Year: 1872




RALEIGH, N. c., July 17.-Mr. Boutwell, in
his speech at Greensboro, N. c., protested
against the advice to clasp hands across the
bloody chasm. The chasm must be filled up
Produced by injustice, let it be cemented with
justice. 1t cannot be filled by the denial of
protection to native born citizens of the United
States in North Carolina, South Carolina, and
Texas. He counseled his hearers not to be Sc
duced by the idea that the Democrats are sup
porting Republican for the Presidency, and
said that, if their candidate could offer what he
cannot offer, a consistent life in the past as a
pledge of his policy in the future, even this
would be without value in the presence of the
fact that nearly all his supporters are from the
Democratic party In the course of things the
bloody chasm cannot be filled until fixed ma
Jority OF the South accept the doctrines not only
that men are equal before the law, but all men
by right, are equal before the law. If bitter
ness once existed it has passed away. One act
of justice only remains to be done. The coun-
try waits for the evidence that you heartily and
cheerfully accord the full rights of citizens
under the Constitution of the United States, to
all within your borders. Give this evidence
and the bloody chasm is closed.


Mr. Boutwell, presented at length the finan-
cial policy of General Grants Administration
and claimed that none more than the first, will
strive to make the Union what it ought to be
a general government strong enough to main
tain its own existence against all enemies
foreign or domestic. Strong enough to protect
the rights of its citizens at home and abroad.
States with full power over all local affairs,
members of Union indissoluble and so attrac-
tive that no citizen shall hereafter consider
whether his duty to his state or his country is
supreme.


Mr.. Boutwell, said the financial policy of
Grants Administration was, first, to secure the
honest collection of public revenues second, to
reduce the public expenditures; third, to re-
establish the public credit and reduce the inter-
est account; fourth, to reduce taxation, and
finally to prepare the way for the resumption of
specie payment at the earliest moment consig-
tent with the prosperity of the country.


He attributed much of the fraud in the rev.
enue to the laxity of Johnson's Administration
and his indisposition to enforce the laws In
of the conflict between a Democra-
tic President and Republican Senator dis
honest men were most successful in attaining
office as they only could resort to such means as
would make themselves favorable to both.


Now, continued Mr.. Boutwell,, if you contem-
plate electing Mr.. Greeley to the Presidency,
you must contemplate the fact that the Senate,
may be the present opinion of the
country; will be Republican for the next two
years and with almost equal certainty for the
next four years You must contemplate, there
fore, return of the state of things which existed
during Johnson's Administration. You will
secure the retention of dishonest men in office
and the appointment of dishonest men to office
by means which do not admit of control. The
ADMINISTRATOR ol uen. UranC mas gwen 10 the
country the benefit of a common purpose in all
the departments of the Government That
purpose was the collection of the rev.
enue and this result has been secured.


1t is ascertained by careful comparison that
if the average rate of taxation during the last
three years of Johnsons Administration had
been continued and extended over the first
three years of Grants, the receipts into the
Treasury would be greater than they were by
2S2SS, 800, 900. So it appears that with the same
facilities with the revenue that were enjoyed by
Administration the total PAYMENTS
on the public debt during the first three years
Of Grant would have amounted to about $780,
100000, and that the payments towards public
debt on the 30th of June 1873 would have reach
ed the enormous sum of 1868, 100000. This
shows at once the reduction of taxes that has
been effected by Grants Administration and
the immense losses by fraud and corruption
under johnson is due largely to division of
sentiment and purpose between Senate and
Exc cutive.


Mr. Boutwell, expressed his belief in the
practicability of continuing the redemption of
the outstanding per cent bonds and the issue
of 5, 4 1-2 and per cents, and said it must be
accepted as a truth for thisl country in its pres
ent condition that the resumption of specie
will not be due directly to any meas
ure of legislation, nor can it be fOrcibly main
tanned by any act of the government. 1t must
be the natural result of the existing conditions
of things and therefore it has been the policy
of the administration to promote that condi-
tion of things which would enable the
affecting violently or prejudicially the great in
terests of the country.


