Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-07-18
He Makes a Speech at Greensboro,
North Carolina, and Suggests
How the Bloody Chasm
May be Filled.
He Assails, with SpeciOus Figures,
the Administration of John
son, and BOlsters that Of
his Master, Grant.
Treasury Statistics Served Up
Cold, with the Everlasting
Niger for Side Dish
Boutwell, a Failure.

RALEIGH, Y. c., July I7.-SecFetary
! Boutwell, in a speech at Greensboro,
/ North Carolina, protested against the
! advice to clasp hands across the bloody
/ chasm. The chasm must be filed up.
I 1t was produced by injustice; let it be
cemented with Justice. 1t cannot be
filled by a.denial Of protection to the
native-bOrn citizens of North Carolina,
/ South Carolina and Texas. He cOun-
selled his hearers to be not seduced by
| the idea that the Democrats are support
/ ing a Republican for the Presidency,
and said that if their candidate could
offer, what he cannot Offer-a consistent
| life in the past-as a pledge Of his policy
I in the future, even this would be with
out value, in the presence of the fact
/ that nearly all his supporters are from
! the Democratic party. In the nature
of things the bloody chasm cannot be
| filled until a fixed majority of the South
/ accept the doctrine not only that men
! are equal before the law, but that all men
! by rights are equal before the law If
/ bitterness once existed, it has passed
away. One act of justice only remains
/ to be done. The country waits for the
/ evidence that you heartily and cheerful
/ " accord the full rights of citizens I'M
/ 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
/ financial policy of General Grants adj
ministration, 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
I enemies, foreign or domestic; strong
enough to protect the rights of its citi-
Zens at home and abroad; States, with
| a powerful and complete sovereign over
all local affairs, members Of a Union in
dissoluble, and so attractive that no citi-
zen shall hereafter consider whether his
duty to his State or his country is SUI
preme.
Mr.. Boutwell, said the financial policy
of Grants administration was, first, to
secure a faithful collection of the public
revenues; second, a reduction of public
/ expenditures; third, to re-establish the
public credit and reduce the interest ac-
count; fourth, to reduce taxation and
finally prepare a way for the resumption
of specie payments at the earliest pOssi-
ble moment consistent with the pros
perity of the country. He attributed
much of the fraud on the revenues to
the laXity of JOhnsOn's administration
and his indispOsition to enforce the laws.
In consequence of the conflict between
a Democratic President and a Republic
can Senate, dishonest men were most
successful in obtaining office, as they
| only could resort to such means as would
make themselves favorable to both.
| Now, continued Mr.. Boutwell,, if you
( contemplate the election of Greeley to
! the Presidency, you must contemplate
! it in view of the fact that the Senate,
whatever may be the present pO-
/ litical opinion of the country, will be
/ Republican for the next two years, and
with almost equal certainty for the next
four years. You must contemplate,
/ therefore, a return of the state OF things
which existed during JOhnson's admin
! istratioD. You will secure the retention
of dishonest men in Office, and the ap-
pointment of dishonest men to Office by
processes which do not admit Of control.
The administration Of General Grant
has given to the country the benefit of
a common purpose in all the depart
ments of government. That common
purpose was the collection of the reve-
nue., and this result has been secnred.
Mr.. Boutwell, cOntiued-It is aScer-
tained, by a careful comparison, that if
average rates of taxation during the last
three years of JOhnsOn's administration
had been continued and extended over
the first three years of Grants, the re-
ceipts into the treasury would have been
greater than they are by two hundred
and eighty-eight millions eight hundred
I fhnrHreoraA "a laH
with the same facilities for collecting
revenue that were enjoyed by JOhnson's
administration, the total payments on
the public debt during the first three
years of Grants administration would
have amounted to about six hundred
millions, and that the payments toward
the public debt would have reached the
enormous sum of six hundred and
fifty-three millions of dollars. This
shows at once the reduction of
taxes that h8 sheen effected by Grants
administration, and the immense fraud
and corruption under JOhnston's was
due largely to a division of sentiment !
and purpose between the Senate and |
the Executive. Boutwell, expressed a |
belief in the practicability Of continu- /
ing the redemption of the siX-per-cent. |
bonds and.the issue of five, four-and-a- |
half and fOur-per-cent. bonds, and said |
it must be accepted as truth, for this |
country in its present condition, that |
the resumption Of specie payments can /
not be due directly to any measure of
legislation, nor can it be fOrcibly main- |
tanned by any act of the government. /
IL must be the natural result of the eX-
isting condition Of things, which would /
enable the government to resume specie /
prejudicially the great interests Of the /
country. The further equalization of /
the value of coin and currency will de- /
pend on 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 Ameri-
can vessels. There is but one measure of
legislation, except such as foster the /
business interests of thecountry, that can |
facilitate or hasten the resumption of spe-
Gle payments, and that is a reduction by 1
force Of law of the volume of paper
money in circulation. This policy the
country has not been prepared TO accept,
nor am l prepared to advocate the adOp-
ton Of a measure which, unless very
gradual in its operation, would produce
great injury 10 the business interests of
the country, impair revenues, and, III
the end, cost more than the value of the |
result produced. The growth of the
country, under a wise administration of
affairs, viii soon enable the government /
to resume specie payments, without vio-
lence or injury to any.
For three years Greeley, through the
columns of the Tribune, has advised the
Secretary Of the Treasury to sell the gold
in the treasury and apply the proceeds
to the payment of the public debt, thus
saving interest, and then to resume spe-
cie payments; or, rather, these two bits
Of advice have been frequently and in
terchangeably presented, without, at
any time, stating which of the two.
in his judgment, is entitled to the
precedence in the order of events. But
ii can be very well understood that the |
sale of gold ia the Treasury, whether for
the payment Of the public debt or other
wise, would put it out of the power Of /
the government 10 resume specie pay
ments; that the sale of gold in the |
Treasury. forcing down the price un-
naturally, would stimulate imports from
other countries; increase the balance of
trade against US; create unnatural and |
excessive demand for gain, and ulti- |
mately advance the price of gold for
the benefit Of spectators and gamblers, !