The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-09-29
BOutWeIPs Speech.
An Able Discussion of National
81 Topics. ss ia.
The seCretaFy's Financial Views,

NNP' s
The seorotary's Financial views.
j CNoIsN ATT, Sept, ss,
Hon. George S. Boutwell,, Secretary {
the Treasury, addressed very larg
Republican meeting at Mozart Hall III
evening. Ex.Secretary Cox presided.
Mr.. Boutwell,, on being introduces
traced briefly the connection of the RI
publican party with the successful prose
lcution Of the war for the suppression c
the rebellion; its fitness to take care
the results OF the same, and the unseasor
ableness OF expecting from the DemocraI
ic party an approval OF the measure
needed to secure the emanCipated thei
rights, or of expecting concern with rel
erence to the credit of the country o
payment of the debt incurred in suppress
ing tho rebellion. He believed II tn
Democratic party were advanced Il
power, whether The old school OF th
new prevailed, the laws for enforcing
amendments would be repealed, and al
further, efficient legislation denied.
He stated the Democratic policy in thesC
propositions: 1st, 1t does not accept thu
Constitutional amendments Us right IL
themselves, although, as VIC affirm, they
are the only national guaranty for tht
principles on which the war was prose
cuted, and the only security for the right
of the 100000 human beings enamel
pated. I'd, 1t proposes to annul tht
banking system, and to eliminate from
the tariff system the quality of protection
wherever II can bc found, and this with
out regard TO the effect upon the business
and prosperity of the country, 3D., II
challenges the financial policy Of the Gov
ernment, and seelss to substitute Its own
will for the plighted faith of the nation
He spoke tonight specially on the
third proposition and on the light OF the
twelfth resolution of the Democratic State
Convention. lie then proceeded to In
quire into the financial history of the
country, tracking the reduction OF both
debt and interest, during Mr.. JOhnson's
administration. March lst, 1860, showed
a decrease during two years OF $3O,3G3,'
085.3O. He said he need not comment
upon the causes which prevented further
reduction Of the debt during the period
named. During the preceding year and
canvas, numerous propositions were NAM
cd for the payment Of the public debt in
greenbacks, but no satisfactory plan was
devised for the payment Of the greenbacks
themselves. These were all substantially
rejected by the election Of Grant, whose
explicit declaration In his inaugural, ter.
minated for u time oil propositions for the
payment of the debt in anything but coin.
The declaration of the President with
the act of Congress, the first passed after
the Inauguration, by which Congress and
the country were pledged to the payment
of the $40 bonds in coin and to the re-
sumption of specie payments at the earli.
est practicable time formed tho bonds of
the financial policy of the government
from that day to this. This was rejec.
ton of all pOstponemcnt, avoidance or
reputation of the public debt, II ac-
Cepted the fact that the debt could only
be paid by taxation and taxes must come
from the resources of the people III
carrying OUT thls pollcy lno. nrSt act ol
the Treasury DepNrtment was 70 proVlue
for the efficient collection OF revenues
which during the first year increased from
customs, $140O0,0OO and from in
ternal sources, $270OO,00O, while
the government expenses, lnCluulhg
premium on Donus anu payments
on the pflnClpal@ @ OF n tne PUBIC ueOt'
were reduced $S1OVVOW. in Decemoer,
lo60, Congress was ena1IeH 0o6 10 Geuuce lne
internal taxes nearly @OO'oVv,VyV, anu sa soa Il-
mlnlsh the import ~ Ia6Gs nSe nearly $S,oVU,-
600, or about $SVOOVOov IN a. tne ma
tlonal deDt sep9empeIEo 4, i9 1aS nClGllng I1C oa
accrued interest, was SS,s'4,d5SSSS'ooV tdSS 90,
decrease since March l, loOv, OF SSol,-
34O, ,690 W. In the same per,ou tne an
nual interest account o was reduced from
Sl2CJ,3SO,0O0 10 $lll tqoV,ooo oV, aoous one
million anu quarter per month oucn
q reduction, i treated as sinking lnnd,
would, u is cialmed'pay tne, ,degpb eFolu;;
siYe ol United States noIes anu iractlonal
IN about tmrty:slx yeaars' ya,, ~,
He further examined tno teSuls OF the
Republican policy on lhe ellect Oh inc
election In ls0O, when ilye'twenlles on
the 1st OF January, lSOV, had advanced
from. 7W per cent Of par yalue less ac'
crued interest, which was thelr value IN
July proceeding INC elecuon, 10 elt per
cent and On the lstoi Marcn succeeding
to S79 per cent, ana ior inc iast lew
months they h9u Deen suDsIanually at
par withGolA Unaer lne same ?! Lnlluence
the VI sENpr cent ponoa, navlng yen
years to run, nave advanced rom oo per
cent In July, loOo, toO per cent a9ovepaT,
while i0.4Os, bearing 0 per cent, nave ad'
vanced intne same peFi9u HGmlesS nn S,u tnan ,L
20 per cent 70 more , anan W.. Vnaer
tne same lnlluence, sinC9 nayh ist,
1869, greenbacks had advanced IRON n
70 cents 70 about 6 MOI could II
be SAID these c,langes are , lssaea Ia.,P express.
~ to stoekhoideIs lor llhe lnueDlegness
ol the nation, haa noL y. Deen n,ii increased 9y
the Improvement IN its Cioult, .,s , anu I9e au'
aitions thus mage 70 .Ine .vaiue Oh out.
Standing Dohus1 puI, relnalneu rem V, Preclsely
Ahd HnfT1n GNHnTI nnfn IUH tTgiIFV main.