The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-29

BOUTWELL,.
- -,
Speech Of th~ -
30 Secretary of the
treasury at Cincinnati.
.--l- ----s.,, 49,
Review Of the Financial Administrator
Of the Government.
Further Reduction of Taxation
To Be Recommended.
Fifty Millions OF the Debt To
BE Paid Off Yearly.
OUR CREDIT ABROAD.
Effect Of the Reputation Greenbark Policy Of
The Democracy on the Poor.
OUR CREDIT ABROAD.
Effect Of the Reputation Creenbaek Policy Of
the Democracy on the Poor.

Secretary Boutwell, arrived in this city from Wash.
ineton tins morning. During the day he was visited
by many OF our leading citizens. THIS evening he
addressed a large meeting republicans on the
political and financial issues OF the day. Below we
give a full report OF his remarks:-
SECRETARY BoUTwELLs's SPEECH.
have come to Ono because I made promise a
few weeks since that would come. That promise
was made at a time when your fortunes were less
clear man they now are. Happily, the administra-
lion needs no defence Ia Ohio, and In OHIO the re-
publican party needs no aid from abroad. AS I'M
derstand your condition you are united in your
political organization, you are giving TO your canal
dates faithful and Jealous support, and. III the
main, you accept the policy OF the republican party
Illustrated IN Its history and forth In the pro-
ceedings OF your State Convention. In this view
your cause seems strong aud
YOUR SUCCESS CERTAIN.
But In this State anu In other paris OF the country
there Is vigorous opposition to what has been done
AS wen as TO what is dong Dy the republican party.
While this opposition continues the work OF the
republican party is no, finished. Hence they who
hope for It's dissolution are to be disappolnted they
who strive Tor 1t to be defeated. 1t is not rea
s0uable expectation that those who nesitated sus
tain the government III a war against secession,
which had its roots in slavery, should approve OF
emancipation the first fruit OF the war; of those
measures winch were needed to secure to the eman-
cipated their rights as men and citizens The re-
publican party is the only party that has either the
disposition or the capacity for this work. Nor is it
q reasonable expectation that those who opposed
the war should be actively concerned for the credit
Of the country 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 responsible for tue
great events OF the last ten years. Those events
have changed the character and opened a brighter
future for the country. The old slave States nave
been brought within the influence Of o progressive
civilization which in all their previous life they had
refused 10 accept. territory Is opened TO i'm
migrants from the North and from Europe, but the
power OF the national government must by exerted
for the security OF the citizen these lands will
remain as they were In the days Of slavery.
The republican party is the only party
HAT 1avors the exercise OF this power The history
Oi the republican party is clear ana pure 1t saved
the American Union, and by means that viii stand
The test OF justice, logic and law. II emancpated
The slaves, and, through amendments to the consu
rutlon, secured to them the rights OF men and ci.
yens. II MAINTAINS the constitutional amendments
not merely because they are, but because they are
right also. In the republican party there is df
ference OF opinion upon this point. It's adversares,
however, are divided. Some say
THE AMENDMENTS ARE OF NO FORCE.
Others admit that, IN form and fact they are parts
OF The constitution TO be observed but they deny the
justice OF he guarantees which the amendments
contain, and assert thai the means employed to Sc
cure their ratification were despotc and unlawful.
These amendments, IN fact ana 10y their terms, de-
pend upon the legislation which Congress may see
Ill TO provide. Ii Is this now OF which our enemies
complain. Advance them TO power, and whether
a ane controlling force the organization
senool or Tue new departure, all laws for
tne enforcement o! the amendments WIN be re-
This Is the logical result OF the POSITIONS occupied
by The two wings OF the democratic party, aud OF
ments Of al legislative power there can he no
doubt. AT the beginning OF the war, and during It's
continuance the republican organization was the
unly political organization that stood firmly, aud
always and everywhere az linst the rebellion and in
toppor' o. the Union But Tor the existence, power
aud hrmness Of that organization The Union would
have been lost II controlled most OF the old
reservedy on the side Of the government It's pa
srioiic policy attracted lnulttndes from the demo
cratic pa ty, not TO lis ranks merely but to the
Iah tH o. tle Army Of the Republic Thus was the
Now time Of peace are brought face 10 face
with
A POLICY
which may be stated In three propositions
tonal anendmenis right In themselves, although
which prosecuted and The only security Tor
The rights Of four millions Of human beings emancpaed on
ssnmTne dsIerrs,s party to anna the bank
sahy Of profession wherever can be found and this
a1Trd~iI challenges the financial policy OF the govern
mep; and seeks substitute will The pligh,ed
faith Of the nation This statement not be accepted
nroPoso1, .lip5, fairly drawn from The iT.i 0fh
cratic Convention Of Ohio
read these resolutions, however, in the light fur
nsaed ey the s history OF the party which ADDICTED
men who ask The people OF ONO TO ratily what the
THE FINANCIAL Foley OF THE GOVERNMENT.
Tonight shall deal with the third proposition
only; tomorrow night am to speak in Cleveland
tne remaining TWO. FOR the present 1t Is sufficient
Resolved, That, while reject reputation equally
reject the proposition TO pay the bondholde than the
20 rave aud we insist upon Justice being done
lie same currency he loaned the government; that
where he loaned sreenbaeks he should De paio in
aud where loaned gold should be paid in gold
Seass s s eSoa
dcmani that the true method Of returning 70 specie paw
iSmaks customs due, payable u .$alspder
secure uniform re- ~, ATOP gamsns rod and thereby
In dealing with the financial history OF the coun-
cry, IL Is proper first, 10 state
TIE AMOUNT PUBLIC DEBT
al the close Of the war, and the progress made In
reducing II during The administration OF MI. John,
son ON the last day OF July, 1865 the ascertained
principal OF the debt OF the United States was
s., s55,ss5,275 on the FIRST of March following 1t
ma FALLEN to ;es, $50 So the reduction being
same period the aggregate annual interest was re-
iuccd IRON fi5l S32 COL 10 $780, S45 46 the differ
ence having been III some degree due TO the redemp
ton Of bonds bearing currency interest at the rate
" seven and three ient.s per cent. aud the issue
neir stead ~ bonds bearing coin interest at the
rate OF per cent ON the LIST OF March, 1869, the
DfIncIpa OF the puzzle debt 81, 4gl 800 9O4 co.
showing decrease during the two preceding years
Df only $50 3s3 ge5 10. 10 Is unnecessary for me to
comment upon the canses which prevented a further
gclncuDn Of the debt during the period named. ON
Abe o. March, 1853, the Byetwenty bonds OF the
Waited states sold for coin at s1.73 and gold was at
d premium M New York OF tnirty-two per cent.
luIiag HE preceding year. and especially during
shg PRESIDENTIAL canvass. numerous propositions
were Submitted 10 the country for
THF PAYMENT or THE PUBLIC DEBT,
the Issue Of gieenbacks or by the issue Of bonds
cavvCriiDe INTO hrconbacks at the pleasure OF the
syi.iers oi the pouis. But none OF these PROPOSE
a1ns contained any h.eusJacl orr plan for me pay.
meat 81 ihe gIecnhacks liemselvcs: and they were