Year: 1871

Secretary Boutwell, stated to the brokers
who met him in New York, Monday, that
the new funding loan OF two hundred millions
is being taken up rapidly and will soon be en-
tirely absorbej. He did not think therefore,
that it would be necessary to make any new
arrangements for putting it on the market. III
the $2O0OO0,OO0 of five per cents. are taken
it will result in the saving OF S2,OOo,ooO an
nually in interest. Mr. Boutwell, certainly
has reason to congratulate himself on his
good luck, il not on his sagacity, there being
great difference of opinion as to which of the
two qualities has given his financial policy
undeniable practical success. When Congress
in fit of good natured complaisance but in
a notoriously skeptical spirit, gave him leave
to fund the debt at five, four and half and
four per cent, there was general incredulity
in financial circles as to the practicability OF
the scheme, and by many financial authori'
ties it was treated with open derision. Inc
only quarter In which there seems to have
been suspicion that il might prove success
full was among the Democratic Copgressmen
who with characteristic patriotism voted as a
precautionary measure against scheme
which. If carried out, would entitle their po-
liticaI opponents to the credit Of saving about
twenty-five millions year in interest. They
have been consistent in their opposition, keep.
ing the country In an unsettled state for the
express purpose, 1t IL feared, of preventing
the restoration OF confidence in the stability
of our government and preventing capitalists
from making investments In Its loans. But
there begins to be feeling that 1t Is all of no
use. and that the whole fifteen hundred mill
ions authorized By the funding act will uti-
mately be taken at home and abroad.


So long as our debt remains at over two
thousand millions eur financial condition can
not be regarded as flatiering, but there are
certainly some veryeHcourasing symptoms Of
returning financiarhea besides the partial
success OF the funding bill above mentioned.
The reduction of she debt over eleven mill
ions during the month Of March. The rate
Of more than hundted aud thirty millions
year-would be miraculous achievement
IL like occurrences during the last two years
had not accustomed our minds to their con-
temptation. At this rate two on three years
more would SO reduce cur debt as,to take il
out of that sorry list Of the great national
debts of the world. Or If 1t is thought best
to reduce taxation, raising only mouey enough
to meet current expenses and the interest on
the debt, there are great many people who
will feel entirely satisfied to accept an alter.
native that makes posterity sharef in the
burden imposed on the country by war
waged for the benefit of unborn generations
as much as for the present.


The appreciation in the value of govern
ment bonds at home and abroad, so that one
of the richest and most powerful countries in
the world is no longer obliged sRhmit to
the humiliation of seeing its sec0 rs at a
discount in the markets of the world,4s an.
other encouraging circumstance. Best of al
is the growing impression that the natura
course of events will at ne distant period
bring us back to specie payments. Gold, te
be sure, is not more than a cent lower than
last year at this time, but there is a conviction
that it has now reached point where nc
speculative or political movement can add
much to the premium, and where further
Decline even to the vanishing point, is the
thing 10 be anticipated.