The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-07
Secretary Boutwell, Addressing the Merchants
on the Financial Condition Of the COun-
try, Present and Prospective.
His Views Regarding the Six Hundred
Millions of the New Loan APP
piled for in Europe.


President Grants visit TO Philadelphia has thus
rar neen an altogether pleasant afar-not to Phila
delphians alone. but TO himself and friends There
has been an absence OF lOrmailty. ana His Excel
lency has been projected against intrusion OF
political character by kindly onices Of his real
personal friends HIS headquarters mas been at
the residence OF A. H. Borie. ex-Secre-
tary Of the Navy. yet he spent COM
parativey little time at the residence OF his genial
host. Invitations to dine with J. Dillingham; Fell,
Daniel Dougherty and Mr.. Philips were accepted
Mrs. Grant dined on Thursday with Mr.. Childs and
yesterday with Mrs. Drexe. The only real expe-
rience Philadelphia has ever had OF General Grant
and family has been on this occasion, and 1t Is
pleasant to reflect that this experience has been
mutually pleasant.
AT THE COMMERCIAL EXCHANGE
This morning, in company with secretary Bout
WELL the President visited the Commercial En-
change. very large crowd of leading merchants
were assembled TO greet the gentlemen, and as the
band struck up "Hatl to the Chef" the signal OF
their entrance, the applause genuine, loud ana
continued. The President and Secretary Boutwell,
were formally introduced to the gentlemen present
and then mingled among the crowd, chatting socially
until 1t was announced that Mr.. COmley, President
OF the Commercial Exchange would address the
meeting, whereup0n the President accompanied by
Mr.. Borle. retired.
Mr.. Comley made short speech and was followed
by Senator Caltel, who closed by again Introducing
Mr.. Boutwell,
1t was understood that the Secretary would al
dress the merchants OF this city on
THE SUBJECT OF "DIRECr IMPORTATION"
q scheme having for its object the importation OF
goods from Europe TO Philadelphia without paying
tribute at the New York Custom House. This is a
favorte scheme OF Forney's and ne has been ior
long time perlecting arrangements to this END. 1t
Is noteworthy that the Secretary said
nothing whatever on the subject, he re-
ferred merely In general terms TO the
extinction OF the national debt, at the
rate o. $50.0OO,0OO per year If necessary. but not
word OF the subject near the hearts OF Phiiadel-
pnia merchants; and there were many expressions
OF disappointment to be heard on all sides wnen he
had finished. Nor did the subsequent speeches OF
Comley, who attempted on one occasion to speak
when the band was playing. but could not be heard,
and petulantly cried "Damn that band!N
John Price Metherell, Mears McHenry and such
lesser lights rs Bingham, the Postmaster served to
tighten the load Of bitter disappointment While
the speeches were being made crowd Of ilEbred
bummers, who had toy some means known only to
themselves secured tickets OF admission, were
struggling for the supremacy of the banquet tables.
The clinking Of glasses could be heard above the
voices OF the speechmakers, and the ribald ess OF
the 'rounder'' brought more applause from
coterie or his fellows Than the polished hits OF
the oratory from Forney and McMlcnael received
from the gentlemen present.
DISAPPOINTMENT AMONG THE MERCHANTS.
The affair was not well arranged nor has its cul-
mination fulfilled the measure Of hope OF Its pr0.
jectors. The merchants who spoke presented in
very clear and earnest manner the claims OF Phila-
delphia to oical consideration and there is reason
to suppose that Phiadelpha's just claims will re-
ceive that consideration due to her merits.
SECRETARY BOuTwELLs ADDRESS
Mr. Boutwells speech was as folows-Under the
present circumstances you will not expect me to
speak at any length upon any subject this morning.
however interesting or important that subject may
be either to you or TO me. Everything whatever
that concerns the business or finance ~ the
country must always DE important 10 the whole
people. IL is the fortune IN time OF war; and con-
sequently the fortune IN times Of peace following
great war, that whoever Is charged with the inan.
cial management of the country must not expect
to escape from that condition to which Burke
referred when he said. ITO tax and to please are
not common to NEIL" Inever have yet made ex-
plantations l do not propose often In my life to
make explanations as to matters OF public concern
with which am connected; but have felt 1t my
duty In the place l now hold to present
to the people, as often as officially it has been
my duty to address them, the Importance and
necessity OF maintaining such system Of taxation
as will materially and constantly work out reduc.
ton or the public debt. l have done this because
1 felt first that no nation could be Independent
or powerful in proportion TO its intellectual and
physical capacity unless it places Its public credit
IN the foremost position of the nations of the world;
and IT, therefore, to-day, the condition OF the public
credit OF this country Is the occasion of pride
on your part, that condition Is due to the dispos
ton OF the people OF the country TO contribute of
their resources TO such an extent to satisfy the
capitalists and men OF moderate means who have
chosen to invest their slight surplus in the public
funds, that no security Is better than that which
bears the endorsement OF the public faith OF the
American people. look upon 1t that Just TO the ex-
tent that the capital OF the country, by the payment
OF the public debt Ia transferred from the
public securities to the banks and safes OF our
capitalists just to that extent you have the means
for the construction OF railways, the improve.
ment OF all your means OF communication between
one part OF the country and the other for the estab
llshment OF manufactures, for the development OF
your mineral resources and for the Improvement Of
your agriculture; and the $780, OoO 900 Of the public
debt, or nearly that, which has been paid
within the last three years, nave been Just
70 many dollars transferred from the public securi-
ties in which they were locked to the channels Of
business and become o great means Of developing
the resources OF the entire country.
FIFTY MILLION DOLLARS YEAR OFF THE PUBLIC
DEBT.
Now, then, while it is not necessary to continue
to the same extent the liquidation OF the public
debt, believe that we shall be false to the good
iah that has been pledged to the public creditors;
we shall be false best interests OF the country
we shall disregard the experience we nave had that
this policy contributes to the public prOsperity n
we do not furnish the means to pay at least
900 Of the public debt year until that debt
Is so much reduced that II In an exgency, which
may come upon any nation at any moment we
SHAH oe called upon to ask the country the world
Tor loan OF one hundred thousand, or I'VE hundred
thousand, or o thousand millions OF dollars. that
the canital Of Tho world xv,u Ian ,rcu, Inn