New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-30
SECRETARY SHEEMAN IN BOSTON.
HE SPEAKS ON REFCNDIyG.


BosToN, .-a1. 10 Secretary Sherman was enter
tanned thus ,vcning at dinner gwen ~ the Mer-
chants Cln of his city aud in response ~ an invi-
tation lie cred al address touching npon the re-
fnnding op ratons of the Government ana manage
ment OF the public debt. The Secretary op, nj
with review of the financial ala r. Of the Covert
nent at the close of the Revolutionary War. and OF
rhe nee essiiy that then existed Tor refunding the
debt 1T that period for the purpose # securing
lower rate of interest and extending the period of
its payn ent, and illustrated by a contrast between
the All cunts involved in the relunding operations of
that period and those of recent tunes me progress
made in the countrys growth. Tue Secretary con-
timed as follows:
The revenues received for three months amonnt
to than all the debt OF tue lrv"lition. The
resumption fund held 70 protect the redemption OF
UDited States notes Ia more then domb" the amount OF
the Revolutionary debts | had Occasion recently to
| tons u the National Govern nent un! found
In Ia )ooE No l. that OF draft upon the Bank OF
NrwI ,rk Of go 900 for the circuit " Samuel Meredith
ayr, ed to ,de by that b,E Alexander Hamilton.
secrsory Of the Treasury ond This was The first money
received n the Treasury Of the United States II WAS
| FOLLOWED by similar traIsacti0uH 10 the aIn1unt Of
$1,000 during the month. Of September ana Ortoner
Congress. This loan was reimbursed ont OF the first
lures for the year the Government being aDOui
equal to EwO days receipts VI tne treasury III tue pres
| cnt tine.
| Following the financial operations OF the Govern
mei.t thence to the administration of General jack
son. when the National debt was aid OIL IN full the
| Secretary said:
From that 5%G 10 the 0G SaIS of i The
st.i,a ranged from y minimum OF >37.ooO 70 max
m""ryrd rp,n,aCions Of the Gy~rnnri prior to the
c,yi wa G"Ttnn genera pr1r,rirs "r t1"w"di 'n9
temporary burden. to BE- PAID as rapidly AS poss
| lie in Ills pee our hnInc4al policy has
| ttNe ed fIpm tf
We have always made provision f'r the
prmc,pl' 1ro when We h'Vf act,I ~ that p11nc
curtin. shah run nut Tor s;pr period aud that TIE
pfac,.c,oe. rais rrGi Of redemption any
49, Lren n'I "ry r rE , T l, o. INK Ss
hrIrcd L. IN III iopu'ar branch OF C"usrrss
rrnrp.r ,rmrily ned by rs &, that Whenever puoIc
don't is contracted sinking fund "r tax sh"nld be- act
incia 20 cy IS tt not only snail Ibe pinclpAl OF
~. :" ,n 10 relncc me urrrs, m, rron and mus
lessen burden. Btt. more than ALL ia" United S'irs
every PROMISE :"lir l., pub creditors. Ihc,e
| a.. lc- were ihh'fif"l by ~.
THh BrKpBNI oF CIVIL WAR.
When oi,ll var zane up,u us Il c1mpc!od tao
traotlt. of debt Iu amount w.. mat one years
interest than the debt rad.ed b. the OF
the E~youiiI nhi u lSl2 Attention devoted to
the rapid ptvmert % t.c pIic d-h and the .ppton
OF t.:r uu.iur tct % 1870 resulted A. that fine thu
legal .",!rr Iotrs tie uniqun; tt,d, d,huuOrri
| promises Of tue Government. worth ls4 titan
| par coin. and man can tell TIE extent
OF The e'h Of nj sligo fAci n.y." cur crdt
events houghth Fhndn< act gave ire Secretary Of The
1rrlsAry amp" power Ia sell ponds hrtrtb per cent
n,errst. vet years AFTER 1hr pass OF the
hcfJr. lac able to sell YIUOVJuD 900 80 ths class Of
4r,u-ti = Nlcn They wrtr rXuuI-tr u Was TX and
p1rr-- to establish IN tie Chrk"t tho four HnI
yer bombs. IL WAS not un az ! Tue pa-Hdgc
m1p" " hat p[ %"s nrno1 b. tie TT~riyr %
81 III" government. aud annie Pr"v'|on mliG to
redeem Gus 'afrIdriS on mind "ccnI mig to law.
