The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-03

such reconstruction will be complete and
natural and will establish national peace and
safety on sure bases. Up with the standard,
then, for Grant and Sheridan!
A Radical Chief and n Radical Organ ON
Our National Finances.
We publish in another part of the HERALD
letter from General B. +. Butler defending
himself from the assaults of the Tribune for
the views he expressed with regard to the
national finances, together with the rejoinder
of that radical organ. Whatever may be
thought of the military capacity OF the Gene
raj, there can be no doubt of his ability with
the pen. The Tribune philosophers are no
match for him. He is clear and logical; they
are confused and US muddy as the waters of
the Mississippi. In fact, he has demolished
their Misrepresentation and absurd theories.
The Tribune is greatly distressed to see one
of the most prominent men Of its party take
such bold and broad ground against the finan-
cial policy of Mr.. Chase, its candidate for
the Presidency. Hence its efforts to whip
in the refractory General. But Butler is
not such a short-sighted and superficial
theorist as those are who assail him. He has
more comprehensive views, and sees the future.
He sees that this subject of our national finances
is going to be most important one, and that
the mass OF the people will not submit to be
robbed and burdened beyond measure by the
Chase politicians, by Jay Cooke and that SET of
Treasury vultures, and by the national banks
and bondholders. More far-sighted than they
are, he is casting an anchor to windward.
The main question at issue just now between
these radicals is as to the liability and policy
of the government to pay the principal OF that
larger portion OF the debt known as five-.wen-
ties in gold, although General Butler took
holder ground previously against the ruinous
theories in general of the Tribune, Chase,
McCulloch and Jay Cooke financiers. General
Butler shows clearly there is no obligation on
the part of the government to pay the principal
Of the fve-twenties in specie, and he argues
rightly that they should be paid in currency
as soon as possible in order to relieve the
people of their heavy burdens. We need not
recapitulatc his arguments here, as they may be
seen in another part of the paper; the Tribune,
being defeated in its argument, and being
compelled to give up virtually its poilt "a 10
the legal obligation of the government 10 pay
the principal Of the 6ve-twenty bonds in gold.
takes another tack and argues that there is a
moral obligation to pay them in gold Shylock
must have his pound Of flesh whether in the
bond or out of the bond, he will have IL. Yes.
these Chase radicals and national bank cormo-
rants will squeeze the likelihood out of the
people, though there be no such agreement in
moral obligation.
Let us see what is meant by this moral obi
CATION. Is il an obligation based upon eqniva-
Tents s-the law of justice strictly! In most
civilized countries there are laws bearing upon
transactions between individuals TO prevent
usury, ex,ortion and oppression. Besides, the
moral sense OF mankind revolts at the usurer
who takes advantage Of the distress OF his
victims 70 extort forty, fifty or more per cent
for the accommodation he affords. Shall the
overburdened people OF this country pay hun
dred dollars in gold for every ffty or sixty they
received without any legal obligation to do
SO. Are they TO pay in specie that which they
received in paper, and double or so the
amount, when neither law nor justice calls for
it, Justice is REPRESENTED az holding the
scales evenly balanced, but this would be
queer sort Of justice-all on one side. The
Tribune writer talks about paying bushel Of
oats when We agreed to pay bushel Of wheat
a. being q breach OF contract-meaning, OF
course, that the government agreed to pay in
gold. There was no such agreement or under
standing, as General Butler shows, in the case
of the ive-iwenties. Mr. Stevens, the chairman
on the Committee on Appropriations, who re-
ported the bill, expressly said so and The fact
that II is not stated so on this class of bonds
while II is on others, shows 1t was the intention
TO pay in currency If the government should
think proper to do so. Suppose we take the
standard OF prices Of wheat, bacon and other
provisions and articles Of consumption at the
time this debt was contracted and pay upon
that basis. Would that suit the Sbylocksi
No; they would not agree to such a settlement
for they would not get more than the present
currency value OF their bonds, II as much
They want the pound Of flesh, though their
victim may bleed TO death. They wan. sxor.
bitans usury, even when not legal.
The very men, the very party, who brought
this enormous debt upon us, now clamor for
more and heavier burdens upon the people
Had Mr.. Chase, who Ia the head and front Of
them all; acted with judgment and patriotism
he would have saved us from our present snan-
cial troubles. 10 the early part Of the war
MOO " s-.4. - sssrystxx y. SIC LEsssury t0