The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-29
The Money Question in Congress.

the more deadly.
The Money Question In Congress.
The theory which Mr.. Blaine, Of Maine, de-
scribes rs sMessrs. Butler and Pendleton's
theory Of paying off the five-twenty bonds in
greenbacks," from the opening debate on the
subject in the House of Representatives, pro-
misses tremendous sensation in the republican
camp.if not o clean division between the ma
tional banks and bondholders on the one side,
and the bondless rank and file Of the party on
the other.
Mr.. Blaine thinks that the adoption of the
Butler and Pendleton theory, and he might say
the Stevens theory, of grecnbacks, would be o
violation of the plighted faith of the govern
ment, confidence game" utterly dishonora-
BILE, disgraceful and disastrous to the country.
Mr.. Blaincs remedy is retrenchment and
steady advance towards specie payments. Mr..
Butler, in reply, contends that by the terms of
the contract the five-twenties are payable, not
in coin, but in the lawful money Of the United
States. Every dollar Of the national debt
payable in coin he would pay in coin, but
CtCIy publiC WV SOuau CeSu uOs Poy oDAS -
coin he would pay in the lawful money of the
United States used in the payment of all per-
sonal debts.
This is the issue between the bondholders
and the masses Of the people. How it will be
decided in Congress we have yet toLearn but
redemption Of all those bonds, principal and
interest, in gold, will be disastrous to the
responsible party in power itneeds no prophet
to convince u.s. Ground was broken upon
this question in the late Ohio election, and the
remarkable popular reaction in that State
financial theories was but the breeze which
precedes the coming storm. We shall accord
ingly watch the progress and await the issue
Of this discussion in Congress with the deepest
interest; for upon this issue mainly depends
the issue Of the coming Presidential election.
Hniburd's Investigating Committee-More Of
Its Blenders.
Congressman G. T. Hulburd has not been
success as the chairman Of Congressional
smelling committees Every public officer
who has happened to fall under his censure
has, in the end, proved himself blameless and
come of with flying colors while every one
unfortunate enough to obtain his endorsement
has finally come to grief During the famous
Aston House session Of the last Hulburd COM
mittee in this city the revenue robbers held a
perfect jubilee, and swindled the government
on grander scale than at any former period
in their career; bat the members Of the COM
mttee remained in entire ignorance Of the
frauds, and Callicott and others were their
peculiar friends and advisers. The Custom
House had, however, attracted the attention Of
the chairman, and he set to work in the most
vigorous manner to fasten all sorts of corrup-
tons upon Collector Smythe. In the end he
proved satisfactorily that the Collector had
actually presented forty cents worth of candy
to member Of President Johnson's family,
and this recompensed him for having failed to
discover any of the enormous frauds upon the
revenue, amounting to many millions Of dol
lars, that had been perpetrated under the very
nose Of his smelling committee. But the only
result Of his crusade against Collector Smythe
was the triumphant vindication Of the COL
lector both in Washington and New York. the
merchants and importers Of the latter city
volunteering warm endorsement Of his
efficiency, honor and integrity As public
officer. #N
The late United States District Attorney, E.
Delaicld Smith, was another OF Hulburd's
intended victims In 1868 report was
made by the Hulburd committee reflect
ing upon Mr.. Smiths official conduct in
the Mercer coniiscation case. The report
was instrumental in preventing Mr. Smiths
reappointment to the Office. 1t now appears
that there was no ground whatever for Hull
burd's censure Of the District Attorney, and Mr..
Smith is fully indicated in his action. Hull
burd himself is impelled to take the back
track, and to declare that Mr.. Smiths "honor
and integrity" in his professional and per-
sonal relations" are unquestioned, and to
admit that the adverse report was based on an
ca parte statement alone. The omcnde comes
at late day, but Il is only another proof Of
the incompetency, prejudice and unfarness of
this Congressional Smelling Committee.
The Presidents Message on the Alabama
Claims.
We see by our Washington dispatches that