The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-03
ButIer ON Finance.

from the New York Tribune, October 81
We print herewith letter from General Benjamin =.
Butler explaining and justfying his late utterances,
which recommend the payment OF our national debt IN
national paper We beg the reader 70 hoe that General
Butter is volunteer in this controversy. His views
elected by no requirement from US nor I've be-
lisvej from any one. He must have KNOWN before he
many I'VE think most loyal Americans deem dishonest
and repudiatins. let Us briefly show why
/. The United States when their national existence
was 10 peril from a formidable rebellion inperativeiy
needed money-ilnmense suns OF t-surns which could
rowins and we're corn sled 10 borrow more and more
FOR years. until their national debt reached the enormous
aggregate Of over 900 900 whsreoi 500 600 goo
havef since been Paid on leaving about 500 0OO 600
still due
q In the dark DAYS OF our gigantic struggle il was
deemed necessary To suspend specie paymen aud make
The nations promises legal tender for their face:
In other words 10 decree universal forced oaD which
was sweled length TO nearly ST. 900 COO 00c Except
Tor cor pay uents 10 the government this paper was
shns made our general currency.
pnent actual aymeot That s TO say instead Of
cash. the government gave It's soldiers contractors and
other creditors ns promise to pay 80 5000 as !,
Bankruptcy, exactly when debtor asks and
receives an extension OF tho time of payment
from his creditors Tue government issued these paper
dollars convertible at the will the holder bonds
drawing per cent interest In CON- This sGiutry and
righteous systom should have been changed but,
unhspply IL was Fad IL been faithfully adhered Co.
tbe debt would have funded ITSELF fast and far
Il should be funded; and We should. ere this have
returned Of course 10 specie payments. Toe change
from grsenbacks redeemabe at the holders pleasure in
Treasury six per cent bond, the interest specifically
payable ssn-snnuay In coin, TO esnhack which
simply, markedly lied-being redeemable nowhere and In
nothing--wss deplorsbe illustration Of the growing
sespnoss OF the down hill road
The nrst greenbacks were fundable At the holders
option IN spsciepaying bond: those ssued later were
Toes ssssld be ready 70 fund IL wss al nrst intended
% issue moderate amount only but successive dsfsas,
pressing smsrgencss and imperative necessities led 70
further and further esues until greenbaeks In crcu
lailon amounted 70 $500 000. 900.
.. All this time the government was borrowing all u
could getoen the extent Of 800 000 600 per month";
thrifty citizens 70 ,sl their crops, their stocks,
tlonal debt. explain ns 70 them that they would
thus invest their Fr.cebscks which were at sG rac-
securities whereof both principal and interest were pay
able In coin Had they net done - the Unisn must
q. The government emitted three .knds OF passr-i
Greenbacks, for time not redeemed In anything; q
Road: payable n lecaI tender; Bonds PAYABLE In spe
(sssen hties wss generally higher than that bonds
payable In spsci. Iaystwonties and ,safortes) And
a. 20 BY tie fAes that they would have the
optlsu al maturity Of converting them into
nions Of bonds drawing seven and three. enths per
interest have thus both before and AZ maturity,
ben converted mo o,ss.sn ns sr.ss ~. s per
says the sossrnnsnt may nov josahao'y pay on Ia
!. Il seems clear % our mind that the government,
IN borrowing mopsy, incurred obligation 70 pay and
saat the snouns thus contracted TO pay could not be
would be- saying that might ny yaMeyer
amount u should see 1s 70 pay. He who
covenants To- pay 1000 does not covenant TO
pay merely whatever may choose 10 consider Tor
makel SIC. 600. but dennIte amount Ard when Gen.
sra Butler proposes that the government shall pay It's
coin debt IN grsepbscks and Mr.. George PendletoD
improves on the BY urging 600
more grecnrsc<s ~ issued, and ali funded debt,
uhether had o. home abroad paid on therein, that
the holders hsrsv should ihencsforth receive from the
Treasury DO ntcrsss MISUNDERSTANDING At all but bare
faced Ice, not worth dine the dollar-t seems 10
1oUfca IN
rcsre<isbie Ven General Buffers II 10 psrps-
trats Eeknnc pste nal villany let DO for something
4 We believe there are record specific aud uns
uuvocs piodgns 81 The the principal
we'll "a tbs lrterest ~ s hvetwsnses should be paid
IN com - maturity Tut this Is not udsioraL A man
who ncars obliess n morally bound tsays Paley)
" asohsrss that pb son ~ hs supposed he creditor