Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1867-10-04

Below we give the letter Of cen. Butler on
the National Finances, emitting few Of his
introductory sentences The leter is prn-
oipally intended 10 "yen;ilate Pendletous
plan OF issuing legal tender notes and fore
ing The holders 81 b uds % take them instead.
uen.iAi ief SAY rs .mm srr sss sA
aIy Aproposiion is -thhs, t,e &Gevernment
shall offer ID tie country new loan, secured
~ interest in currency bonds payable at long
d.ie, to which all future issues OF Government
loans shall lie assinilated so as 70 rnahe one
class Of Goserame 1T securities only, instead
OF the nineteen different classes We nave now
and wish he proceeds OF such loan pay off our
highest class Of interest gals. bearing bonds
as they become due no, % increase. and there
w depeeeiatc, the currency but render the
currency ana ctedit Of the Government more
stable, and therefore, ali the more valuable,
BY reducing debt, by reduction of interest
and increase Of taxable property, causing our
loans 10 he taken uisinsonr own country, so
that We may not be obliged 10 pay ributc to
Foreign cnpital as we now DO. al Il rate Of in
tosest exceeding three times what they charge
their own Governments.
To tic assertion Of your correspondent that
"a dollar is a dollar containing twcniy-four
ana three quarter grains Of gold. | answer
that the value of that dollar, both in silver
and gold, has been three times changed by
tie Government, and that dslar in silveror
dollar in gold now is not worth so much as
the early coinage to say nothing of the legal-
tender dollars.
To the assertion that by this course the
public creditor by fvc-twenty bonds is injnr-
ed, | reply that propose 10 Pay him, when
his obligation falls due, in precisely tie same
currency or money which the eGovernmentshas
provided for eveayso her creditor, public or
private, TO he paid in, and that which it is de-
clared, upon the back of every legal tender
note he may be raia in the best and most
valuable money which the credit of the coun-
Try can sustain, bearing relation to day Of
gold as lt3 to 100 while the money that these
Five-twenty creditors lent the Government.
(bcng the best which the then credit of tie
+,
gold as $50 and aS5 10 loo. Ii the Govern
ment pays them in currency from 80 to 100
per cent, better than they lent the Government
of what have they,to complain, save that the
Government will not tax the people to pay
them a usurious share or, in other words
will not tax the people to enable the capital
st to make speculation out ofthe war nec~
essities Of the Government
History tells Of no Government which has
yet paid its creditors all they loaned to it, and
thus made them whole, and doubt whether
good faith, good conscience or equity require
this Government 10 pay its creditors three
times what it receives from them, with inter.
est at six per cent, on the treble amount. OF
course, II any contract 10 do that be shown,
the Jew shall have his bond, bat not one
irop of Christian blood S#8SN
1t is not true that haveSs'called for the is,
sue Of any more legal thender notes" ssEe TO
take the place Of bank notes Withdrawn from
circulation, and thus save the people the ins
tercst thereon. do not intend to argue the
quesuons-oniy TO correct Misrepresentation.
beg leave in closing to report that do not
propose to depreciate, but to enhance the val
ue of the currency-not to do injustice to the
public CREDITOR but to pay him according to
The. letter and spirit of his obligation and to
secure him from the danger of reputation,
which will surely follow an attempt at enforce
ment upon the people by their own votes of an
unjust and unconscionahle transaction under
the euise of a contract,
BENJAMIN +. BUTLER.
.s4efstss.r s. wmA ware u F-egm