Year: 1873

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Senator Boutwell's lecture last night was
more an apology for his financial policy than
an exposition of the important subject he was
announced to discuss. In this connection we
use the word apology in that higher sense
that would enable the Senator, if he chose, to
call his lecture his Apologize. Before entering
upon discussion of any of the particular
questions evolved by Mr.. Boutwell, we may
characterize the effort as singularly want
ing in suggestiveness, comprehensiveness and
vigor. This was to have been expected,
for in these respects his apology is eminently
characteristic of the Treasury Department
under his administration. There was nothing
broad or grand in his financial policy. But
he had financial policy, nevertheless, ana IL
| is in some measure from the effects Of that
policy that the country is suffering to-day. It
was in other quarters that the Senator looked
for the disease, and he seemed to think the
remedy was centred in the following Of the
course he had adopted as Secretary Of the
Treasury.


In beginning his lecture Mr.. Boutwell, laid
down three propositions as the basis OF the
remarks he was about to make:-


l. A declaration in favor of resumption
of specie payments, qualified by the
avowal that the only meaning properly
attaching to the word resumption" is the
equality in value Of currency with coin.
Q. A declaration that there was point
beyond which paper could not be issued in
avI 70 rcta
| qualified by the assertion that the point Is
not capable of mathematical demonstration.
8. There can be no resumption while the
balance of trade is against us, or at least not
| until the conditions were more nearly equal
| than at present.


These were the Senator's principles Of po-
| litical economy but under the circumstances
he called them by q much more felicitous
term. They were the spivots" upon which
his argument turned, and as it turned out they
were only pivots for political discussion.
He simply hinged upon them in
genious but faulty sympathy for
protection, ship building and revival of
commerce by subsidies, annual government
interference in financial affairs, especially in
Wall street, owing to the 'sexigencies of the
autumn and the necessity for moving the
crops and above all his favorite theory that
the Secretary of the Treasury can reissue q
part of the S44,OO0000 reserve if he thinks it
necessary and play the pranks of the amateur
fnancier and buchu banker whenever he
chooses to forget his proper functions and
meddle with affairs with which he has no
concern.


Mr.. Boutwell's position upon the question
of protection was the funniest thing in his
lecture. There was genuine humor in it In
the first place, he was in favor of protection,
not because he liked it, but because, though
it came as an accident of the war, it had
made everybody rich and happy. As mat
ter of course he said nothing concerning the
many protected articles which bring not a
dollar into the Treasury and only serve to
rob the people to enrich the manufacturer.
Even if protection is the benefcent principle
Mr.. Boutwell, affects to regard it this side
of its practical operation ought to be
denounced as injustice and impoverishment.
| But the Senator evidently does not believe in
protection as principle of political economy,
but only as political plank in q partisan
platform. While he sees blessings without
number flowing in upon the country as the
result Of high tariff duties, he points to other
blessings equally benefcent as the result Of
no tariff duties at all Congress upon his
recommendation, we believe, certainly with
his encouragement and support made an ex-
ception in a particular case, and took the
duties of oil articles which enter into the
building Of o ship. The same articles enter
into the construction OF o wagon-the ship


of the Plains and the interior-but if they
are used to make wagon they pay duty.


This neat and benefcent little provision ap.


plies only to few shipbuilders, and SO high


tariffs are made to enrich few manufacturers


and exemption from any tariff at all is made


to enrich few more manufacturers. This is


indeed, very pretty joke; but then Mr.. Bout


well always was joker when he was at the


head of the Treasury, and he seems not te
have lost his exquisite sense Of humor nov
that he is in the Senate and feels called upor
to explain his practical jokes outside of ths
Senate.


We have already referred to Mr.. Boutwell,
position in favor of subsidies to shipbuilders


1t is the one position he assumed during the
evening upon which we feel any real concern


His plan is not likely to have any real efficacy
and it is extremely dangerous as opening the
way to subsidies Of every kind and frauds MOI


less stupendous than the immense land grabs
Of the last few years obtained from Congress
as necessary aids in building railways. Ever
in its most confined application it would only
inure to the benefit Of the few sbir
yards building iron ships which have
been so long looking to Congress
sional bounty. as more important thar