Wilmington daily commercial., 1872-01-08
seeretary BoutweIps YIew..
INFORMAL. SPEECH AT THE PHILADELPHIA ooMMMER-
CIAL EXCHANGE.

INFORMAL SPEECH AT THE PHILADELPHIA CoMMMER-
CIAL EXCHANGE.
President Grant, Secretary Boutwell,, and their
party, visited the Philadelphia Commercial Ex-
change, on Saturday, and after the introduction
Of the President, Mr.. Boutwell, was called on,
and said:
Under the present crcumatances you will not
expect me to speak at any length upon any sub
jsct this morning, however interesting or impor-
tant that subject may be, either to You or to me.
neutrality-suspicious. concerns the business or
finances OF the country-must always be import
ant to the whole people. 1t Is the fortune, in
time Of war; and the consequent fortune In times
of peace following great war; that whoever is
charged with the financial management Of the
country must not expect to escape from that
condition to which Burke referred when he said:
" To tax and to please are not common to men" "
i never have yet made explanations-I do not
propose often in my life to make explanations
as TO matters of public concern with which l am
connected. But have felt it my duty. in the
place now hold, TO present to the people, as
often as 1t has been my duty officially to address
them, the importance and necessity Of main
tanning such q system Of taxation as will materi-
ally and constantly work out reduction Of the
public debt.
l have done this because felt, first, that no
nation could be independent or powerful, in pro-
portion to its intellectual and physical capacity,
unless 1t places its public credit in the foremost
position Of the nations of the world and il,
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 disposi-
ton of the people Of the country to contribute
OF their resources to such an extent as to satis-
fy the capitalists and the 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 it, that just to the extent that the
capital OF the country, by the payment of the
public debtis transferred from the public securi-
ties to the banks and the safes of our capitalists
just to that extent you have the means for the
construction of railways for the improvement of
all your means Of communication between one
part Of the country and the other, for the estab-
iishment of manufactures, for the development
Of your mineral resources, and for the improve
ment OF your agriculture and the $500, ,0O0, 900
Of the public debt, or nearly that, which has
been paid within the last three years. have been
just 30 many dollars transferred from the public
securities in which they were locked to the chan
nels Of business, and become great means OF
developing the resources of the entire country.
Now then, while ii is not necessary to continue
to the same extent the liquidation of the public
debt, believe that we shall be false to the good
faith that has been pledged to the public cred-
tors-we shall be false to the best interests Of
the country-we shall disregard the experience
we have had that this policy contributes to the
public prosperity = IL we do not furnish the
debt year until that debt is so much reduced
that if in an exigency which may come upon any
nation at any moment, we shall be called upon
to ask of the country, or Of the world for loan
of one hundred, or five hundred, or a thousand
millions of dollars that the capital Of the world
will leap from the vaults Of its owners into the
treasury of the United States
But, gentlemen, ii is not by violent means il
is not by extravagant schemes it il not by
visionary theories drawn from the meditations
Of men who have labored in the closet for the
development Of ideas, that the people of this
country will find their best security as to the
future. II will be in looking at the practical af-
fairs of the day with eyes Of living men that we
can ascertain what is wise for US to do. While
am disposed to regard precedents while
would look into the writings Of learned men for
their ideas, and for the experience which other
nations and and other generations have had, l
still believe that the best security in regard to
ideas, policy and power is to be found in the ex-
animation Of existing facts and trust in the
judgment Of living men. Applause.
But, gentlemen, you see how easy it is for a
man, who in early life was seduced into the un-
wise practice of making a speech, to be drawn
by the genial faces and the kind compulsion Of
over-zealous friends into making a lengthy
speech. Excuse me for what have said, be-
lieving that desire the prosperity Of your city,
of your State and of your country. ask moth
ing Of you personally but that you advocate and
maintain that policy which, upon a serious ex-
animation Of public affairs, shall commend itself
to yOur best Judgment,