The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-01-29
A FORMER SECRETARY OF THE TREAS
URY,

There was never q time in the lifetime
of the American people when its credit
was so good as it was during the last
years of the Pierce administration. This
fact was owing to the management of
James Guthrie, Secretary Of the Treas
ury. Mr.. Guthrie was man who as a
merchant or as railroad manager or as
the controlling agent Of the finances of
the Government allowed no interference
with his duties and no appeal from his
decisions. He exhausted all inquiries to
find out the right and then acted.
He kept his Department 30 free from
any banking entanglements or alliances;
he was so far above all suspicion of per-
sonal motives that the creditors of the
Government gave him the most implicit
trust.
When he took charge of the Treasury
Department in 1853, the public debt was
about $72,00O,OOO. He found $22,000,-
900 lying idle in the Treasury as re-
serve fund to meet future appropriations
or expenses. He recognize the Bento-
nian doctrine that, as a certain amount
of income could be calculated upon from
year to year, there was no call for aocu-
mulating large reserve, and that this
could and should be used to buy in the
Government bonds and thus stop in
terest.
Mr.. Guthrie acted upon this sensible
business theory. He reduced the public
debt from over $7O,0O0,OOO to $31, ,0OO,-
900 in less than three years by buying up
the bonds of the Government at a pre-
MUM by which he saved over SIC, ,O0O,-
900 in interest. ,-...
This unprecedented example Of great
nation buying up its outstanding debts
and paying high premium therefor as
founded the world. Such a thing had
never before been heard Of. All Euro
pean nations were in the borrowing
market and were then, as they are now,
straining their credit to the utmost. It
was not with England or France or Aus
tria or Germany or Spain or Russia a
question Of paying what they owed, but
was, as it is still, question Of finding
out how they can owe more and who
will give them credit. B.. 81
The financial status given this Gov
: ernment by Mr.. Guthrie's management
Of our financial affairs was of vast I'D
vantage during the Late contest. 81.
found five million dollars Of specie lyin,
outside of official custody and he callet
, il in from the hands of pet agents ant
pet banks. He found unsettled ac
! counts with collectors Of customs ant
government agents to tho amount
of over thirty millions and he brough
these men and their bondsmen to book
He found that over $3.50, 100000 of Gov
ernmeft money had been and was with
! held for private use and speculation al
. together, or in the old defalcations iik
those of Price and Swartwout, ant
putting vigilant agents On the track, h
> secured millions that would have other
}. wise been lost irredeemably.
1t is well to recall to the minds Of tn
= American people the memory Of ma,
who was grand, and pure, and earnest i,
I lis official work. as he was grand in hi
: physical strength and form, and pure il
his daily life, and earnest in the remotes
+ details Of his dealings with his felloy
9 men. In form and presence he was i'm
perial, but he was no more imperiou
y than the gcntlest woman. Towering lik
a giant above his fellows, both in bod,
: and in mind, he was genial, courteous
considerate, for the humb)est and eve
: ready to listen to those who could EN-
" ploy no paid advocate. d. a.. .| /.
> To those who believe that there ar
:" any lessons of political wisdom to b
= y learned by studying tho examples of tn
J, past the official life Of James Guthrie al
% fords case Of simple patriotism that
! free from all personality and all politics
y - or party chicanery. Mr. Guthrie, O.
= more than one occasion, quietly but firm
= ly and efSsctually resisted pastisan infu
!. . ences in the Cabinet Of President Pierc
!" that, had they been successful, woul
: neither have resulted for the good Of th
;, nation or been to the credit Of the Den
= ocratie party. ~
= The old Commonwealth Of Kentuck
= has produced brilliant men and state
3 men, and heroic men and oratorz, an
J. Legislators and jurista, and grand rae
= Of women who, would have made tn
:, gods Of mythology envious bat it nsv,
= produced y more honest, intelligent IN
: capable man to govern the finances Of
~ great nation than james Guthrie prove
= himself 70 be while he was Secretary
, tho United States Treasury.
81 Physicians recommend 81 Jaoobs OIL