New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-07
RNmAM

omitted allusiOn TO the latter two items TO economnS
your space they had possible bearing upon tho
question dispute which had reference only TO the fss
notes So much for that item. which Gen. Butler says
cost him one page to explain TO perverted MUD"
Let approach the more important subject OF the
dyetweny bonds My position this: that the Cow
eminent IL bound by every consideration OF honor and
good faith TO keep its contract with the public creditors
according the understanding Of both parties al me time
the contract made. which was, that the principal ana
interest of the bonded debt Of the United states should
be payable in coin 1 adduced proofs which seem 10
satisfy Gen Butler that the Treasury Department has
never considered that the provisions OF the Legal Tender
act intended 10 apply to the bonded debt OK tho
United States. mentioned also various facts TO show
that the Congress which passed the act held TO the Same
view. In his reply, Gen. Butler. as there is no ether
answer that no can make. falls back upon the
language OF the act, and me Of disngenuOus
ness in not quoting it at length spoke Of 1t in
general terms the "LegatTender act" supposins
that as It's purport had been printed ON ths
back OF every greenbsck in circulation for the past Se
years. the public might be presumed TO be familiar with
It's terms freely admit that the language OF the se'
technically covers all the debt of the United States COO
traeted prior to The whole drift OF my oommunca-
ton was 20 prove that whatever sdid this wac not
meant and that nobody thought OF such thing-unh
the first issue Of five hundred millions had been sold
will 20 further and admit that with legal claim 50 per
feet that even the acute vision OF Gen. Butler can SEE
it no lOOphOle or escape, the nOiuer OF aNV'eih"N
Is entirely at the mercy Of his debtor IL the Govern
ment refuse 70 pay him he IA without remedy lie csnnV'
arrest the nation and put it In jail He cannot attach Nv
property II ia purely question OF national honor "a"
good faith Therefore 1t Is that In all ciViIed oo"n
the national indebtedness Is considered the highest O
OF obligation. The public credit IL TO nahon "''1e
breath Of It's life. The who would cast Suspicion On
1t is public enemy Gen. Butler says that he do'' n
discuss the moral considerations" He knows very VIC"
that In that court he has no case.
Let us inquire further as what were the n'enuo0s
the "law-making power" Ipropose 10 quote io'H '.~
debates, assuming that the members who made u s
knew what they meant by 1t. IL Is to be remem'o
that the primary object OF the bill was to author
issue Of one hundred and fifty millions Of gresnoAeN
and TO make them legal tender To guard them ssa
depreciation q loan bill was attached. providing 'nSs -
greenbaeks might at any time he exchanges a. 20
$40 bonds IL considered that tho gieenU ~
should be In suficenb excess to cause dsRresAsu
opportunity To fund them In esiepayn6 osnds IN
absorb such access and keep them at or near par,
this light ask the attention Of your readers !" ''
passages from the debate. Mr.. Hooper saia
1t ia now proposed this bill 20 limit The secie. 70
par for ak per cens oonu "a. Il IL believed thes
there be nothing more secure tnAs te1 az 10 the
thus become, ~ IL WERE q standasa oi 'aus q"
currency" -.
In his letter 20 The TRIBUNE, Gss Butler stated
when the $40 loan was before Congress Judge s sni
Ing Of OHIO asked MT ssT So Sted t. il the prine
mi Of these bonds wss payable ia gold as wen ,nSpsl
teresti To which Mfr. Stevens replied that 'he p
The following extracts from his speeches WIN g.,
what MI. Stevens, Chairman Ofrhe Committee ..
and Means (o, on Approprtations), did say 49,
that the greenbscks wodd soon be presented i0f
| Ing. Mr. Stevens said - a.-
20" Ao,a, IN mser', safe unproductIyo u serS
,urharce Where oouii they nyestut In unitea he
t .t az psr cent Fedeenabe in gold In 40 yess
nest and nost valuable permanent iaVestmens 'ns''
! be desired"
MIR. Stevens again ssys .,..o
"But widows and orphans are Interested so' T"