New-York tribune., 1867-10-18
THE CURRENCY QUESTION.
ANOTHER LETTER FROM GEN. BUTLER,

mens OF that letter therein characterized as want
ing sadly the Ingredient of TRUTH" and W. f. promises
TO make this apparent" The matter which W t. con-
troverts is the following: ..,
principal PAYABLE gold taken ani so paid When
gold nothing TO the currency which the principal SAs 10 10
This i entirely msstatem.ut The t 30 loan authorized
90 90 were issued principally through the Banl and far from is
being tue that PnPa END @ tt s Tets sS n, %sd ps o & R
ing that either principal interest should be paid u g g ana N pom.
paid COIN and e notes at I,.. ssIs exchanged Tor eA "
Let us examine the "ingrcdents Of truth" in W. Els
statement The first 73O loan was not authorized by Act
Of July T. 1861 for oU and I9at tI Act 8%tnorAed
Stock per cent redeemabe after ~ bEoOOOVoO
Stock per cent. redeemAb Aer ~ years equal to par Tor
Stock per cent iecel6e years payable 10 Ba.
Treasury notes 10 per cent, edeemnbe as'Jen
Treasury notes eslC reieenable year. convertible
Demsnd notes issued as money less than ss
T,s.n, notes er cent PAYABLE within u mcrihs 100000
The whole amount Of stock, Treasury notes and de-
mand notes, not 10 erced <2OOO except tne per
cent notes left which to be used colaerals for
temporary loans aud meant TO legaize what the
Secretary had already negotiated.
W. L. asserts there was only one Kind OF loan author
Ted.
You see do not trust to usually retenve memory"
but write with the figures before You VIII also see
that of these kinds Of security only one was at $50
interest to vii Treasury hSies o, o. al 1s dc nfTe
"a,
and principal payable in gold because that was me 9,y
currency lien khown as standard OF egat tender aooee
Is 10 The lars Of The United States Therefore II Is an eva
sion to say that there nothing said about the cur
rency which the loan payable IN the act thee was
contract in relation 10 its payment III was taken y
the public In gold, aud by the act Of August ls1l aae
convertible into per cent 2Oyear stock o6l 6 AZ tne
Let me also remind W. Eor rather, tell him what per
haps he never knew-that lin May, 1862 American gold
sold in NcwYor 1884 United States SO notes for 1863
and 1861 for lO5 So That the 70s were then payable
m the option Of tile holder at per better than gold
4 will be See letter
lines stated fact the details OF which have taken TINS
TO explain to any obtusc mind did not
therein refer TO The whole OF uy 1851 but only tho
part 5OOOO issued in August The statu. OF that put
correctly ana again rcerate IL payable In gold taken
gold and paid in gold or its equivalent at the option OF
the holder. - ---... ID.
W. f. speaks Of the whole loan OF s25oooooOO at
7.3O and bunders at every step. Nay more he says;
only about Of mat c loan a were dS eG 6 m wa
issued see Secretary ChaseS reports to Congress In 1901
Again. W. T. replies 10 my averment that the act OF
Congress provides that the interest OF the go bonds
should paid coin while IL does not so provide Tor the
The re%anr scarcely more correct The FveTEen,y bonds
the interest made payable IN god he
noting s 1 q; The .lIs & = Sa ssDs s cou P np 1 h Ss %
tary OF the Treasury power Issue 45oQO Of fyeI~euV
bonds & PPi . s , o 4. 20 of M afsirae ch su Butler draws
from BIS % %a'%ss . 's sSs Ssis s. Rs 1o,1's s,, was ps @ Il
gold therefore CosUe'' ineaied ths' TIE pn,P' ssoa b. be
re he principal AMI aud identical ih that hed as 70
ali oans to be m the organization o. The Government up
to the date ons; hal vay been Che practice Of he Coer9.
terio oaling any he policy II The Government n that
that departure from erng eaon 'hoad hA's been e1pe'J
Now the "incrcdient truth" wanting in this statement
OF W j. is The of the phrase in thls section, which
alone alone toIeIs 60 I'Is coo COO of 20 5odS not word - aid
as 20 either principal Interest being PAID in CON- con
vcyiue Thereby tic idea % tho mind that nothing
said I'M the whole act as to the money n which the inter
est and principal Of those bonds should bc pad Docs
not s,,rv one understand " L. 30 to mean aud 40 70
I1Itog sf
be uuuteutiOnl bcCuusctO vital 10 his whole argument,
~ Lc vhoIIy usory and calculated 90 m.lcad aud De
cciye to The facts. shall bo pudoned u take no FUR
thcr notice OF 20 dsngenu0us an opponent.
