The New York herald., 1868-11-17

Il
| than the b0ndsthe holders might return the bonds
and take the currency; and.when money was worth
Ve by the bos them The e. monev be
to the governmnt and converted into bonds. As
the government must for o long series OF years be
| borrower, no oss could result to 1t from such
/ plan az the rlative amount Of money and bonds
would, as rue, be q fixed 0ne like the average
amount OF depots In the banks, and II In an extra,
ordinary emergency some loss OF interest should
result It would lore than compensate by the amount
funded In the bnks at low rate. am glad to see
Ing article rite % Of ts Boston Aauertise Of yesterday
| ind the f0llowig:-
For time pst experienced nnanssrs have been
bonds Bearing To- rate nssrs. 10 Be- held
s Gpon p a. E Of their and S 1 ON
automatic sasgsd against either too great piethora& &
other s' OD' manu- " '0o s'e.' "''Ds''''
The Advertise, you see, does not explain how the
Treasury s to isde these notes at first or get any
body to take thfbonds at low rate OF interest when
they get thtpresent bonds at high rate; but II
the nvetwentie are payable In greenbacks that DIM
Guilty win be removed. because the government
might issue theegal tender notes In payment OF the
fve-twentes witch are over due. II It adopts one Of
my financial idas 1t will ind it necessary to adopt
win be provides for by Congress, which should pass
law putting tie entire control and issuing Of the
currency IN tnshands Of the government Tne otner
that is to- saythe capability Of hiring money at
low rate Of inteest. No good reason can be stated
why the commecial rate Of interest shall be from
two and half 10 three per cent in Europe and in
this country WITH means OF instantaneous transmits
SION OF inteligace and bmonthly transportation OF
commodities, tn commercial rate should be not less
than eight and tom that to thirty per cent in various
parts Of the coptry. Eight per cent per annum is
ern Cities and hrty per cent in the South is the
dinary rate whU indeed, money can be got there at
all This high ate Of interest has an International
as well as domestic importance. Capital can be
found IN Englald for raising cotton In Egypt or in
the East Indesat three per cent per annuIn. This,
sane whener
money Is used pr raising or transporting the crop,
and affects tn. negro as well as the planter; for
labor: The high rate OF interest in the West
interferes seriously with the price Of trans
Dset to the rs Sad
our necessarily high rate Of taxation render our
surplus provisions hardly competing articles In the
interest has destroyed the shpbuildlng in the East
ana crippled our manufactures BY o discrimination
In the price anocaptal employed from fve 70 eight
per cent aganst them, as compared with capital
employed In like manufactures In England. and
thus absorbing what would be full margin OF pront
interest for commercial purposes can never be
brought down 50 long as the government is In the
market as q borrower at rate OF interest In cur
rency ranging from nine to twelve per cent, with the
reckoning OF the exemption OF this class Of
Investments frpm the State and local taxation.
q currency convertible into specie-the hoped for
panacea for all evils by some nnanciers Of narrow
views, Will not meet the dlculty Of this high rate Of
value OF all kinds OF property except public and pri
vate credits leaving the rate OF interest substantially
have cheap transportation, cheap food, and conse-
vantage over labor, and 4 the republican Congress-
shall not devise some speedy and efrectual relief
from this evl It will deservedly forfeit what IL has
30 largely now, the confidence and respect OF the
country, and demonstrate its inability wisely to gov
ern. am afraid, Mr.. Reporter, that you think this
rather speech than an answer to your question: but
ps ao1 Know wa as can give yon my IDEAS II any fewer
an extract Of my speech In Congress, November 81
1857 wherein adyerted to the necessity OF this con-
Sersbie and Teconvertiole security as an automatic
porter Is as foows:-
Our debt o., 800 oooo-about 200 100000 OF
them for up
sl0oSoO 900: Then asSs Of nonln.
soo ass
than needed for CURRENCY agree with the gentleman
s sn Sc sa wA 1 ~
s. ss o.
teres bearing notes. greenbacks the hands any man.
count do 50 better something Sa. productive
The s a % hand. =. . srs was
meas ,s = currency than they would Ss him Invested
saoOooo OF this debt we shall issue an
interest bearing loan a. low rate which shall be that
80 absurd loan bearing low rate Of interest," convert
would operate. has more money than he wants 70
S. e /.
ne ssa r hs to The his
say when the Of the United states
oin 70 h 70 % s
speculation M than the he viii retain the bond and
slrcSsion S..s u, when n,.a 4 not wased draw
we ssa an .aomSe n.n. se ss
sns .s s By the law
by the business community to the amount Of issued
wanted win be returned % the government which, being
for long series Of years to come WIN be glad 70
viii know eracty where place these nonntercst bearing
%as ne % Ts s% w9sn
you take Il from the Treasury and crops When
Treasury the bosds h Dss as 70
g n dr s sr s9 s
system Of the country VIII g. on without redundancy and
beeveI demonstrated Yesterday, Il win be Impossible
have . ; and
part Of the public debt will change its relative
wha. i he Of The value your house II Il worth
~ e ten thousand twentyfy hundred millionih part
debt paid when q win be appreciated unti the public
OF eracy relative value however much the form Of
the public debt be changed but will always be valuable
hour nearly exhausted and am warned that must spend
no more time IN celebrating the details q this proposition
e they can where the IN he
@ nj S %s % hs ss
OF hnarce To do waty To the burden
taxation and relieve the loyal true hearted over
burdencd people from this great weight OF taxation
REPoRrER-what course, General. do you propose
70 pursue yourself In Congressp
General BuTLER-I mean, standing by every prin-
cpe Of the republican party, to advocate cheap CAPT
tai, cheap transportation the rights OF labor and
OF the people against all monopolies and expressions
whatever. In BRIEF mean to stand by the motto
under which fought the canvass-viz., Equality OF
right In oil men, equality or power OF all men and
equality OF burdens to all men under the govern
ment.v
REPoRTER-what do you think General, about the
settlement Of the Alabama claims and Minister
Johnson's preceedings2
General BUrLKR-I think Reverdy Johnson is max
ing fool OF himself and dragging the country through
the mire In the face Of all England. There is no such
feeling OF amity on the subject OF our differences
with England % Johnson representa- He il deceiv-
ing John Bull in making him suppose that we are
SO poor In spirit as TO forget the recognition
OF the rebellion a. . belDgerent power In
the demand OF Mason and Slidell, the rebel agents.
and his continued sympathy with the rebellion; his
sweeping our commerce from the ocean through
rebel cruisers, fitted out by himself his taking sd-
vantage Of our intestine troubles to plant new ma
on, in the shape Of the Dominion, on our Northern