The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-08
POLITICAL INTELLIGENCE.
General Butler in che Field for Re-electiou.


GSpeta, P"Hsi. va v.si.-as Ie'eer W Ohafles H.
Howard editor OF local paDer " Buffers district
in which he announces himself a candidate Tor re.
election. There will be powerful influence brought
not only to defeat his election, but to prevent his
nomination by the republican convention. His rival
will be General William Schouler, whom Butler had
removed from the Adjutant Generals Ofice here on
account, as was alleged OF writing letter against
the Big Bethel hero when he first became candidate
for Congress. Buffers letter to Mr.. Howard Is as
follOws:-
MY DEAR sIR-ro your inquiry whether propose to be
ss ms With which ee19h e ~
Fifth district, believing that have faithfully and earnestly
5sseps.iys during n: they viii nd |.
0 OF ssa Gs this very OF
effort try to do all that protect their rights and
the immediate future as most perilous, and the
trough sns he %a % S e
vigor and promptness.
service which st detain here to come home and meet
my SUI report to them my acts done in their be
OF power 10 all men under the government truly
Speech Of General John M. Palmer.
In speech delivered by General Palmer at Jack
sonville, ILL.,, last week, the currency question, the
public debt and negro suffrage were referred to as
fOOws:-
THE CURRENCY QUESTION
will be settled with Seymour. Suppose we do not
have war; He says that this greenback system Is a
most villainoQs outrage And let me tell you when
you start out evangelizing among us poor black
republican heather" you ought to bring us evidence
that Seymour has been soundly converted. He has
not been. He opposes your policy more bitterly than
the republicans do. But you say he has agreed to
take your platform. That may be So He may ac-
tept II without surrenderng any secret expressed
OPINION IL does not mean anything. 1t is the most
harmless platform on the currency question that
could be desired. You may retOrt, What do you
meanY and answer let us have peace, for we can
not In any manner dispose OF the public debt without
peace. we are now paying immensely, because bond
holders at home and abroad are apprehensive that
we cannot pass through this Presidential election
without blOOdshed.
WHAT WILL FOLLOW DEMOCRATIC VICTORY.
,o the democratic party trumpns civil war will
desire that it should be safe. Your credit is down
because OF the uncertainty created by the nomination
much they will take for their bonds If Seymour IL
elected and that Immediately after his installation
ne VIII order the army to break up the State govern
ments In the South. Would you want any Of your
public securities. greenbacks or bonds under such
S circumstances You know they would be valueless.
The currency would go down to the point reached in
1868 and 1854. We must have peace, because the
debt must Oe paid.
THE PUBLIC DEBT
repeat, now do we propose to dispose OF this sub
lectY know OF no better way OF answering 1t than
by asking a question OF you How do you provide
Tor the payment or your private debtSY You become
more Industrious more economical, and when you
get the money you pay them. That is our method
Gratis prOposeP They say that they propose to pay
by some sleght of hand arrangement and the use Of
greenbacks. Their platform commits them to
nothing definite, nor do their party leaders mean
anything in particular. 1t is easy enough to under
stand that Seymour and his friends not to be re-
b9ked Tor advocating the rights of The bondholders
Of New York and that the Western democrats are
permitted TO talk semi-repudiaton here. They give
you some words in the platform, but they took good
They thought probably thai Pendleton was
In earnest that he believed it, They knew
seymour did not, and therefore determined
TO keep the management Of this question
In the hands OF men they could trust. The plat
form does assert in substance, that the bonds are
as a matter OF law, payable in lawful money That
is true enough-gold, silver and treasury notes.
They are all lawful money But they say at the same
time that they intend TO appreciate currency and
make IL good. They VIII pay in greenbacks, but
they will first make the greenbacks as good as-gOld
II they do that would like to know how much the
bondholders have lost, and how much Is gained for
the people, 1t Is all humbug and nonsense, intended
only to do evil. What would be the effect OF the
policy OF paying our bonds in Treasury notes II they
did mean to do ii? Mr.. PendletOn, in late speech,
said there 81 roo 600 600 ve-twenty bonds and
he proposes to pay them by issuing Treasury notes.
There Is now about $3.50, 900, 900 of Treasury and
national bank note circulation. Issue 700 600 900
OF Treasury notes, add to that the $3.50 900, OOC
of other circulation, and we have 81, 300 600, OO(
OF circulation In this country, nearly three
times as much we had during the most in
Hated period OF the war; That is their proposition
clarng that hereafter the nve-twenty bonds shall
bear Interest," that they shall be considered as due
and payable at the end OF five years from their date
and that they shall be legal tender for all debts
public and private. Do that and the Rreenback
theory IS accomplished. The Chicago Times last
winter before II was converted to the PendetOn doc
trne, described the effect Of this The editor said it
would produce universal bankruptcy. Just think Of
increasing your currency threefold. When it was
only about one-thrd more than at present Won recoI
lect what prices were. Make it three times az great
and Seymour's antcipations would be realized. You
would carry your money to market in basket and
bring home your provisions In your pocket.
HOW WE PROPOSE TO PAY THE DEBT
we propose 70 pay the debt ike honest men, and
II there IL u repudlaf0r among you let him join the
democratic party. When do we intend to pay IL ?
When we are able. When Will we be abeS That
or not five defeat them the State governments in
the South Will 60 on, the people win restore their
81 bs S w cred icon ~ te a9e 10 pay their
be restored. and In three years from this time, II
we can escape the calamity have referred to- there
Treasury and the gold coin of the country 1t
will make no difference then whether the bonds are
paid in ssen'SSSKs or gS Blu, think Of now
dollars Of currency were thrown upon the country.
The democrats admit 1t would be disastrous. How
cratic member Of Congress from the district north Of
circulation by taxation" Their proposition, fairly
stated, Is that this debt, which will fall due In ten
or fifteen years. 10 all TO be made due now or at the
end OF i've years from the date of the bonds 1t now
ton is to be resorted to- and ROSS saws when thew
get down to about 600 they will fund II at
two and half per cent. That is Ross cure. The
truth Is whenever Q nation or @ man undertakes to
accept some rascally device az o means OF avoiding
the payment Of its or his honest debts It il certain to
cost more than 1t would II they paid them like honest
men. Fill the country with unredeemable currency
and II will 60 down Ike that Of the so-called South
ern confederacy, until the counterfeit Is actually
better than the genuine article. On the other hand
n there Is peace and tho country improves az It Will
IN short time the credit Of the government will be
as good Is that Of any government in the
world We can, as these debts fall due, fund them
on terms satisfactory to the bondhoders and at low
rates to The people. But you say, that don't pay
the debtn and I answer, nor does the greenback
plan, which simply dishonors IL, and shocks the
business Of the country by creating further uncer
tainty and doubt. Even now men are afraid TO in
vest their money on account Of the uncertainty of
our politca Your greenback policy Ia 10 reduce the
value OF our bonds ct home and abroad and force
them home " clog and embarrass our commerce
and works. Let the credit Of the government be
restored and the debt will be funded on the very
best Of terms; but we cannot do It as long as you
mold over our heads the prospect Of q civil war. We
further propose to tighten the burdens of taxation.
But you say to US, 1--WE want to tax these bonds.n
what Do you propose to pay or the nvetwenty
bonds IN Treasury notes and tax them ut the same
timer You mean TO do tbatS You cannot pay them
or destroy, and yet tax them.
TAXING THE BONDS