The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-11-02
GEE. BUTLER'S SCHEME.
What is IA Greenback= What is meant
by Paying a DOIIarF What Is n $50


From The AtitOdukee Sentinel.
General Buffers scheme is
simply this: To pay certain United
States bonds called . 2Os (that is, made
payable ut my time after five years
and within twenty years, at the option
of the Goverument,) in greenhacks.
/ This, he says, the Government has
right TO do, because it did not specify
In the bond that il was to be paid in
coin, and because 1t had made green
/ backs legal-tender between individ-
uWl citizens.
"Now let us analyze this legal tender
act. 1t provides that if A owes b 800
he shall be discharged from that obli-
CATION by paying b in greenbacks or
| legal-tender notes. Very well, what
| is greenback7 II is simply promise
of the Government to pay the bearer
SO many dollars. The legal-tsnder act,
therefore, does not consider B paid, for
II provides that he shall receive from
the Government a promise to pay him
and let a go free. A is discharged from
the obligation to B, but the Govern
ment is not. 1t has simply taken the
place of y and assumed the RESPONSE
bility to B. II b were paid by the
transaction, the Government would
owe him nothing. and the greenbacks
would be cancelled, else b would get
his pay twice. But the legal-tender act
does not once hint that the greenbacks
are cancelled IN the operation, or that
the Government is not bound TO pay the
promised dollars. On the contrary, it
is on the assumption that the
Government will pay them that B
is compelled to take the notes in
lieu of his claim upon \. II is un-
derstood all around that the Govern
ment cannot pay the dollars and take
up the greenbacks ut present. BUTT is
equally well understood that the Gov
eFnInent is bound 10 do so, and that the
faith ofthe nation is sirrevocably pledged
that 1t will do it as soon as il can; other
wise Treasury notes would not be
worth The pnper they are printed on,
and the Legal-tender act would be
merely an arbitrary enactment that all
existing creditors should go without
their pay. The greenbacks might be
worth something until all pre-existinH
debts were rubbed out by them; thence
forward all credit upon their faith
would cease, and they would be on II
par with Confederate notes, payable
six months after never.
"B may procure discharge from
| like obligation to G by rendering him
| the same notes, but c is not paid, for
the same reasons that B WAS not when
| he received them from A. The Govern
ment has assumed BIS debt 10 G, just as
It did AS debt to b. B is now paid,
because q has advanced the tangible
value for the Government and taken its
obligation to pay. Thus the greenbacks
may go on through the whole alphabet,
no one being paid when he receives
them, but only when he parts with
them for value which the next man
| advances for the Government. The
| Legal-tender act, then, only enforces n
constant shifting OF obligations against
! individuals for obligations against the
| United States.
Now let us return and inquire what
| is the nature of II tive-twenty bond? 1t
| is simply promise on the part of the
| United States to pay the holders so
! many dollars. What is the meaning OF
the word dollar ns used in the bonds?
| General Butler says ii means green
backs-a legal tender But what is IL
| greenback-a legal tender? We will
take one from our wallet and read.
Here il is:-'The United States will pay
the bearer one dollar Mt the Treasury
in New York That is the dollar
which General Butler says is promised
in the Uond-nOt the dollar i'll the
Treasury In New York, but the bit of
paper which promises the dollar. a
dollar, says General Butler, is the
promise of dollar! And he calls On
this great nation to stand up before the
nations of the earth and say to its cred
| itors, That dollar / promised you was
only the promise of Il dollar-certainly
"a dollar is nothing but the promise of
uOtIdTi take IL anu beSOue! Au III
dividual who should attempt such
trick would be called by every one Il
contemplate sneak and scOuudrel.
"It might be expected that the credi-
| tor would ask who is to pay this last
promise? According to Gen. Buffers
scheme this Is never to be paid; it does
| not need to be paid; it is its own pay
ment. The Government has the right
to rulhu one promise with another of
the same kind which is not to he full
| filled II the second promise is to be
fulfilled, how is II TO be done? II 1t is
by a third promise of the same kind,
what better is that than the first or
second promise? II it is to be paid in
the thing promised, which means GER
tain quantity OF gold or silver, why is
il not as well to pay it on the first pro
mise as on the third one, provided the
creditor will wait equally long for it E?
The question involved in the Butler
scheme is not as TO the time, but
as to the manner of payment
not whether it shall be made at
the end OF five years or TWEEN
ty, but whether IL shall be made
in the thing promised or in another
promise of the same thing. Suppose "a
man owes Genhral Butler dollar, and
the General asks him to pay IL. He
says, Yes, / promise to pay it, lie
asks him again. Again he answers,
Yes, promise TO pay it, lie asks
him the third time to pay him that dol
lar, He answers the Third time,
'Yes, promise 10 pay you THAI dollar
The General replies with some warmth
Then pay it now The creditor re:
plies, My dear General l have paid
YOU / have three times promised to
pay you, and is not proiuise OF pay
ment Il sufficient payment? Fray, sir,
how many promises do you think It
tnkes to make n dollarP Probably the
General would boot the fellow from MS
presence, and never ask him for the
dollar again, and take good care that
he never owed him another. And yet
General Butter calls upon the Govern
ment of the United States to do this
very thing with its creditors.
"But General Buffers scheme not
only proposes to redeem one promise
with another which Is never to be re-
deemed, but to redeem promise which
draws interest by one which does not
draw interest. To illustrate this, we
will suppose that General But
Ter holds a note against Charles
summer for one thousand dollars,
interest payable in two TO hve
years at the option of the maker, pay
Il BILE semi annually. The two years are
| expired, and Mr.. Sumner goes TO Cen
| eral Butler and says-'General, l am
| tired of having interest on that uoie,
and wish 10 pay it, General Butler re-
pIies, Very well, you have right to
| tnke itup.' Mr. Sumner offers him his
| own note for the amount without lnte-
raSt The General says to Mr.. SUMNER
/ Il have your promise TO pay already.
| II Won wish TO take up your note pay
me the money! Mr.. Sumner replies,
! General, j did, indeed, promise to pay
| Won SO many dollars, but you kno
I oil US Y g.