The further equalization of the value of coin
and currency will depend upon the increase of
n efss n The The vae II he the te G
of the United States carried on in American
vessels.


There is but one measure of legislation, ex-
cept to foster the business interests of the
country, that can facilitate or hasten the re-
sumption of specie payments, and that is re-
duction by force of law of the volume of paper
money in circulation. This policy the country
has not been prepared to accept nor am l pre-
pared to advocate the adoption of a measure
which, unless very gradual in its operation,
would produce great injury to the business in
terests of the country, impair the revenue and
in the end cost more than the value of the
result produced.


The growth of the country under wise ad-
ministration of affairs will soon enable the gov
ernment to resume specie payments without
violence or injury to any.


For three years Mr.. Greeley, through the col
umns of the Tribune, has advised the Secretary
of the Treasury to sell the gold in the treasury
and apply the proceeds to the payment of the
public debt, thus saving interest and then to
resume specie payments or rather these bits of
advice have been frequently and inter-chang
ably presented without any time stating, which
in his judgment is entitled to precedence in the
order of events, but it can be very well under
understood that the sale of the gold in the
treasury, whether for payment of the public
debt or otherwise, would put it out of the pow
er of the government to resume specie pay
ments.


That the sale of gold in the treasury, forcing
down the price, unnaturally would stimulate
imports from other countries, increase the bal
ance of trade against us and create an unnatur-
al and excessive demand for coin and ultimate
ly advance the price of gold for the benefit of
Spectators and gamblers but the great injury
of the country. l do not hesitate to declare
that this policy, which is the only policy in any
department of the Government to which Mr..
Greeley has adhered for even three years, would
end in disaster such as the country has not wit
messed since 1887, and if Mr.. Greeley is pledged
to anything it is to the Inauguration of this
policy, if unhappily he should be placed at the
head of affairs. The way to resume is not to
resume arbitrarily and without regard TO facts,
but to 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 that the Administration has believed it
to be wise to retain an amount of gold which
should be sufficient when the appropriate mo-
ment arrived to enable the treasury to resume
the payment of our national liabilities in specie
without going into the market to borrow and
without making any special effort for an under
taking which would certainly result disastrous





to move free of all dependence upon external
aid


The Bitter Pill.


WILMINGTON, Del, July 17-Wm. Dean,
chairman of the Democratic State Committee,
publishes card, announcing his resignation of
that position on account of the nomination of
Greeley, and says that he is ready to help form
straight Democratic ticket.


MIR Summers Letter GarbIcd.


ST. LOUIS, Mo-, July lit appears that the
letter of Charles Sumner telegraphed from here
last Saturday night was garbled by leaving out
the two closing sentences. The full letter is as
follows:


WASHINGTON June q.


To L. w. Reduis:


Dear Sir-I think that on reflection you will
not think it advisable for me to write u public
letter on the matter to which you call attention
MI. Greeley and myself have been fellow lab
orers in many things. We were born in the
same year, and honor him very much Be
tween him and another person, who shall bt
nameess, l am for him. L shall be here for ter
days longer. The Republican party must bt
saved, and what can do shall be done for it
Very truly yours,


CHARLES SUMNER


Henry A. Wise's Letter-A Conference.
RICHMOND, Va, July 17.-Ex-Gov Henry A.
Wise, in letter declining an invitation to ad
| dress Grant and Wilson ratification meetin.
at Alexandria, says: 1t is entirely unfit for m,


to act with any political party at the present
| time and in the present attitude of affairs
| This have said, and cannot and will not ac


or vote with the so-called Liberal Republicans
| They are too liberal They are so loose as t,


have no principles and to adopt the worst Al


well as the best to suit ''birds of feather me


together at both Cincinnati and Baltimore
l lxry ~C,x-,..