Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1872-08-01
Speech by Secretary Boutwell,.

Weekly.
Speech by Secretary Boutwell,.
In his speech at Greensboro, n. c., Hon.
George s. Boutwell,, Secretary of the United
States Treasury, protested against the ad-
vice to clasp hands across the bloody chasm.
The chasm must be filled up. Produced by
injustice, let il be cemented by justice. It
cannot be filled by the denial of the protec-
ton of native-born citizens of the United
States in North Carolina, South Carolina and
Texas. He counseled his hearers not to be
seduced by the idea that Democrats are sup
porting Republican for the Presidency,
and said 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 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 filed
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 ever existed it
has passed away. One act of justice only re-
mains to be done. The country waits for
the evidence that you heartily and cheerfully
accord the full rights of citizens, under 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 finan-
cial policy of General Grants Administra-
tion, and claimed that none more than the
President will strive to make the nation
what it ought to be-a general government,
strong enough to maintain its own exist
ence against all enemies, foreign or domes-
tic, strong enough to protect the rights of
its citizens at home and abroad; the States
will be powerful, complete sovereigns over
all local affairs, members of a Union indis-
soluble, and so attractive that citizens shall
not hereafter consider whether their duty to
their State or their country is supreme.
He said the financial policy of the Grant
Administration was:
1. To secure the faithful collection of the
public revenue.
2. Reduction of public expenditures.
3. To re-establish public credit and reduce
the interest account.
4. To reduce taxation, and finally prepare
the way for the resumption of specie pay
ments at the earliest moment consistent
with the prosperity of the country.
He attributed much of the fraud in reve-
nues to the laxity of Johnson's Administra-
tion, and his indisposition to enforce the
laws. In consequence of the conflict be-
tween Democratic President and Repub-
lican Senate, dishonest men were most sue
cessful in obtaining office, as they only
could resort to such means as would make
themselves favorable to both. 'sNow," con-
tlnued MIR. Boutwell,, ''if you contemplate
electing Mr.. Greeley to the Presidency, you
mast contemplate it in view of the fact that
the Senate, whatever may be the present
opinion of the country, will be Re-
publican for the next two years,
and with almost an equal certainty
for the next four years. You must con-
template, therefore, a return of the State
of things which existed during Johnson's Ad-
ministration- You will secure the retention
OF dishonest men in office, and the appoint
ment of dishonest men to office, by process
which does not admit of control. The Ad-
ministration of General Grant has given to
the country the benefit of a common purpose
in all departments of the Government. That
common purpose was the collection of the
revenue, and this result has been secured. 1t
is ascertained by careful comparison that if
the 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 receipts into the
Treasury would have been greater than they
were by S2SS, SOC, 900. So it appears that with
the same facilities for revenue that were en-
joyed by Johnson's Administration, the total
payments on the public debt during the first
three years of Grants would have amounted
to $500, ,000, 600, and that the payments to-
ward the public debt on June 80, 1878, would
have reached the enormous sum of S653, ,0OO,
600. This shows at once the reduction of
taxes that has been effected by Grants Ad-
ministratiOn 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 his belief in the
of outstanding six per cent. bonds, and the
/ issue of five, four and half and four per
| cents, and said it must be accepted as
| truth for this country in its present condi-
| tion that the resumption of specie payments
/ will not be due directly to any measure OF
| legislation, nor can it be forciby maintained
| by any act of the Government 1t must be
! the natural result of the existing condition
/ of things which would enable the Govern
/ ment to resume specie payments without af
x-in laafl nr -indi iall
| interests of the country. The further equal
/ iZatiOn of the value of coin and currency will
| depend 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 American vessels. There
/ is hut one measure in legislation, except
| such as foster the business interest of the
| country, and can facilitate or hasten the re-
| sumption of specie payments, and that is
the reduction by 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 adoption of a measure which,
unless very gradual in its operation, would
produce great injury to the business interests
1 of the country, impair the revenue, and cost
more than the value of the result produced.
| The growth of the country under a wise ad-
| ministration of its affairs will soon enable the
| Government to resume specie payments with
! out violence 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 the interest, and then to resume
/ specie payment, or rather these two bits of
/ advice have been frequently and interchange
/ ably presented without at any time stating
which, in his judgment, is entitled to prece-
dence in order of events. But it can well
/ be understood that the sale of gold in the
/ Treasury, whether for payment of the pub
lie debt or otherwise, would put it out of
/ the power of the Government to resume
specie payments; that the sale of gold
price unnaturally, would stimulate i'm
ports 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 the 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
Government to which Greeley has adhered
for even three years, would end in disasters
such as the country has not witnessed since
1857; and if Greeley is pledged to anything,
it is to the Inauguration of this policy, If
unhappily he should be placed at the head
1 OF affairs. The way to resume is not to
resume arbitrarily, and without regard to
facts, but to place and keep the country in
/ that line and condition of prosperity which
| shall enable it to meet all its obligations,
\ and ii is for this reason that the Admins
! tration has believed it to be wise TO retain
an amount of gold which should be suf-
| ticient when the appropriate moment ar
rived to enable the Treasury to resume pay
ment of our national liabilities in specie
without going into the market to borrow,
and without making any special effort for
4 an undertaking which would certainly re-
suit disastrously if the Government were
not strong enough to move free of all de-
pendence on external aid.
| GONr- Of thOSa thinuS No faIIov- GOV,