New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-28
SENATOR BOUTWELL'S VIEWS.

very important. They will undoubtedly
command the careful attention ano
respect Of every intelligent thinker il
the country. Under his administration
Of the Treasury Department he defined
the financial policy of the government &c
be the securing of faithful collection Of
the public revenues, the reduction o.
public expenditures. the re-establishment
of the public credit and the consequen,
reduction OF the interest account, the
reduction Of taxation, and preparing the
way for the resumption of specie pay
ments ut the earliest moment consistent
with the uninterrupted prosperity Of The
country. This has been che financial
policy of the government ever since Presi-
dent Grant assumed executive control in
obedience to the will Of the people. And
under that policy great improvement. in
the collection Of the public revenues has
been secured. This has very naturally
led to the re-establishmeut Of the public
| credit and reduction in taxation, etc. 4
faithful adherence to that policy has
brought our national currency almost up
to the value Of gold; and that, too, in the
midst of one Of those financial crises that
is sure to follow when large portion OF
our banking and commercial men have
been induced to abandon a prudential
course ana enter upon huge speculative
schemes, entailing heavy interes: and ex-
travagance tina: finally result in ruin to
many.
Mr.. Boutwell, gaze the public the bene.
fit of his views in recent lecture on
FINANCE and the panic. and its Rene.
dies" It was one of the Galaxy" course
Of lectures on this subject to be delivered
in New York. His views IS set forth in
that lecture are consistent with :hose en-.
tertained by him while performing the
duties of Secretary of the Treasury, and
as he is now in q position being mem.
Der Of the Senate.-.of great influence in
directing the course of the government in
the present emergency Of certain banking
and commercial classes, any suggestions
from him in regard to our financial con.
dition and the panic, together with the
remedies he proposes, will be received
with deep interest. Upon the subject Of
resumption, be has no faith in any scheme
looking to sudden return to specie pay
ments. He knows the country is in debt,
and he knows that most unholy rebellion
heaped that debt upon the country. His
remedy is for the country to work itself
out Of debt. He believes the country
capable of doing this; and when it is done,
he believes it's credit and currency will be
in sound condition. This is excellent
logic. Mr. Boutwell, commences his lee
ture by stating that he makes distinction
between the resumption Of specie pay.
ments and equalization, and the CONNER
cial value Of the paper currency Of the
country with coin. He regards the con-
sideration of the latter as more importan.
than the actual resumption OF specie pay.
nents. which be does not look on as prac-
ticable o; desirable as this time. And in
with this branch Of his lecture
he foresbadows what is likely, i: seems to
u.s. to be the course of the administration
to obtain specie payments sufficient for
all purposes. Mr. Boutwell, says il is not |
practicable that the banks shall make |
specie payments, but the government, he
thinks, will. It is more than probable he is
led to this conclusion from knowledge of
the fact that the administration contem-
plates change in our presen. national
banking laws. The financial crisis has |
lemonrated the necessity Of giving protec-
ion i" all persons placing their money in
janks 80 safe keeping. The government
las secured note holders against possible
oss by the Encouragement Of banks. but
lepositoys rte unprotected. To remedy !
his the Presiden: and Postmaster Gen.
raj Creswell have suggested the essab-
ishment Of . postoffice bank. It is posi-
lie their suggestion may lead to the es-
ablishmen. Of a banking system similar
n some respects to the old Bank Of Eng
and That bank xedeems its notes in
DIN, end all other banks in England re.
eem their notes in Bank Of England
otes. The credit Of these banks rests
pom the solvency Of the Bank Of England.
According to the New York journal Of !
a,nnerce The great feature Of Hon. Free.
ian Clarke's bill. introduced in Congress
Ist winter, was TO have bank of banks: 8
ank created by bank influence in che
lterest Of banks. and . redemption |
,ency on the free banking basis. II Was
tended to have this bank redeem The
otes Of the country banks in legal tenders,
10 government redeemins its legal
nders in coin. Mr.. C!ark's proposition
as that the government should have one
undred millions Of dollars in coin 70
deem its lega! tenders with. That, lie
cid. would save the DANCE: o: inability
} meet the drain Of gold. because the
inks lock up some one hundred and ,
fly millions Of the three hundred and
fty-six millions legal tende: issue in the ,
According 20 she .Io,.yrc. o.
Mr.. Ciarke's biI! further con. I
mplated the elactmen: Q: banking
VS. tina. would make free banking as .
ee as air with no restrictions - 20 I ,
noun: of circulation. providing the {
guiar security was furnished. The .