needs no defense in Ohio, and in Ohio
the Republican party needs no aid from
abroad. AS | understand your condition,
you are united in your political organiza-
ton /; you are giving to your candidates a
faithful and jealous support and, in the
main, you accept the policy of the Repub-
lican party as illustrated in its history and
set forth in the proceedings Of your State
convention.
In this view your cause seems strong and
your success certain. But in this State
and in other parts of the country there is
vigorous opposition to what has been done,
as well as to what is doing by the Republi-
can party. While this opposition contin-
ues the work of the Republican party is
not finished. Hence, they who hope for
its dissolution are to be disappointed; they
who strive for it are to be defeated.
1t is not reasonable expectation that
those who hesitated to sustain the Govern
ment in war against secession, which had
its roots in slavery, should approve of
emancipation, the first fruit of the war, or
of those measures which were needed to Sc
cure to the emancipated their rights as men
and citizens.
The Republican party is the only party
that has either the disposition or the ca
pacity for this work.
Nor is it a reasonable expectation that
those who opposed the war should be ac-
lively concerned for the credit of the coun-
try or the payment of the debt incurred in
the suppression of the rebellion.
This, too, is the work of the Republican
party.
The Republican party is chiefly response
BILE for the great events Of the last ten years.
Those events have changed the character
and opened brighter future for the coun-
try.
Now in time OF peace we are brought
face to face with a policy which may be
>stated in three propositions.
1. The Democratic party does not accept
the constitutional amendments as right in
themselves, although, as we affirm, they
are the only national guarantee for the
principles on which the war was prosecuted,
and the only security for the rights of four
millions of human beings emancipated on
the lst of January, 1868.
annul the banking system, and to eliminate
from the tariff system the quality of pro-
lection wherever it can be found, and this
without regard to the effect upon the BUSH
ness and prosperity of the country.
3. 1t challenges the financial policy Of
the government, and seeks to substitute its
own will for the plighted faith of the nation.
This statement may not be accepted with
out proof. That shall attempt to furnish.
These propositions are, | think, fairly
drawn from the first, fifth, ninth, tenth,
and. twelfth resolutions adopted by the
Democratic Convention of Ohio.
Tonight | shall deal with the third pro-
position only. Tomorrow night | am to
speak in Cleveland, and it is now my pur-
pose then to address myself to the ieinain-
ing two.
In dealing with the financial history Of
the country, it is proper first to state the
amount Of the public debt at the close of
the war, and the progress made in reducing
it during the administration of Mr.. john
son. On the last day of July, 1866, the
ascertained principal of the debt of the
United States was 81, 755 ,995,275. On the
first of March following it had fallen to
1880, 763, $3.50, the reduction being due
in part to the sale of war material. During
the same period, the aggregate annual In
terest was reduced from 4l51 1892 ,051 to
Sl4O ,595, 845. As, the difference having been
in some degree due to the redemption OF
bonds bearing currency interest, at the rate
of seven and three-tenths per cent, and the
issue in their stead of bonds bearing coin
interest at the rate of six por cent.
On the first of March, 1869, the princi-
pal of the public debt was So ,49l ,399, 904.-
80, showing decrease during the two pre-
ceding years of only 500 1863, 9S5.30. II
is unnecessary for ME to comment upon the
causes which prevented further reduction
of the debt during the period named.
ion the LIST of March, 1869, the Five
twenty bonds of the United States sold for
coin at $S7 70, and gold was at premium
in New York of 80 per cent.
During the preceding year, and especial
ly during the Presidential canvass, numerous
propositions were submitted to the country
for the payment of the public debt, by the
issue OF greenbacks, or by the issue o.
bonds convertible into greenbacks at the
pleasure of the holder Of the bonds. But
none of these propositions contained any
satisfactory plan for the payment of the
greenbacks themselves and they were al
substantially rejected by the election o.
General Grant.
-
While the credit of the country was i'm
impaired, and while we were struggling te
secure financial position which would en-.
able us to negotiate bonds at lower rate
of interest, heavy taxation and large pay
ments on account of the public debt were
not only desirable, but even necessary. Il
was important to demonstrates conclusiyely
not only the disposition but the ability o.
the country to pay the debt. Having
reached that position, it is no longer neces-
sary to make large payments upon the
principal OF the public debt merely for thu
purpose of demonstrating our ability OF oul
disposition but it is my opinion that very
considerable payments ought to be made
for the purpose of reducing the debt, re
ljeving the labor of the country from tal
burdens through many generations, or ever
through centuries, and, above all, for thu
nurpose of placing the nation in such Pc
n that in an exigency large loans nigh
s'tobtained at home or abroad.
be my annual report for 1870 STATED
In he public debt ought to be reduced a
that t 5O,000,000 year, and to that opin
least here. And this can be accomplish
Of tov xtrtl