The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-10-11

cifc argum mt of the Tribune, and,
therefore, refrain from discussing any
OF the collateral branches of this sub
ject saIiort,tcD
May | ask-as the question is one
of great moment to the country-you
in justice and fairness to give this let
ter thessa conspicuous insertion IN
the daily, weekly, semi-week1y IriJ-
une which you gave the attack?
Common honesty" would seem to
require this. -baG-
Very truly yours,
B. T. BUTLER.
9iIifsb1O1AAIl u 3IliFsnaYH
r. ply of Mr. Greeley to Gen. Butler
on Finance.
We print herewith a letter from
Gen. Benjamin T. Butler, explaining
and justitying his late utterances
which recommend the payment of our
national debt in natihhal paper. s We
beg the reader to note that General
Butler is a volunteer ia this cOntro-
versy. His views were elected by no
requirements from US, nor 1--WE be-
lieve) from any one. He must have
known before he gave them utterance
that they were such as we and many
1--WE think most loyal Americans
deem dishonest and regulating. Let
us briefly show why:
l. The United States, when their
national existence was in peril from a
formidable rebellion, imperatively
needed money-lmmensesu sums of it
sums which could be raised by bor-
rowing alone. So they commenced
borrowing, and were compelled to
borrow more and more for years, un-
til their national debt reached the
enormous aggregate of loverytwe thou
sand seven hundred and fifty millions,
whereof two hundred and fifty mil
lions have since been paid off leaving
about twenty FIVE hundred millions
still due.
2. In the dark days of our gigan tic
struggle, it was deemed necessary to
suspend specie payment and make the
nations promises to pay legal tender
cree universal forced loan, which
was swelIed at length to nearly one
thousand millions of dollars. Except
for certain, payments to the Govern
ment, this paper was thus made our
general currency. III IN
3. At first, this forced loan was
merely postponement of actual pay,
ment. That Is to say, instead Of real
cash, the government gave its SOL
diers, contractors, and other creditors
its promise to pay as soon as it should
be able. 1t was a case of qualified
national bankruptcy, exactly as when
a debtor asks and receives an extern
sion of the time of payment from his
creditors. The government issued
these paper dollars, convertible at
the will of the holder into bonds
drawing six per cent. interest in coin
This salutary and righteous system
should never have been changed !;
but, unhappily, it was. Had it been
faithfully adhered to, the debt would
have funded itself, SO fast and so far
as it should be funded, and we should
ere. this have returned, of course to
specie payments. The change from
greenbaeks redeemable at the holders
pleasure, 10; a treasury six per cent
bond, the interest specifically payable
semi-annually In coin, to q greenback
which simply, nakedly lied-being
redeemable nowhere and in nothing
was a deplorable, illustration of the
growing steepness of the down-hill
road. - ~ .tsiH :2.!
4. The, first greenbacks were fund
able at the holders option in specie
paying bond; those issued later were
fundable whenever the government,
victorious over its foes. should be
ready to fund. It was at first intend
ed to issue moderate amount only
but successive defeats, pressing emer-
gencies and imperative necessities led
to further and further issues. under
our greenbacks in circulation amount
ed to four hundred millions. :,
5. All this time the government
was borrowing all il. could get-often
to the extent of one hundred millions
per month. And we (among others)
were exhorting patriotic and thrift
citizens to. sell their crops their
stocks, their farms, and invest the
proceeds in the National debt, ex-
planning to them that they would
thus invest their greenbacks, which
were at first a fraction, but at times
very largely, below specie in value, in
securities whereof both principal and
interest we're payable in COIN Had
hthey not done so the Union must have
! perl> he'd. rsr
a. Ehe government emitted three
kirGs Of paper: 1st. Greenbacks, for
a tine not redeemed IN anything; I'd.
aBpnds payable in legal tender; 3D..
Bonds payable in specie. The inter
est on those payable in legal tender
G.55OOsl ,,wyIaas was generally higher than