The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-08-17
SENATOR TRUMBULL.
His Opening Speech of the Campaign
at Decatur, Ill.

Senator Trumbull spoke at Decatur,
Ill on the 18th OF July. He discussed
the policy Of the Administration in
Louisiana, its financial policy and the
Chorpenniug claim. The following are
extracts from the speech
want to call your attention to the
finances of this country. | say to you
to night that the 6uances are 10 utter
confusion. say to you that you are
losing millions OF money by the misman-
agement ofthe finances, The peoI 10 of
this country are losing millions Of
dollars, which is wasted on favortes.
Let me state one Of these instances. 1t
appears by official documeuts-I have
them here-that there has been in the
Treasury Of the United States lying idl,
for the last six years, one hundred ard
sixty millions Of dollars. CA voice,
that is right.") That is right, is it,
to keep that money there lying idle 7
You have kept more tha1 one hundred
and sixty millions in the Ire sury lying
idle ! Do you believe that money is
kept there for any purposeY 1t would
make you rich if you could have the
use of it for day. Docs it make any.
body else rich? | don't know that it
does, but great many men have got
rich. We could have saved at least
nine millions OF dollars for tho last six
years. II he had paid out a hundred
millions, and kept the surplus sixty
millions, even that would have saved
thirty six millions OF dollars, which is
lost to the people by this financial man.
a9ement. This is not the worst. will
endeayor to make it as plain as | can
in public speech, without reading
from the documents. A law was passed
authorizing the Secretary of the Treas.
ury to exchange what Was known as the
five twenty bonds for five per cent.
bonds. The fve.twenty bonds we're
those due in twenty years, with the
privilege of payment in FIVE years, the
object being to reduce the rate Of in-
terest which we were pa 5ing, as we had
the authority to pay off these five.
twenty bonds at the end Of FIVE years
from the date Of their issue. As the five
years had expired, it was in the power
Of the Government. if we could get the
money, to pay off the six per cent. bonds
and replace them with FIVE per cents,
ii we could lead the holders of the six
per cent. bonds to bring them in and
exchange them for five per cents. The
law provided that the entire expense
should not exceed one.half of / per
cent. 1t provided further that in no
event should the debt Of the United
States be increased. How do you
suppose this law was executed j? Mr..
Boutwell, entered iuto an arrangement
with what was known as the syndicate,
Jay Cooke, Mccullough 4 Co., of New
York City, backed up by foreign capi
talisis, whoproposed to buy $3.50, 900 900
OF these bonds. An agreement was
entered into with the Secretary of the
Treasury by which, if they would sub.
scribe for these, they might subscribe
through national bank. The National
Bank OF Washington was the bank
fixed upon-that they should be made
the depository OF the money for three
months; that is to say, they might
subscribe for these bonds in August,
aud be the depository of this money for
ninety days. They we're to have the use of
the money for ninety days, aud the six
per cent. bonds were to be taken up
when these five per cent. bonds we're
paid for, which was not required to be
paid in until the first Of December.
You paid b per ceut, on the new bonds,
aud 6perceut on the old bonds for ninety
days. That amounted to great deal
on s130,000,0 900. The fact is the
National Bank of Washington. sub.
scribed, in the month of August last,
for s109, 1000, 900. They we're imuedi
diately entitled to that amount Of bonds
bearing D per cent. interest. On the
first of September the Secretary issued
the notice that he would call 10, not the