The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-01-13
WEDNESDAY, JANUARY 10, 1869.
nutIer on the Finances.

GESgRAL BUTLER yesterday ventilated very
fully his peculiar financial theories, in the
roost elaborate speech which has bsen deliv-
God IN the House of Represent Atives during
the present session. His remarks were pre-
faced by the introduction OF bill whlcn en-
bodies the principles which he ana smau
minority in the House desire to apply to the
finances of the country. The TACT thst ne
leads very insignificant party In the nouse
datracts much from the Importance OF the
ueasure which he proposes, and OF the very
able speech which he delivered in its support.
The starting point of General Batler's
financial soheme is the overthrow OF the
national bank circulation, and the substitu-
ton In Its place OF new issue oil lsgal-ten-
ders by the Government to the amount OF
$3.50 ,OO0, 900, or such greater amount as may
be found necessary by the Secretary of the
Treasury, the issue to comm-pce with the
first of July next, and the Ia iopal bank cur
renoy to be run out Of existence by the hrst
of January, 1870. The next point is to do
away entirely with the present system OF
legal-tenders, by making the new issue more
u6blr&Dl0 AA u hhVN'uOj "AA oASN ~
causing the gradual withdrawal, by Govern
ment officials, of the old issue OF legal-tenders.
As the entire withdrawal OF the present or-
Culating medium might leave the country
with less amount of currency thau
would be demanded by the exigencies
Of business, General Butler also proposes
the extra issue of new legal tenders, en- prin-
Oiple somewhat similar to that of the national
banking system, to any individual or associa-
tion who may see fit to make a deposit Of ma
tional bonds as security therefor, paying a
coin interest to the Government thereon at the
rate of .0365 per annum, with ample provision
for their gradual or immediate redemption.
While this proposition would render it posi-.
BILE to put into circulation 81, SIS, ,00O 900,
General Butler thinks that advantage would
be taken of the privilege only 20 far as the
business necessities of the country would
require, an initiation of the currency being
prevented by the more profitable use OF the
national bonds, either at home or abroad, as q
permanent investment.
In this way, General Butler hopes to secure
uniform and sound currency, which would,
to use his own rather confident words, sat
once take its place as nearly equivalent to
gold" In addition, he also proposes to rid
the country of the detestable shinplasters no "
in use, by substituting for them system OF
metal tokens, SO alloyed as to bs fifty per
cent. less in value than their denomination,
the new coinage to be forced into circulation
by rendering the old fractional currency re-
ceivable by Government officers after Deem
Der 80, 1869, only for purposes Of redemption.
General Buffers plan for attaining specie
payments is, perhaps, more complicated, and
certainly as difficult to comprehend, as any
that has yet been proposed. Like all the other
innumerable schemes which have been pro-
posed, it has both advantages and defects; and
about the only benefit that the country can
expect from it at present is in the way of
practical suggestions which may bs Of use in
the final settlement Of the great financial
problem which vexes the nation and its rulers