The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-03-28
peas, Butler ora tne Finances.

WASHINGTON, March 16.--*
foresaw. or thought did, last summer,
that the country, struggling under bur
dc1 of debt and taxation, oppressive be-
To,d those which ever taxed any other
,o;;on. would be easily imposed upon by
any appeal made to prejudice, even to re-
nndiation OF that debt to get rid of the
taxation, especially if it could be shown
that there was in it any element of irregu-
i.ritv or injustice, either apparent or
-na, saw that the Democratic party of
The country 10 the great West was being
narshalled under Mr.. Pendleton upon the
,-oposition that the Government should
ssue sufficient number, say two thou.
sand millions, Of legal-tenders, greenbacks,
10 pay its entire interest-besripg indebt-
edness, upon the plea that that being the
money O! the people, 1t was good enough
for the bondholdcrs. sought for coun.
ter proposition which should take out all
seeming and actual wrong from the public
debt and be just as we'll to the bondhold-
ers, the creditor, as to the people, the
Debtor.
The law under which the five-twenty
bonds were issued clearly allowed them to
be paid in grcenbacks ct the option of the
Government, after five years. there
fore proposed they should SO be paid,
but not by issuing greenbacks for that
purpose, and thus depreciating their
values, but by offering new loan at low
rate Of interest, on long time, or'which
might be made taxable, and desirable
security because of its permanency, Oh
which the currency already issued might
be borrowed by the Government, and its
interest bearing securities at high rates
paid off according to their tenor-the
practical effect of which would be that the
holder would exchange his bonds becom-
ing due for this long loan, and thus the
country he relieved from oppressive taxa
ton to pay the interest, and the bond
holder saved from the danger of repudia-
ton.
This I advocated in the interest of my
constituents and the Republican party, be-
cause nine tenths of all. Of the bonds were
held east Of meridian drawn through
Lake Ontario, and three-fourths OF all the
votes on which the party must rely were
west Of that meridian, where there were no
bonds. If, therefore, to save the bond
holders of the eastern portion OF the Uni
ted States in not only their legal rights
but in what they claim their equitable
ones, the Republican party in Congress
had pledged itself to payment in gold OF
the $50 bonds, how could they have held
their voters west TO vote to tax themselves
TO pay the eastern bondholders for what
they, whether rightly or wrongly, deemed
an unjust burden? To prevent this COM
initial of the Republican party, published
my views in the summer at the risk OF
little more personal obloquy and calling
hard names, which hurt nobody.
The fact that the Republican party of
Congress is divided on this question, with
a majority holding my views, that the
great States Of Pennsylvania, Ohio, In
diana, and Wisconsin, have in their Re-
publican State Conventions adopted my
views in spirit and in letter, has Demon
Strated their eoiSdom, and forms the only safe
basis on aoiiCh IRE can 90 into the nert presa-
Qcatinl CQnUd5S.
Let me say to you, that so far from being
a repudiator Of the national debt, the
financial views | have put forth are the
onlv breaiwater between reputation ana
the bondholder; and whoever knows all
these facts as | know them, and does not
see il, is Is blind aS q mole and would be
ftlv represented here by dormouse.
Within year this will all be apparent,
ana when everybody agrees TO it, each VIII
wonder that they had not seen 1t before.
am 50 accustomed to have my poitl-
cal views accepted By my party and the
country from eight to eighteen months
after date that premature clamor about
them is but little annoyance.
advocated the emancipation OF the
negroes in August, 1861. They began to
be cmancipated in September, 1862, and
were finally proclaimed SO in January,
1868. armed the blacks in August, 1852.
The Government adopted the policy Ill
the summer of 1865. | declared for I'M
partial suffrage in the summer of 1866; 1t
became the creed of the party In the
spring of 1867. insisted on the necessity
Of Impeachment in the fall Of 1866. L am
now managing the trial of the President IN
the spring of 1868, and therefore have not
time to write you longer letter or more
elaborate.
You are at liberty to make such use as
Won like of this note; and believe me
yours truly, BENJAMIN L. buILhH'
E.,,.r,. LIAR BY A