will state precisely a far material the provisions
~ the art al fcb 9s 1852 (which before me as wrtc
and the business community shall judge oi the accuracy
of tbe Information given them by secOnsttuled adyO-
cato of the nposon OF "a bond payable IN gold whore
payable IN currency only was issued ly tho hfst
Tb serriary Of the Treasury suhoei % i'ue he credit
Of the United STATE, SlSoe9W @ l.iel se.,' PIE. lo s,a
notes herein author % A be Iee 10 ~ & t,I1' s,ss M
o. tie United states 81 ols and ~aas gsasf ~ uie
slai.' e e. s.y l@l @ & S' ~ % All be- F., I'p o.y s ,ss
tencr payment Of all deb' ab sn pr'ai@ within th' Unsd
Tie rs 10 be eI1hased Al tse pleasure b- holder. r registered
or. or e9ggSn S. S Si b " a ts si state, sa sys ye
da lhre noies r,',h.e sls s'ao =, a. t o. ~ ~ ' W m
'V ,ncrcs having thus in tie first section provided for
currency for the United States fry equal in amount 20
m then i'm circulation made 10 "lIwful money ana legal
tender for all demands whatsoever against the UNIFIED
Stcs except Interest and duties And made the ntcrrst
OF aH bonds payable coin and n nothing clc also pro-
vcd FOR the issue OF SliO0oJoo O $40 bOs FOR which
these notes might be cXchanr- -d q, coin.
The second section eracts that " TO enable the Secretary
Of Treasury 10 fund the Treasury notes and oang
debt Of the United States he Is authorized 20 issue not
exceeding s50oOooo) of ax per cent bonds, rcdccmn
bic at pleasure of the United States aier hyo years ana
payable at % years after datci which * the beginning
and basis OF the $40 bonds under discussion IL IS true
that this second section does not say In what the interest
Of these bonds shall be paid because that had already
been provided for Ia the QlSt section; nor IN what cug
rcncy the pnuc pal Should De pu hccause 10y thc same
first section "lawful money" established, which
should be receivable ana legal tender Tor all claims
whatsoever" GOainSf the United States.
The same act III the same breath OF the law-rnakng
cares the one shall he receivable and eAchngeabc Tor
the other except for interest which shall be PAID III cO
and makes that currency lawful money for ALL as well
the citizen the Government.
What then shall be said Of the oandor, or rather the
want oft, n W. T., when lie charges mo with nlsstao-
nent In saying that the act which provides for the $40
bonds made the interest payable ~ coin, ana said nothing
tho currency In which the principal might DO paid,
what Of his endeavor to deceive the public in vital
point by quoting single only section Of the Act, leaving
70 be Inferred ana virtually saying there was no Vler
section bearing the sniJectatter IHs Act there
ment proposed the loan. The lst Section provides the
currency which may thereafter be used by the Govern
pTiVse is et The he'd I'd section offers the loan receivable aud
payable in the money thus provided except Interest No
agent Of the Government Secretary OF the Treasury
other person has any power 10 alter or change In any or
its parts this contract thus proposed.
E's as the one wanting the "ngredent TRUTH"
Why he misled you. Mr. Editor, so far In mistake
law and fact that In your editorial you good ma
turedly excuse my supposed want OF accuracy saying
that il will be that Con Butler apparently rely
ing on usually Tccntive memory, has fallen Into sOmo
serious 10 the law wen as the facts bearing
upon the question, and that 80 far any presumption
aeanst the payment Of the principal In specie Is raised II
sed with reference 10 securities when BOt oven no
preends 20 question, well as against the nyetWcntcs
You might have reflected Mr.. Editor that lawyer IN
argument never mis-wrtes or misqu0tes statute. We
arc trained against that because have always an Op
ponent on the spot expose bundcrs. II Is only tho
outside barbarian" who does that lie thinks ho Will
not be caught and therefore may do 1t safely.
Now the last part Of your assertion that all Govern
ment securities a. c. those issued before well those
issued after the Legal Tender act except where the prn
clpa and interest expressly both made payable In
cold as in case Of the lOiOs stand like basis with
Inc 2Os as 10 the currency In which they payable Is
most true BY the letter OF the law they do All de-
mands whatsoever, against the United States except in
bnu nd