Year: 1869

SECRETARY BOUTWELTS POLICY.


The N. Y. Times joins cautiously in the Oppo-
siton to Secretary Boutwell's moderate and
straightforward policy of using the surplus
revenue of the United States to pay off their
National Debt. 1t says:


"Of the plan Itself cannot speak favorably. 1t
appears to us to be founded upon estimate Of
the ends be promoted by the Treasury and crude
and imperfect conception OF the circumstances and needs
Of the country We presume that Mr. Boutwell, has con-
sdered carefully the question OF authority affected by
Public Credit act Of last session. Whether the right
to redeem bonds advance OF maturity is IL not abro
gated by that act, Is at best doubtful The letter may
admit OF Interpretation favorable TO continuance OF
the power previously possessed by the sectetary tho
spirit reads the other especially when considered In
conjunction with the known opinions and purposes Of the
House. where the originated. BE this 1t may,
however, II is undenabe that the only authority
under which the Secretary can now purchase
bonds is the Sinking Fund act OF 1902, which
provides for the purchase or payment Of one per
centum OF the entire debt. II Mr.. Boutwell, has con
cluded that under this law be may buy bonds, notWith
standing the seeming existence OF proyso 10 tho con
trary In the Public Credit Act at least he should be gov
crncd by the limitation 10 one per eentum enoned by
the Sinking Fund law.


"Mr Boutwells policy, then, Is open 20 the objection
that 1t exceeds the authority conferred by tho Sinking
Fund law and therefore conflicts or appears 10 cOhct
with the onaotments OF last session. Whatever room for
diversity Interpretation exists the question right
the extent Of bond redemption contemplated by the aot
OF specifically fixed, aud beyond this boundary no
cannot properly travel The power Of redeomng bonds
unmtedly has existence In law, and it s difficult TO
believe that Mr.. Boutwell, desires TO assert the privilege
Of purchasing. within the prescribed mark set by


the measure OF 1902 In that case the amount 10 be re-
deemed is subject to something beside his discretion and
has no relation to the at his command"


Comments BY The Tribune.


We call attention to the fact that not
single journal hat opposes the SeorCtarvs policy
has quoted the provision Of lalV on Which that
policy is based. They talk about and about it;
but they arc very careful not TO let their read
ers see it.


The Legal Tender act expressly requires "the
purchase or payment Of one per centum Of
"the entire Debt of the United States, 10 be
"nade Within each fiscal gear" after July 1st,
1862: is it not notorious that no such "pur-
"chase or payment" has been made for more
than year past-that tile Debt is now as large
as it was eighteen months agoH Why, then,
if the law has been systematically defed for
eighteen months past-defied, rs we firmly be-
lieve, for stock gambling purpOses-should not
the gold which has been retained in the
Treasury in violation of law be now used in
obedience to that law3 The law required the
purchase or payment of Thirty nine Millions
Of Public Debt between Jan. 1, 1868, and July
T. 1869 : it has not been at all obeyed We say,
Take the gold that should have been used in
obedience to law, and do now what should have
been done during the last eighteen months.
Why mott What reason is there for not using
the surplus public money to pay off Public Debt,
and thus stop the accumulation of interest I
We have for three years been paying interest
on not less than Sixty Millions lying dead in
the Treasury; are we so rich that we should
go on squandering $4,000 per day forever7


AS to'"a narrow estimate of the ends to be
paying the DebtHand upholding the credit of
the United States are among the first and
plainest of those ends Others are more du-
biOus.


The Times proceeds:


Nor consider it expedient to enter upon sys
temac purchase Of bonds yet due long demandr
obligations OF the Government remain unrodeemed or
while the ability OF the Treasury TO meet next years
pendtures remains uncertain. The idea OF taking up
bonds long before they reach maturity has pretty look
and sonorous sound; It may bo excellent subject 70
Fourth Of July brag. But, q matter Of equity, tho
Government has right TO purchase the unmatured



due and dishonored obligations remain unredeemed
farmer who should undertake TO pay of mortgage on
his farm ten twelve years before it bedameidue eav
ing his store bills and protested notes given stock
Implements 10 their fate would pursue precisely the
course on which the Secretary OF the Treasury has de-
Nberatey entered Any temporary sclG resulting from
the effect Of the transaction upon tho market vaue OF
the bonds will DO than oOunteracted by damage
done to the Government credit by the neglect OF that
portion OF the nteresbearing debt which has matured
aud is unpaid"


Comments bp The Tribune.


We insist on the payment of the National
Debt, so far as the cash in the Treasury will go.
We regard the vast hoard of gold in the Gov
ernment vaults as tempting TO robbery, defal-
cation. and breach of trust. We certainly prefer
tho payment Of Debt drawing interest to that
which draws no interest. for very obvious