Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-07-18
Secretary Boutwell, at Raleigh.
He Protests Against CIasping Hands
Across the ''RIOOdy Chasm.,

RALEIGH, N. c., July 17.-Secretary Bout
well, IN speech at Greensboro, N. c., protested
against the advice to clasp hands across the
bloody chasm. The chaSm must be filled up.
Produced by injustice, let it be cemented with
justice; it cannot he filled by a denial of pro-
lection to native born citizens of the United
States in North Carolina, South Carolina and
| Texas. He cOunSclled his hearers not to be Sc
duced by the idea that the democrats are sup
porting a republican for the presidency and
said that if their candidate could offer (what he
cannot offer consistent life in the past as
pledge of his policy in the future, even this
would be without value in presence OF the fact
that nearly all his supporters are from
the democratic party. In the nature of things
the bloody cbasm cannot be filled until fixed
majority of the south accept the doctrine; not
only that men are equal before the law, but that
all men by right are equal before the law. If
bitterness once existed it has passed away. One
act of justice only remains to be done; the coun-
try waits for the evidence that you heartily and
cheeriully accord the full rights of citizens UNI
der the constitution of the United States to all
| within your borders. Give this evidence and
| the bloody chasm is closed.
Mr. Boutwell, presented at length the tinan-
cial policy Of Gen. Grants administration, and
claimed that none more than the president will
strive TO make the Union what it ought to be-a
general government strong enough TO maintain
its own existence against all enemies, foreign or
uuutSllf5 SliOHS Chou8H " plOlCNl luC ll1ulS
of its citizens at home and abroad. States with
power, full, complete, sovereign, over all local
affairs; members of a union indiSSouble and
attractive that no citizen shall hereafter con
slider whether his duty 10 his state or country is
supreme.
Mr.. Boutwell, said the financial policy of
| Grants administration was, first, to secure the
| faithful collection of public revenues; second,
| to reduce the public expenditures; third TO re.
| establish public credit and reduce the interest
Tom
| to prepare the way for the resumptic" Of rec
| payment at the earliest moment c. sistent wis
| the prosperity of the country. He attrib ned
much of the fraud in rev enue to the laxity
| of JohnSon'S administration ant his indispo
siion to enforce the laws in or equence of the
! conflict between democratic resident and a
| republican senate. Dishonest men were most
successful in attaining office, as they only could
| resort to such means as would make themselves
| favorable to both. Now, continued Mr. Bout
| well, if you contemplate ele1tng Mr.. Greeley to
| the presidency, you must contemplate in view
ofthe fact that the senate (whatever may be the
present opinion of the cOuntry,) will be republi-
can for the next two years; and, with almost
equal certainty, for the next four years; you
must contemplate, therefore, Il return of the
| state of things which existed during Johnson's
administration; you will secure the retention of
| dishonest men i'll office and the appointment of
dishonest men to office by process which does
not admit of control. The administration of
| Gen. Grant has given to the country the benefit
| of common purpose in all departments of the
government; that common purpose was the col
lection Of revenue, and this result has been Sc
cured.
| Mr.. Boutwell, continued: 1t is ascertained by
| careful comparison that il the average rates Of
| taxation during the last three years of John.
| sons administration had been continued and
| extended over the first three years of Grants
the receipts into the treasury would have been
| greater than they were by S2SS, 800 900; so it
appears that with the same facilities for rcye-
nue. that were enjoyed by JohnSon's administra-
| ton. the total payments on the public debt dur.
| ing the first three years of Grants would have
amounted TO about $500 900 900, and that the
payment toward the public debt on the 3Oth of
| June, 1875 would have reached the enormous
sum Of 1868, 100000. This shows at once the re-
| ductiOn Of taxes that has been effected by
| Grants administration and the immense losses
| by fraud and corruption under johnson, due
| largely to division of sentiment and purpose
| between the senate and the executive
| Mr.. Boutwell, expressed belief in the practi-
| cability OF continuing the redemption of out
| standing six per cent bonds, the issue OF FIVE
| four and half and four per cents and said
| that it must be accepted as a truth for this
| country in its present condition, that the re-
| sumption of specie payments will not be due
| directly TO any measure OF legislation, nor can
| 1t be iorcibly maintained by any act of govern
| ment 1t must be the natural result of the eX-
| been the policy of the administration to promote
| that condition of things which would enable the
government to resume specie payments without
| affecting violently or prcjudicially the great
interests Of the country. The further equaliza-
ton of the value of coin and currency will de-
pend upon the increase of the business of the
country, the amount of our exports and the
value of the foreign trade of the United States
carried on in American vessels. There is but
one measure of legislation, except such as fos-
ter the business interests of the country, that
can facilitate or hasten the resumption of specie
payments and that is reduction by force of
law OF the volume Of paper money in circula-
tIOH. This policy the country has not been pre-
pared to accept; nor am prepared to advocate
tue adoption OF Il measure which, unless very
gradual in its operation, would produce great
injury to the business interests of the country,
impair the revenues, and in the end cost more
than the value of the result produced. The
growth OF the country under u wise administra-
ton OF affairs will soon enable the government
to resume specie payment without violence or
injury to any. For three years Mr. Greeley
through the columns of the Tribune has adj
vsed the secretary of the treasury to sell the gold
IN the treasury and apply the proceeds to the pay
ment of the public debt thus saving the
interest, and then to resume specie payment or
rather these two bits of advice have been fire.
quenty and INTERCHANGEABLE presented, without
at any time stating which in his Judgment is en-
titled TO precedence in the order of events But
it can very well be understood that the sale
of the gold in the treasury, whether Tor
the payment of the public debt or otherwise,
would put it out ofthe power Of the government
to resume specie payments; that the sale of
gold in the treasury, forcing down the price uu-
naturally, would stimulate imports from other
countries, increase the balance of trade against
us, create an unnatural and excessive demand
for coin, and ultimately advance the price of
gold for the benefit of spectators and gamblers,
but to the great injury of the country | do
not hesitate to declare that this policy, which is
the only policy in any department Of the gov
eminent to which Mr.. Greeley has adhered for
even three years, would end in disasters such as
the country has not witnessed since 1887, and if
Mr.. Greeley is pledged to anything it is TO the
inauguration of this policy. If, unhappily, he
should be placed at the head Of affairs the way
to resume is not to resume arbitrarily and with
out regard to facts, but TO place and keep the
country in that line and condition of pros
perty which shall enable it to meet all
its obligations; and it is for this reason that
the administration has believed it TO be wise
to retain an amount of gold which should be
sufficient when the appropriate moment arrives
to enable the treasury to resume payment of
our national liabilities in specie without going
into market to borrow, and without making
any special effort for an undertaking which
would certainly result disasrously if the gov
eminent were not strong enough to move free
of all UpDnuOpUcp al