The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-12-05

ing guarant6eo IN gold, and tOthe im-
pfication that the five-twenties, by.
silence on that point, are payable il.
paper, Mr.. Blaine states, 40 4 fact OF
conclusive import, that when the
ten forty bill was passed only twen.
ty-fvs millions 3fthe five-twenties
had bren sold, aud had the 'construc.
ton Of Mr.. Butler. obtained then, not
one dollar more could have been dis
posed Of; for the people would not
have bought paper loan, when =
gold loan was about to be placed ON
the market. and urged their accept.
ance. Mr.. Blaine then proceeded to
argue atssome length the impossible
ity Of paying the five-twenties with
ont . reckless and boundiess issue Of
paper money, which would in the
end engulf ns all in financial disas-
ters with widespread and general
distress to all classes OF the commu.
nifty. Gen. Butler'sidea Of procuring
the means b, offering for sale q new
series Of currency honda would be-
found deceptive and delusive. The
Government would be in an exceed
ingly awkward solitude when it
should re-enter the money market
to negotiate loan such as General
Butler advocated, the avails Of which
were to be devoted to- breaking
faith with those WIN already held
its most sacred obligations but
the worst delusion Of this W hole
scheme Is that which terms the iex-
chaning Of greenbacks for bonds q
payment at all. It is no pay ment
ut all. II issno payment in any props
er sense. 1t mother gives the cred
itpr his honest due, nor does it re-
lease the debtor from subsequent re-
.sponsibiiity. You may get rid Of
the five-twenties BY issuing the green.
backs, but how will you get rid Of
The greenbacks except by paying the
goldY In conclusion, Mr. Blaine urg.
ed that the true financial policy 81
Congress was to move steadily, but
not rnshly, toward the resumption OF
specie paynaeits, and, at the same
time, 10 reduce our expenditures
within the. narrowest practicable
limits, Our whole annual outlay
Including the interest on the public
debt, ought not to exceed $225, OOO,-
600; but TO attain this we must rig
idly and severely economize; on,
military, peace establishments must
be cut down one hail, at least, end
al the leaks and gaps and loose ends
must be tapped up and stopDed.-
With such : policy steadily pursued
neither. our debt nor our. current ex-
pensss will be ,burdensome TO the
people, and we can at once have q
vast reduction in our taxation. Il
will, doubles, cost ussa vast deal to
pay onrindebtedness, but it will cost
us intellectually more not, to pay it
Mr.. Butler Rep. Mass replied to
the speech 81 Nj. Blaine He de.
clared the proposition which hs held
TO b that, by the law Of the land,
and BY the terms Of the contract, the
Fivs-iT Twenty bonds were payable,
mot coin, but in the lawful money
If the United Staaes. Every dollar
Of the indebtmentsof the u. s. that
was contracted by the act Of Con.
gress ,nsking it to be pay able in coin,
should be paid in coin, though it
should take the LAST dollar and the
lest row in barn to do it. But
every debt cOntraeted, NOT payablein
coin, shonld be paid in lawful money
OF the United States, such o. the
Government furnished to ito uitisens.
iandisuch ~ was now thcir only cur
rency. Referring to remark that
Mr.. Stevens had said he had not in.
serted in the Loan bill that the debt
Was payable in com because nobody
wOaad. suppose twas payable IN pa
per currency. hss( Butlsr) quoted Mr..
stevens ~ new saying that the rsa-
son he had not done 20 Wasi that no
thought nobody coutdobs, such fool
~ TO suppose the bonds were payable
in coin. Laughter.l ~ 70 the de-
clarations in Jay Cookies advertise
mont that the bonds weEe TO ~ pa;d
in gold, he declared that Aeedid not
acknowledge tho right o6sny broksr,I
either in or ont Of the Treasury. 70
bind the United States. lIftkocopn~
try was - BE- bound ~ thAA, why,
should il NOT also ~ bosnd' By tho
dietnm IN that sanls adveftissmsut!
thAt - nAtioaal debt was Q nationall
blssnlngf" ks6sseismaA DlaineD'
ha6 rsl6sred y Mf. Fsso1ndsns d.