The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-17

| General B. r. Butler on American rHnanee
| The following extract from letter OF Genera
BENJAMIN r. BUTLER, to the Evening PoSt, Will De
| read with interest. The owners Of the 2u Donds
are anxious to have the principal paid In gold
Governor PENDLEToN of Ohio, representing the
democracy and B. F. BUTLER on the other SIDE
representing the republicans, insist that the In
terest is payable in gold, but that the prlncipa
is payable in what is legal tender under the laws o.
the United States. There are other questions con
nected with the currency and the National Bal.ks
presented in the letter which are at present agita-
ting the North and northwest and which VIII
soon enter largely into American politics. The
letter will speak for itself:
| AT the time Of my reported conversation had
| not seen Mr.. Pendeton's views, and only o resume
| of them SINCE The difference between Mr. Fen
dleton and myself is radical and cannoe well pc
| overlooked without intellectual blindness MIR.
| Pendleton desires the Government, by an exercise
| of it's supreme power, to issue an amount OF lts
promises to pay on demand without interest lthat
is legal tenders) and force it's creditors by inter-
| est-bearinR bonds to take such issue In payment
OF course such issue would at once depreciate the
currency, and would be virtual reputation, Whlcn
nave not faYored, and do not favor, either direct
ly or indirectly. N
NV proposition is that the Government shall
| otter TO CQ6 country b ueM lOhu, oOSUO0 - AASS1
| est in currency bonds payable at long date, 10
which all future issues OF Government loans shall
be assimilated 80 as to make one class OF Govern
ment securities only, instead OF the nineteen oi-
ferent classes ne have now, and with the proceeds
of such loan pay off our highest class OF interest
old-bearing bonds as tney become due; not to in
crease, and thereby depreciate, the currency, put
render the currency and credit Of the Government
more stable, and, therefore, all the more valuable,
by reducing the debt by reduction OF interest,"
| = &c kow.
| loans to be taken up in our own country, so that
we may not be obliged to pay tribute to foreign
capital as We now do, at rate OF interest exceed
| ing three times what they charge their own
Governments.
| 10 the assertionof your correspondent that "a
dollar is dollar containing twenty-four and three
quarters grains Of gold" answer that the value
Of that dollar, both in silver and gold, has been
three times changed by the Government, and that
dollar in silver or dollar in gold now is not
worth 80 much as the early coinage, to say nothing
OF legal-tender dollars.
To the assertion that by this course the pubic
creditor by fiye-twenty bonds is injured, reply
that propose to pay him when his obligation fails
due in precisely the same currency or money
which the Govornment has provided for every
other creditor, public or private to be paid in and
that which it is declared, upon the back OF every
legal tender note he may be paid In, the best and
most valuable money which the credit OF the coun-
try can SUSTAIN bearing restion to-day TO gold, ls
IA to 100-whiIe the money that these fve-twenty
creditors lent the Government, (being the best
which the then credit of the Government could al
ford) stood in relation to gold as 200 and 2S5 to
100 If the Government pays them in currency
from fifty to one hundred per cent. better than
thew lent the Government Of what have they to
complain, save that the Government will not tax
the people to pay them O usurious share;, or, In
other words, will not tax the people to enable the
capitalist TO make speculation out OF the war
necessities Of the Government
History tells of no Government which has yet
Maid its creditors all they loaned to it, and thus
made them whole; and / doubt whether good
faith. good conscience or equity require this Gov
ernment to pay it's creditors three times what 1t
receives from them with interest at six per cent.
on the treble amount. Of course, if any contracts
to do that be shown, 'the Jew shall have his bond,
but not one drop Of Christian blood"
1t is not true that have SCALED for the issue OF
any more legal-tender notes." save to take the
plsce of bank notes Withdrawn from circulation,
and thus save the people the interest thereon
do not intend to argue these questions-only to
correct MISREPRESENTATION. l beg leave, in clos
ing. to repeat that 90 not propose to depreclate,
but 10 enhance, the value Of the currency-not TO
do injustice TO the public creditors but to pay him
according to the letter and spirit OF his obligation,
and to secure him from the danger Of repudiation,
which will surely follow an attempt at enforce
ment upon the people by their own votes OF an
unjust and uncomfortable transaction % under @ the
Suise of contract. BENZ f. buILEh.
WASHINGTON, September 12, 1867.