Year: 1869




From the course of Mr. Boutwell, since he
took control of the Treasury Department there
is reason to believe he is not connected with or
the tool of any ring of gold and stock specu-
lators, as his predecessor, Mr.. McCulloch, was.
He acts from conviction of duty and with in
dependence in the matter of selling the surplus
gold in his hands and in buying up and can


ceiling the interest-bearing debt with the pro-


ceeds of the sales. The greatest pressure has


been brought to bear upon him by the specu-


lators and large capitalists of Wall street to


make him change his policy number of


pilgrimages have been made to Washington by


the ''leading fnanciers" to argue the case with


him, and formidable combination of capital


lists, bankers and gold and stock gamblers gen.


orally was made to force up the price of gold


artiicially and for a time in order to frighten


the Secretary and make him change his policy


But he stood firm, and the consequence has
been that gold has steadily declined from the
high figure to which it had been artifcially
and temporarily forced In the nature Of
The reduction of the debt by using
the surplus and unemployed funds
in the hands of the government can
not but strengthen the national credit and


show that the return to specie payments is
only question of time, while the diffusion Of
eight to ten millions of specie a month through


mercantile channels must in time have the
effect of bringing down the premium No
Wall street combinations, however powerful,
can in the end resist the influence of such
| policy. If Mr.. Boutwell, goes on as he has
commenced he will smash the rings Of gold
| spectators and bring down steadily and
| gradually the price of specie below the figure
| it has reached since the war. We have no.
doubt that the policy Of Secretary Boutwell, has
had the effect of causing our securities abroad
| to go up for, in the ordinary course of things
arising from the emphatic rejection of the Ala
bama claims treaty, and the fierce discussion
| Of that subject in England, our securities
would have fallen, or at least have remained


stationary. The truth is, the employment Of the


enormous surplus gold in the Treasury to the
liquidation Of the debt gives satisfactory evil


dence TO foreigners of our vast resources and


the payment of our Indebtedness.


| SO far the official conduct of Secretary
| Boutwell, deserves commendation. But ma Oh
more remains TO be DONE The question of our
national finances overshadows every other,


and upon the management of that depend in


a great measure the present prosperity and
future welfare of the country. The Secretary


should mature plan for consolidating the
| whole debt at a lower rate of interest. The
| present rate is far too highs usurious,
| oppressive and ruinous. Foreign capi-


talists now greedily take up our Sc


curitics, because of their comparatively low


market value and the high interest they bear.
| The consequence is the debt is rapidly going


abroad, with the prospect that soon the
| greater part will be held there, and that there
will be drain of hundred millions or more


Of specie year from this country to pay the


interest. Our noses viii be kept TO the grind


stone continually to pay foreign creditors
| We shall be kept poor debtor nation all the


time, notwithstanding our immense natural


wealth, resources and productions. The


policy should be TO keep as much Of the debt


e.a possible in the hands of our own people,


and this can be best effected by consolidating


IL at a low rate Of interest. In this way