Year: 1869

Inc secretary OF the treasury n"o ni"oo '--
appearance among the bulls and bears OF wall
street, and, as he said, this was the hrst time
he had ever visited the Stock Exchange. What
particular object he had in view is not KNOWN
except that as he came just at the time OF the
sale of government gold it is presumed no
might have come to look after this business.
Still this was not necessary, and we DO not
see what good his presence could DO. fer-
haps he came to educate himself in the mys-
teries of finance and gold and stock gambling
at this financial and comm ercial centre. Being
ignorant of the subject, and skilled only IN the
quibbles of law and political schemes, he may
have supposed he would get instruction from
the sharp fellows who daily hover around and
roar themselves hoarse about the Stock Ex-
change. But whatever his object, he was
brought into the noisy arena, and, OF course,
made speech A speech from such public
functionary, as, indeed, from all public
functionaries in this country, is Inevitable
The Wall street financiers and spectators
wanted to know what the Secretary
of the Treasury would say, not from any con-
cern for the general welfare, but for the pur-
pose of shaping their operations and twisting
any expressions he might make to their own
advantage. 1t is said they were pleased with
his views, but we see nothing in what he uttered
but glittering generalities. He repeated only
what all Secretaries who have preceded him
have sad-that is, that he would perform his
duty in collecting the revenue, in practising
economy and in making his transactions known
to the country. This is all very well, but we
want proof of his capacity and knowledge
of his plans. He made but few remarks and
the only definite idea expressed was that with
regard to using the surplus revenue of the
country, beyond what is necessary for the
working expenses of the government, for the
reduction of the national debt. Still we do
not know what he means by this or what his
plans are for carrying it out. In short, Mr..
Boutwell, generalizes only and lays down no
definite financial policy.


But let us apply the Secretary's theory to
his practice and see if he be consistent or
knows what he is about. He sells eight
millions of gold, and for whatp With view
to reduce the premium on it or to bring it
down in the market? If so he has failed,
for it went up Immediately after the sale.
Then what right has the Secretary to specu-
late in this way? Upon what principle of
financial policy does he act Or how can the
Treasury or finances of the government be
promoted by such gold gambling operations
If the Secretary has surplus of gold or
revenue on hand would it not be better to
buy up quietly and cancel part Of the interest
bearing debt? There has been lying in the
Treasury all along for some time past between
hundred and two hundred millions of dollars,
reckoned in currency, unemployed and un-
productive. Generally there has been a
hundred millions or thereabouts in gold. Ifthis
could be used as the specie in the vaults of
the Bank of England is used, as a reserve to
bring about or sustain specie basis for the
currency, there would be some reason for keep
ing such vast sum of unproductive money in
the Treasury but it has not had that effect.
| It would be better, therefore, to use the
money in reducing the interest-bearing debt
| and thereby save to the country from six to
twelve millions year. II is well understood
by statesmen in financial affairs that the reve-
nues ofa great country like this, which flow to
the Treasury in continual stream, accumulate
to surplus. If the Treasury were
empty to-day there would be, in
| the ordinary course Of things, a surplus
| on hand six months hence-that is,
provided there be no extraordinary expen-
ditures over the income, because the revenue
is constantly coming in and is only paid out at
intervals. In this country there is no neces-
sity to keep, as we have been keeping all along,
large surplus in the Treasury, and, as was
said, we are losing from six to twelve millions
year by doing so.


| We have only to glance at the wretched
financial policy of the government to see how
the burdens of the people have been augmented,
when they might have been considerably re-
duced. For example, suppose the two hun
dred millions, or thereabOuts, always lying
| idle in the Treasury, had been applied to the
| liquidation of the national debt, and three hun
dred millions of legal tenders had been issued
for use instead of the national bank currency,
and 80 much more of the interest bearing debt
had been bought up by these and cancelled, we
should have had a reduction of the debt-bear-
ing interest of five hundred millions of dollars,
or about fourth Of the whole. Thirty mil
lions a year would have been saved. We
should have had "a greater surplus revenue


than we have now, with uniform and truly
national currency. With the debt wasting


away in such manner gold would have de-


clned and the credit Of the government stood


higher. But, alas ! we have no statesmen.


We have only pettifogging lawyers and small


politicians at the head Of affairs. Mr.. Bout


WELL 1t is to be feared, is about Of the same


calibre as the rest, and is following in the same