Year: 1872




Mr. Boutwell, continued: 1T is


seertained by careful comparison
that if the average rate Of taxation
during the last three years Of John
sons administration had been con-
| tinued, and extended over the first
] three years Of Grants, the receipts
I into the treasury would have been
greater than they were by $2S8, ,S00,-
900, so it appears that with the same
facilities for revenue that were en-
| joyed by Johnson's Administration,
the total payment on the public
debt during the first three years Of
Grants would smount to about six
hundred millions, and that the pay
ment toward the public debt on the
Both Of June 1873, would have
reached the enormous sum Of six
hundred and flfty-three millions.
ms shows at once the reduction Of
lakes, that have been affected By


1rants administration, and the i'm
me9se loss by fraud and corruption
Gnaeg johnson, due largely to the
division Of Sentiment and purpose
tive.


Mr. Boutwell, expressed q belief in
the practicability Of continuing the
redemption Of outstanding six per
cent. bonds and the issue of ), A.
and 4 per cents, and said it must
be accepted as a truth. for this
country in its present condition. that
the resumption Of specie payments
will not be due directly to any meas
ure of legislation, nor can It be for
chilly maintained by any act Of gov
ernment. 1t must be the natural re-
suit Of the existing condition Of
things, which would enable the gov
ernment to resume their payments
without affecting violently or preiu-
the great interests of the
country. Further equalization of
value Of coin and currency viii de-
pend on the increase of the business
OF the country, the amount of our
exports and the value Of the foreign
trade Of the United States carried
on In American vessels.
There is but one measure Of Iegisla-
ton except as viii foster the bust
ness interest of the country, that
can facilitate or hasten the resump-
tiOn of specie payments, and that is
the reducing by force ofIaw the vol
ume of paper money now in circula-
tion. This policy the country is
not prepared to accept, nor do l feel
prepared to advocate the adop-
ton of a measure which, unless very
gradual in its operation, would pro-
duce great injury to the business in
terests of the country, impair the
revenues, and in the end cost more
than the value of the result produced
The growth Of the country, under a
judiciOus administration of affairs,
will soon enable the Government to
resume specie payment without vio-
lence or injury to any.


For three years, Greeley, through
the columns Of the Tribune, has ad-
yised the Secretary ofthe Treasury
to sell the gold in the treasury,
and apply the proceeds to the pay
ment of the public debt, thus saving
the interest, and then to resume
specie payments; or rather these two
bits Of advice have been frequently
and INTERCHANGEABLE presented, with
out at any time stating which in his
judgment is entitled to the preee-
dence in the order of events. But it
can very well be understood, that
the sale of the gold in the treasury,
whether for the payment of the pub
lie debt or otherwise, would put it
out Of the power of the Government
to resume specie payments; that the
sale of gold in the treasury, forcing
down the price unnaturally. would
stimulate imports from other coun-
tries, increase the balance of trade
against the United States create an
unnatural and excessive demand for
coin, and ultimately advance the
price Of gold for the benefit Of spec
ulators and gamblers, but to the
great injury Of the country. I don't
hesitate to declare that this policyin
any department of the Government
to which Greeley has adhered, for
over three years, would end in disas-
ters such as the country has not wit
messed since 1887, and if Greeley is
pledged to anything, it is to the in
auguration of this policy, if unhsp-
PLY he should be placed at the head
Of affairs. The way to resume, is
not to resume arbitrarily, and with
out regard to faith, but place and
keep the country in that line and
condition of prosperity which shall
enable it to meet all its obligations,
and it is for this reason thet the ad-
ministration has believed it to be
wise to retain the amount of gold
which should be sufficient when the
appropriate moment arrived, to en-
aDle the treasury to resume the pay
ment of our national liabilities in
specie, without going into the market
to borrow, and without making any
special effort for an undertaking
which would certainly result disas-
trously, if the government were not
strong enough to move free of all
dependence on external aid.


----.-.---