Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-12-03
Would he Done Now?

near its close, General BUTLER was brought
to this city to discourse in behalf OF the
Republican party. Every effort was made
to give him big receptions reception
that should, If possible, eclipse the recep-
ton given to President JOHNSON short
time previously. Across High street,
from National Bank to a building oppo-
site. streamer was run, whereon was
painted in large letters: "Welcome to
General BOILER" The cashier of the bank
gave active assistance in running that
streamer across, and thus testified his adj
miration of the General. On Tuesday of
last week, in speech in Congress, General
BUTLER testified his friendship for the Ma
tional Banks by making strong argument
against them:
Now, my proposition is that, in the first
place, we should substitute greenbacks for
the National Bank currency, releasing to
the banks the bonds which we hold rs Sc
curity for that National Bank currency
1t can be done without shock TO the bus
iness OF the country. He suggested that it
Congress should enact that all the National
Bank bills which find their way into the
Treasury should be retained and Cancelled
and legal tender notes to the same amount
issued, the whole National Bank currency
would be withdrawn from circulation in
four or five months ard ITS place supplied
with greenbacks. This could he done with
out increasing the circulation, and would
save between twenty millions and thirty
millions pail on bonds which are deposited
to secure the National Bank currency. AS
to the old State banking ystem, that would
never return. Their day was past; they had
been got rid of, and Congress or the people
"A h.,
fastened on the country. He proceeded to il
lustrate how the National Banks made enor-
nous profits at the expense OF the Govern
ment. A shrewd business man, he said,
whom he might name, had taken to the
Treasury 100000, which he invested in
bonds, then got banking charter and
100000 in currency. This currency he
again invested in bonds, went home, and
remarked that was all the banking business
he wanted to do. He thus got interest on
$4,000, which. when gold was 200 per
cent. premium, brought him i'm S22 600 a
year for bis investment of 100000. That
was the way in which this national bank
system worked. In reference to the sup
posed redundancy of currency in circu a.
had nominally in circulation $760,000.000,
it had actually in circulation only $685.
100000, while before the war there was in
circulation. according to Mr.. Chase's esti-
mate. $477,000 600, including specie, and
the country was now doing three times as
much business in cash as it die before the
war. He believed that the country could
bear a Thousand millions of circu-
lation. If that should prove to he
at any time redundant, then that por-
tion of it which was not needed for bust
ness purposes would be brought to the
Treasury and exchanged for bonds. and
when more currency became needed the
bonds would be brought back aud ex-
changed for currency. this currency to be
in the legal tender currency of the Govern
ment. This would enable the Government
to reduce the interest bearing debt to tif
teen hundred millions, twelve hundred
millions of which would be in five-twen-
ties. This he would have changed into a
long loan OF thirty years, or fifty years
would be better, taxable by State and mu-
nicipal interpretations. He was not for
this generation paying all the debt; he
thought it had done its share in contract
ing iJ. [Langhter.] I5 had been contract
ed with the loss of the best blood of the
country, in sorrow and in travail,
to save the Government for pos
terity. 1t was not fair that this
generation should have all the burden
of the struggle and the agony. and have
the over taxation at last. Ifthe bonds were
taxable at home and not taxable abroad
they would range much higher abroad than
at home and there would therefore, in case
OF commercial crisis, be little danger OF
their being sent back. The gold certiti-
Gates of the Government were actually al
a premium over gold IN the markets of the
world. showing that neither the ability nor
the willingness of the country to pay its
debt was doubted. There was no doubt OF
their being payable in gold, and therefore
they were at a premium over gold on ac-
count of tIeir being in convenient form.
But five-twenties were not payable iL gold
and that was the reason they were ruling
at their present figures. The ten-torties,
which have only interest were selling al
only one or two per cent. below five-twen-
ties. The reason for that was that the
principal of the ten-forties was declared to
be payable in gold"
Is it probable any National Bank in this
city would now help run across from it tc
an opposite building a strcamer with ''wel'
come to General BUTLER" painted on it ia
huge letters?