Mr. Boutwell, Secretary of the Treasury at Washington, has issued
his report, which is in the main anticipated by the Pre- sident's message. He believes that a 4i per eent, loan, with interest payable in gold in London, Paris, and Frankfort, would be taken up, and asks power to issue one, with which he would pay off the Five per Cents. He would, moreover, commence the redemption of the inconvertible paper by buying £400,000 of greenbacks monthly. That will be rather a slow process, as a fifth of the greenbacks must be withdrawn before they reach par ; but that is not the real difficulty, which arises from the oppo- sition of the voters, who cannot be persuaded that they lose nothing when prices nominally go down, and of the Protectionists, who are aware that the duties being paid in gold, are really a fifth higher than they seem to be. These two classes are so important, that the "shrinkages" will be bitterly resisted.
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