The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-17

General Il. T.. Butler on American Fina nee
Tne following extract from letter Of Genera
BENJAMIN F. BUTLER to tho Evening Post, will he
read with interest. The owners of tho 90 bonds
are anxious to have the principal paid in gold
Governor PESDLEToN Of Ohio, representing tn,
democracy, and D. F. BUTLER on the other aids
representing tho republicans insist that the in
terest is payable in gold, but that the principa
is payable in what ia legal tendcr under tho lava
tho United Statos. Thero are other questions con
noctcd with the currency and tho National Banks
presented in the loter which Mt prescnt agita-
ting the North and northwest and which will
soon enter largely into American politics. The
letter will speak for itself:
At the time Of my reported conversation ha q
not seen Mr.. Pendleione rows, and only resume
OF them since. The difference hetwcon MIR. Pen.
dleton and myscf ia radical md cannot we'll bc
overlooked without intellectual blindness. Mr..
pendleton desires tho Government, by an exercise
OF its supreme power, to iasup an amount OF its
promses to pay on demand without interest {that
is legal teuders and forco Its creditors by inter-
est-bearinB bonds to take such issue in psymcnt
Of course such issue would at onco depreoiato tho
currency, and would be virtual reputation, which
l. have not fnIored, and do not favor, either direct
My proposition is that the Government shall
ottur to the country new loan, secured by inter
ost IN q, cn,r1rency bonds payable at long date, to
be aesimiated, 30 ns to mako ono class OF Govern
ment securities only instead Of the nineteen diff
terent einsses We have now, and with the proceeds
OF such loan pay of Our highest class Of iuterest
gold-bearing bonds as they become due; moi to iu-
crease, aud thereby deprecate, tho currency, but
moro stable, and, therefore, all the moro valuable,
by reducing the debt by reduction OF interest
and increase of taxable property, causing our
toana 70 e De tSseI Up n our own cSuatry 80 that
capital as we now do, at rate OF interest exceed
ing three times what thoy charge their own
Governments.
70 the assertion of your correspondent that "a
dollar is dollar containing twenty -four and three
quarters grains OF gold," answer that the value
Of that dollar, both in silver and gold, has been
three times changed by tho Government, and that
dollar in silver or dollar in gold now is not
worth SO much as tho early coinage, to say nothing
To the assertion that by this course tho public
creditor by hve-tNenty bonds is injured, reply
that propose to pay him when his obligation falls
which the Government A has prov provided for Sep oTeTy
has S m
most valuable money which the credit of the coun-
try can sustatn bearing relation to-day to gold, Is
143 to 100-while the money that these flye-twenty
which the thon credit of the Government could af-
ford,) stood in relation to gold 200 and 2s5 to
100. II the Government pays them in currency
they lent the Government Of what havo tioy to
complain, save that the Government will not tar
the people to pay them usurious share; or, in
other words, will not tax the people to enable tho
capitalist to make speculation out of the war
necessitleH Of tho Government
History tells ot no Government which has yet
paid it's creditors all they loaned to IT, and thus
made them whole; and | doubt whether good
faith, good conscience or equity require this Gov
ernment to pay its creditors three times what it
receives from them, with interest at six per cent
OH the treble amount. or course, II any contracts
to do that be showi, .the jew shall hayo his bond
but not one drop Of Christian blood"
1t is not true that have called for The issue Of
any more legal-tender notes. save to take the
place Of bank notes Withdrawn from circulation,
and thus save The people the interest thereon.
do not intend to nrgue these questions-only to
correct Misrepresentation. / beg leave, in clos
ing, to repeat that 90 not propose 10 depreciate
but 10 enhance, the value Of the currency-not to
do injustice 10 the public creditors, but to pay him
according to the letter and spirit Of his obligation
and to secure him from the danger of Iepudation,
which will surely tolo6 an attempt at enforce
ment upon The people BY their own votes OF an
unjust and unconscionabie transaction under the
guise of q contract. BENZ. F. BUTLER.
WABH1NaToN, September ~, 1857.