reasury, could under
the law undertake the office. Mr. Stewart proposed to make
some conveyances of his business in trust, by which he should
part with his legal title to it while he held the office of
Secretary of the Treasury and come back to it again after
his term ended. But the Attorney-General advised the President
that that was impracticable, and the result was the withdrawal
of Mr. Stewart's name and the appointment of Mr. Boutwell
a day or two afterward.

I have had some serious difficulties with Mr. Boutwell since
he left the Democratic Party after his term of service as
Governor. They have, I believe, never been differences of
political principle. My differences of opinion with him have
been mainly upon the question what individuals were fit to
be trusted with political office and power, and with the leadership
in political parties, and upon the question whether certain
men and influences were to be tolerated, or whether the public
safety required unsparing warfare upon them. So, while we
have agreed in general as to policies, we have always had
an entirely different set of friends and companions.

Mr. Boutwell has borne an honorable part in our history.
His titles to a place in the grateful memory of his countrymen
are not likely to be overlooked.

One of them deserves special mention. I am but repeating
what I said many years ago. As a leading member of the House
of Representatives, and as Secretary of the Treasury under
President Grant's Administration, he had, of course, a large
influence upon our financial history. He saw very early the
importance of devoting every resource of the country to the
reduction of the National debt. It was not with him, as I
understand it, a question whether a little saving could be
made in the way of taxes by postponing the payment until the
rate of interest should be less or the National resources
greater. He saw that it was important that the people should
not get accustomed, as the English people are, to consider
a National debt as something that was to continue always.
He saw that it was important to the character of the people,
as to an individual, that they should be impatient and restless
under the obligation of debt, and should consider it alike
the Nation's first duty and its greatest pride and luxury
to get rid of the burden. This has always been the temper
of the State of Massachusetts, of her towns, and, in general,
of her citizens.

According