Rensselaer Union, Volume 1, Number 33, Rensselaer, Jasper County, 13 May 1869 — The Public Debt Statement. [ARTICLE]

The Public Debt Statement.

BeaGxry Boutwell’s second monthly exhibit Of the condition ofthe national obligations is even more satisfactory- and encouraging than his first The absolute reduction OTtoe ffCat public burden h* beepteueh greater during April than it wax during March. Although the amount tsit of which it Termed a part, still the diminffifan .Is Mufrsflemfinger pointing hopefiffiy,:ihe'weyUout pf debt, and<is, 'moreover,'con vincingevidence of theradicaj changrt of policy which has takefi place! in administering the financed Of the Lfaibn. These, top. sne but 'begtifaingi The practical handling of vast fiscal affairs Is the. task |nd duty-of a new; Wd, whose efflcienM and will increase with his increase of knowledge anfi Experience, gained from daffy study of, and contact with, Che routine of his department Evidently, the Secretary anpreMates that the public debt is the great commercial feet that presides pH la Wort<nd industries, modifies all material, 'development and all intellectual " progress, and hence demands 'his best thought and most-careful diction. It is plain that McCulloch’s plan 01, administering the national obligations and Treasury balances, in pliant deference to sectional interests, has been abandoned by his successor. It is true that, in one regardi, Mr. Boutwell is the of Wall attest .bulls ahd beiire, yet he is a compulsory, noft willing, aider and abetlipr of their schemes. The sequestration of :a vast accumulation of coin, in preparation foil, payments of interest, necessarily representain Immense capital arrayed on the side of the dealers in gold, for it is a part of the general supply which is kept outtf the market, .leaving monopolists and speculators to absorb and deal in the floating remainders. This Involuntary copartnership of the Government in the interests of the gold premium can be dissolved only temporarily, when the Treasury vaults Contain a durplus beyond current or contingent wants, which can be sold publicly, and thus made to reinforce competition. 4 All indications point to a conscientious, energetic and systematic management of the national debt by Mr. Boutwell. Limited by the despotism of circumstances tn his power to do, he yet appears to be doing the little within the scope of his ability, with a view to open a new path that will lead to the complete discharge of our vast obligations, and the consequent liberation of industry from an oppressive burden. It affords tts much pleasure thus to accord to our Finance Minister integrity of purpose and wisdom ot. policy. We are at. a critical point of our history, at which ft is to fie determified whether we are to follow in the footsteps of other nar lions and transmit to posterity the system of perpetual taxation, or whether we shal , be alm, within reasonable period, to remove our great mortgage on the tabor and industry or the country. Mr. Boutwell has assumed the latter position and iaen-. deavoring to inaugurate a policy which will put the gradual and reasonable liquidation of the whole debt beyond dispute. The general burden of taxation makes every body interested in this conclusion, people may get back, after a white, the condition of those happy days when it was less of a hardship to Uye.— Chicago Republican, 2d. ' ' ; ' - ;