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Editorial
October 13, 1869
The Elko Independent
Elko, Elko County, Nevada
What is this article about?
A. T. Stewart opposes Treasury Secretary Boutwell's policy of selling gold to purchase bonds, arguing it will not achieve specie payments, prolongs the issue for decades, and aids speculators while solvent individuals oppose it.
Clipping
OCR Quality
95%
Excellent
Full Text
STEWART AND BOUTWELL.—Mr. A. T. Stewart’s opposition to Boutwell’s policy is thus given, as corrected by himself: I disapprove of the policy of selling gold and purchasing bonds with the proceeds thereof, believing as I do, that it will never lead us—as it is probably meant to lead us—to specie payment. Such a policy would not lead us to such a result in ten years—no, nor in a hundred. The purchase of bonds with the proceeds of gold give the speculators means to carry on their operations. The policy is unquestionably one of great benefit to those who have no means of their own. While solvent men will entirely oppose this policy, it will be approved of by those who are shaky.
What sub-type of article is it?
Economic Policy
What keywords are associated?
Gold Sales
Bond Purchases
Specie Payment
Speculators
Economic Policy
Solvent Opposition
What entities or persons were involved?
A. T. Stewart
Boutwell
Editorial Details
Primary Topic
Opposition To Boutwell's Gold Selling And Bond Purchasing Policy
Stance / Tone
Critical Opposition From A. T. Stewart
Key Figures
A. T. Stewart
Boutwell
Key Arguments
Disapproves Of Selling Gold To Buy Bonds As It Won't Lead To Specie Payment
Policy Intended To Lead To Specie Payment But Will Take Over A Hundred Years
Provides Speculators With Means To Continue Operations
Benefits Those Without Their Own Means
Opposed By Solvent Men, Approved By Shaky Individuals