Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1871-10-05
Secretary Boutwell's Speech.


In dealing with the financial history of
the country. il i proper first. To state the
amount of the public deb, ut the close OF
the war. and the progress made in rcsiuc-
hight during the administration of Mr. John
son. On the last day of July. 1855. the
a~certained principal OF the deb; OF the
niicd States was sass. 9g5. 3.5. On the
first of March following II had fallen To
So 63o. .G3. $3.50. the reduction being due
~ part 10 the sale OF war mat erial Dur
Ing the same period. the aggregate annual
interest was reduced from sl5l 81. 05l to
5 81. 595. SO ~. the difference having been
In some degree due TO the redemption Of
bonds bearing currency interest. al the rate
"i : $40 per cent. and the i-sue In their
stead of bonds bearing com. Interest at the
rate Of 6 per cent.
On the first of March. ls6a. the principal
Of The public debt was 81. i9l ..ss9 ssDt 20.
showing decrease during tho two pr'-ced-
ing years OF ONLY SO .3G5 ,9Sj 30. II i un-
niece .>ary tor the 10 comment upon the
cause, which prevented a further rcdnction
At the debt du.ing the period named
On the fir; of March. l~6i the $50
bonds of the niicl state, -old for coin at
>'.'i. aud gold wa At premium in New
orb of - per cent.
The Secretary goes on In a clear man
ucr To demonstrate the policy Of the All
mni,irAiioa in dealing with thi, question:
aud further LAY, in regard TO the new loan
*. &c.
RESULT ~ THELoA>
l. J. of course To he accepted A. fact
that there j. a los of interest to the Gov
eminent. hut IL j. al~o true that the los !.
dur - the provisions of the act referred to-
aud j. property incidcn, To- the duty of the
tov-rnmeni To- give notice to the holder.
- The bonds Of a Time future when thu.
principal " 90 be- paid aud when the interest
cease. 'ousr-., thought that three month.
va reasonable no,irc. aud have no Doubt
that the judgement OF the country will
concur IN the proPrietv Of according that
time 10 the public creditors
The financial result Ia the Government
may bc thu. stated
The new live per cent. bond> have ten
Years to- run. although tia. probability /.
that they will not Ice paid Ia lc>, thantwrn-
Is years. a /; will be for m" iuiercs, of tho
country iir-t 10 pay all bond, bearing 4
higher rate of Interest than five per cent
But. assuming that they are TO be paid In
ten YEAR,. the saving ON the issue ui : hsl
bN.nSi m Interest i sen.utp.tsp lh. in
ter">i upon the annual saving arcumnIaf-
would b" s,"n"r NOR. giving an accr,.-
gate saving ut So 9bD taO. Against tin. i.
The los, of interest TOT three months. at the
rate II iN" per cent. per anuum. on SID
hftHst or : 81 90 showing 4 net gain 10
tile country of s1!.39j.psi
lh> estimate assumes that tho new
bonds ar" tp De- paid III ten years should
ih"S remain unpaid Ter twenty Year.. the
saving Will p" iNic" d great When ali
The details oi these negotiation, are com
plcied. the new bonds issued and the old
onc- redeemed. the Nay will bc opened for
presenting 10 capitalists in ihi> country
and in Europe other portions 1T the loan.
and with the PROSPECT 81 complete success
wHArINH TIIE GEFE>BtCk iOrICrworLp
HAVE wRoUGHT.
Nor should !; hc forgotten thar all thl. I,
due o. IN" purpose 81 the Republican par1y
&" accept the ,cht a result of the war,
aud. without inquiry a. "a the cousidera-
q n which IN" Government received for
The bonds. 20 look onlt to the nature of the
obligation which thu com ~ had assumed
and faithfully to perform il. II on the
Part Of the Republican party there had
been ANY hesitation. II they hai listened
:" >d@gc>ttpn- that the bond, might be
l'-Ald by the Issue of grecDbaoks. the pub
iir credit would have been still further inn
paired. and the substitution of bonds AZ A
lower rate OF interest made impossible.
>orFwoKIHr FAcr.
Il j, worthy OF notice that the interes;
paid hy TIA" Government on the public debt
= The standard for the rate OF interest
throughout The country. aud - >ptnr cN-
t"H' throughout Ia" world . Tor at The pre-
e't h'ihcht "a" bonds "i the uitci States
arg negotiable A tnprc commercial points
outside Of ihl> country than The bonds OF
- t,'i'''''- az 4 'Iuc I" the
I trlt,. inspired hy III. declaration. az tn.
R-publicln parfv. and sustained t,v ~.
evidence given IN the daily reduction nf
/ the public d.lt
~ hhA'i TAXATION WAS NECESSARY.
While. thu. credit nf III. c,,,,r,- ~, {,
( pafr..I and while. ". were s,r,,y.,Ii,., =,
secure a financial po.iii.n which vouid
enable IA, Ia ne.,n,iai.. bonds AZ lnu,r
r.,,.. Of interest h.a,, Hawaiian ,nd -.
u.xn.1t. ON ar,nupi AT ~. ,,,,,l;,. -.
u.r,. not onf, desirable but 49,, ,,......-
~ Il M. .inunrt,ut Ia 4. .,,,o,,.,,a,.. -
ciu,iy,iy uot only the di.un.;t;n, hu, M.
at.ili:y of The. country Ia r,y th,. ~.
HAVING reached th.t u..;t,,,u !, +; -
longer. necessary To MAKE lar,e r,vn,.,,,s
q, for ihl u.,,rn.. of d..,nn,,.,-a,,,,,, .'.,.
ability or nur di.no.itinn. In, !, : ,,
opinion thai very c.n>id.r,hle nsv,,.,,,,
ought To he mad. for the nurnn... -, =.
ham, ~. AZ, r.,Ii.,.;,.
country rom LAX putden> through man.
7nI -. M a.. 81, ~ ,,u Re-.
tn. ,.,,inn in .urh n,i;,;nn ,h,, -
i,.pn,y Iar,,. ln.,n. min, D., ah,ni, az
-. 80, ,I,,,aJ A''e" al
Hhp' iioN or lht III bLic DEBT.
In my annual report for $50 I stated
that the I.ubiic debt ought to be reduced a,
least $4,000. 900 a year. and to that opin.
/ ION adhere And tbs, can be aeeomnii.h-
ed with such a reduction of taxes a. will
meet the demand, of business and reuoy.
most of The objectionable features of the
tariff system. rhe amendments matl.. TO
the Internal revenue system have relieved
the people of most If not all of the taxes
really brrlen>ome Under that system
therr are now but seven subjects of taxa