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Boutwell's New Departure

Boutwell's New Departure image
Parent Issue
Day
18
Month
August
Year
1871
Copyright
Public Domain
OCR Text

OurBpecial Washingttm cn-Vespon'ont intbrins na that ! ecretary Bontweil is e ing to mak,' a new departure on the cw n y questíon. Ho .says : "At a uw' view with the great Massachusetti financier, reoently, Ik; informed me t! ■ h newpoliey will be ucged ap n the au t Qtion oi the nxt Congie s us followv First, me National Banking Law will)J repealed, an.l the banking system mad ii. e. Six hondired millions of gro,n" backs of the denoinination of $20 and nader will bo issueel, bearing no interest; foorhundred millior.so.' tho denominé tion of $50 and $100, bt;uiing six dm rent interest t'or ten years for the use of f;inni is i.nd 1 borers; eight hundred millions bearing three per cent. intertst fi ir tbirty yt ars. Bonds to bc sold on the market for gold to redeem the preaeA IkjüiIüiI dubt as fast as it maturos. All notes of a denomination loss thaa 2fl will bo receivable in payment of any dUej o the Gorcrniui.nt aftor Jauuarv Ia 1872. J i% Uuring tlie conversation Mr. Boutwelj stated it s liis opinión tlnit this f)olióv will divert the $70,000,000, nowocjkeM by the biinlts, into the ttèasüry nd th póoketa of tho people, and that it will turther save some $40,000,000 of annual interest, trhiofa will be sufficiont to cnable liim to keep on hand gold enough td em, at par, all the non interust-bcar. ing obligationg when denmnded. The non int rest bearing notes to bo ru-issucd at gold value as fa t as rodeemed. In the courso of another week," says our ftürrej. pondent, " I will be able to furaiah you with a moro definite account of Mr. Rnni well's "aew departura." - Chicago Deint. rat. An Iowa Bepublican jourual, tho Monroe Record, 8&ys : "Wc tako oc ld right now to acknowludge tlie reccipt of a copy of Senator Hu lan's speech on ' tho Prca(lont and San Domingo' Indued, we have receivtd it too inu'ih. Every few daya it comes sent by sume senator or reproseiitative in the lower House, orby u oommitteeman, or by sorao unknowu penon. We get it by tho eastern mail and by ths western mail; we are never forgotten when a Eresh distribution of the preoioua dooumeot is made ; itcoinosoj. drfissed to the editor, to tlie publisher, to the Record, and to the' Monroe papor.- Onoo w raad that speech-- kuowing that the anthor of Sun Djiniugo aanexation must need a defender as ible at le.ist as Sonator Harían. We ended its penuil feeling that our good President sh-mld either get an abler advocate or abandon San Domingo."

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Subjects
Old News
Michigan Argus