thar w'rr 1h.r TO- % oar Tour nrr cent bonds a. par
| putina 1871 they Wrrr III "nrr-. our notes wtr'
hpidy aivnncnS {" n'r una 'l"o 81 ne measures
adopted uLir, the l.c-unUtlnn a,L We were IuIc -
sr ia my that year ~ 900 900 AZ w'H app arrl
that t'nHrtH WIS MOI "t""''I u sustain IN" p"IlV
80 Resumption the ct tIcsr bonus ~ once ort-ed
Wh,ui Was mone~t that Congr - Nuld t rrpa The
| Resumption Art they were HGtn >0l., hnt %. not
uotil a,r ist ~ Jan9ry. 1870. wien the Unite!
ritr the credit OF The Cove hrcnme nrmy
ndy iiccd rhaf tie four pr cent honis %,r, eagerly
nat w,lh'n four nth' sj37.oO10oo RI sold, tnu'
prevailing fut redemption al All hr i've ard six per
cont hunds thrn rdrrinhhr
..HAr SHOULD ~ DOSE.
The policy ~ r,funding Is not yet complete. Two
huircl aud two Hon dollars Of per cent bouts IT,
-iri Al the bcRnn,ns ot tn wtr. arc about > mAtur"
ana iGO 900 OF per cent bonds Iasde under IN
Rc-uniir act, VIII become rrieclahn on TIE l. rI
Nay ne u. ana Gurst'un IS how best can We apply
he prrc Of oar o,,rument In the reduction OF the
rate OF interest. and the grual l~yhcnt and r'd'mp
ton OF these bonds cIa only -ay, Sc sLoud
follow tho rKAuprs of inc past We shonld
Nat
We shor i maintain intact an! apply without di"inu!
ton the rinhug luud Nrl by y. We should sell Cdr
securities at Be "wr.t ro's'r rave 't"i'i rC,.iN-
| ne the right to roi"tm them IL 7ho p"fiot 81 I'm"
and pay them either thcJ come duo or ~ purchase
| when II my now ''.r rdy borrow money
nation in tls world 'v yer ancea =, paien~ 't or
wealth. Many anouS Ia are hop iul choisn - honcNe
| IN ancient or modern III e~-h'Ir"w money upon
| bonds At per cent. he mother country has not yet
| hrr three per cent 1sos have touched par. Tucsc
questions are now ing consdcrcd ny Coneress. and
nriicyr wise conclL sion val bo r"a3ned We ali wish
TO do .'nnt Is best oI he public Et do not want
| Ibcrvc IT., a., OF Coz grrst VIII conclude that
tits ufl Ond bearing ~ per cent interest, Kept
wtnin short .,od Of r,demp MAINTAIN lhr sinA-
| Ink Irnd AMI 'rhaps apply 4 grt,,cl au0u I sn-
| pus revenue. may rxprcr to willIl the
| next decaue tho public drbi rrucrd 10 Sl,ttOOO0-A
| stlln 80 small tat >ucres>,r- IN nr. .i III No
| VIII feel that l. Is very sm'n price for the
countless b.es ings that Ia. Eenerati,us thar
fought 1urna our 'Vll war hIS conferred upon them
VIZ are BOW tniJinG ti good thugs Oi e. bcCau.c
have been hra' - the perioruahc"" III public 'lny on
the hrd hnn IL Tue lnhl' 'U'n' II herau,r We hnFt
| Resisted all temptation To lmralr tho public credit
hecau-o have AT last becu h'nrs 'he hndcrs of
our notes. ~ wei n1 10 tue holders al th pubic sconl-
| Ties The duty vi TINS generation has
NIX VIII BE- to develop AID advance 1t aud 10
yonIhIa cyr ookIng To the future with hop. eau even
aud. brlrvc. viii, pr cent wnn The xi genera OF.
| kes"ur"es now u"knowh w'll then BE- deve "pcd
eaun will be recovered and made useful.
New lines Oi communication ny land and ~ wacr viii
open up new sOnrces Uf wealth. EiucltlOn, lac
foundation OF rrphb", VIII be ext nlcd nv our COM
nuh sclOul> AMI c,lVgrs ~ ihL al ,ur people Whetr
r.ch poor, Nlhtr rr back. have r,lal
Ia Ne fnis II ihe horrul WV atc q The future,
| unless Il T. checked 10y s''ne departure iron, the
principles Ol honesty whcA have made "ur oJuntr Rrw
with sIch marvellous rapid y into "atA power aud
| strrng IT,
| Secretary Sherman closed his remarks with All ex-
Tresson OF his regard for tho character ana achieve
men- OF the merchants ot Boston. The Secretary
is accompanied by BuSadicr- General Nelson A.
| Miles aud General Stewart l.. WUodlord Of New
York.