Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1869-01-22
Gen. Buffers BIZ.

Gen. Buffers BIZ.
The country vii say to Conrress, in the mat
ter Of this bill, what President johnson is re-
ported to have said to his Cabinet, when he pre-
-euted the Shernan-Iohnston armistice for cen
sideration d" This subjects admits Of no debate
but should like to hear your opinions upon IT.
No such morsrrous proposition has been brought
forth IN Congress since the slavery interest
ceased 20 defe our LEGISLATION. NJ. johnson E
reputation doctrines werc not more unanimously
condemned by the nation, than will Gen. But
ler's scheme he Next to the ssnctity Of its
faith the nqtiou Is jealous Of the character Of its
currency. In fact rs the latter l. a promise 70
nav. the two cannot he separated. MIR. Butler
PROPOSES 70 have Government convert its spe-
lie into 4 mere article OF trade, call In al the
outstanding notes that are made rcdeemable IL
gold. and sead gu, Tor currency an immense
quantity oi unconvertihle paper money. Gen.
Huilc- hs- outc7owa his Old Democratic prin-
,iple- cry fast A jackson, hard-mouey politi-
-ia.. arguing .ur 81 irreieeln4bie paper cur
fency. Is one Of the anomalies Of the times. Gen.
LutIer has not beou considered model Of politi-
,7l integrity. neither has he been generally
.alei al idio. But he ought TO know that if
here is one thing that al men agree in, i Is
that the true currency fr this country Is gold
aad silver No party la, crerdarei 70 advocate
snv other. So party csu snccee5 that ever
do-,
Bu,, Lovr,e-, nr may condemn Ar. Butler
bill, DO euc can deny the con-ummate ability Of
that geu;ieman's speech. There was consider
able sophi-try. and occasional passages Of that
police court stt-e Of orltory from which Mr..
Buffers free public performance are seldom
the art- of the deuagocue appear in one or
ty7y places, as IN the ''b-lcombe'' about gold
being the money Of tyrauts, DC. These things
should never be permitted II the discussion Of an
abstract question before a dignifei legislative
body They dr-ract from the general character
u the speech. But taken d. q whole, the Gen
erals argument was admirably calculated for its
rurpo-e The link, Of the chain are Joined to-
zethar with remarkable strength. The speaker
err- IN IN, premise. Admit these, ami It is DIFF
f-ult 20 resist his conclusions. Ar. Butler rare
3 fails in his logic. As d shrewd. subtle rel-
~1uer from false premises, he is inferior, among
American statesmen only TO John C. Calhoun.
Hi- speech wa the skinful attempt q 81 IN
scrupulous man to defend preposterous ard
wicked scheme
But ali Of General Buffers ingenuity viii not
convince ANYBODY that AZ irrelecmalle paper
currency can long be doated. his theory that
BY absolutely excluding specie from business the
certificate" VIII become the standard OF value
is contrary 70 political economy and TO expert
enec. His own expression keeping them at
T.r.' means al par with gold. If the note itself
We, ;he basis Of calculation thu phrase would be
-lui,a lent tc saying the note s. at par with IT,
self His language rciutes his own argument.
The fact that the gold coinage OF al countries
has not the same intrinsic value Is unimportaut.
Coin may be mose or less pure, hut where the
proportion Of alloy is known, the calculation Of
exchange rs "a simple process. The gold itself
10 she CON- IS worth As much in one place as an
other, The alloy is put into the specie currency
SO secure exactly the quality that General Butler
.'si1- for tine grecubacks, VIZ, durability; but
the value q General Butler paper money viii
depend upon S variety Of circumstance, such /
as the general credit Of the government. the
prosperity Of the country, the amount q cur
rency in circulation, &c. That these would be !
subie-. 90 constant luctuatou cannot be doubted
In short We are unable to see how the credit Of
mr. government can keep uncouvcrtihle paper |
.a icy ST gold par.
The most plausible and perhaps tie worst
feature II M. Butler biz IS the 9th section. /
j. pr.iies that any person having a government |
'aul may deposit the same with the United /
states Treasurer, and receive ninety PEI cent Of |
the PSF value Thereof IN the new currency, for /
which be- j. TO pay interest at tire rate OF g and /
65-loGths per cent per annum, O. ! cent per I
diem on 500. When he returns this cs-rency 1
20 the Treasury be j. % receive his bond again I
with liz. accrue,, interest, le-s the interest due
On the currency for tire time il was held. This |
Arrangement might enhance the value cf the [. |
5. bonds, but il would hardly modify tie exist /
inc rreiudises against the bondho'iers. The F.
effect Of this provision Of the bill. If we under
stard It correctly, VIII be to set the fortunate I
holders Of bonds to making (by successive rein
yestment-} big speculation ca their property.
And as the government loans money q. a rate So
much below the ordinary rates, the inevitable
result must be to food the country with an I'LL
convertible. deprecated paper mouey. The evils
Of oar pre-cn: inflated currency OF S7oo,ooo,-
aDj are apparent TO every one. But the Limit
to the amount that would be called cut by Mr.
Buffers bill IS Tar above tina; hgure.
We thank Gen. Butler. however, for exposing
the fallaeg Of early resumption. We yesterday
published his answers TO some visionary tnan-
Gers We quote to-day tEc Generals Owl views
on tho subject
II = rcturi 70 specie values Is the only rene
ly fc- car financial evils, then there is but one
plan in iur Judgment, by which il car be &C
re must srdit and grOu 10 a. BY
tie industry and economy of our people BY the
development Of our resources by the enterprise
~ our business by the extension Of our CON-
mrrce tv The production Of the precious ms
rs ; by reducing impo-tationss the only method
~ which We can keep specie al home by re-
raachnent nt The expenses OF Government,
both Srte ant national by the REIMBURSEMENT
81 all hazardous and doubtful enterprises, VIC
must accumulate sufficient surplus wealth TO
bring b-ck the S60e, 1000, 600 of our national
bonds held abroad. TO which may be added an {
equal like amount Of State and railroad bonds
ilso held there, and thus stop the annual drain
II mora thar seventy millions Of bullion now
-ent abroad ye-r by wear ~ meet interest alone.
v he'll this ) done We may with vision return
"a specie values AMI specie payments without ,
-erious financial disaster anu commercial ruin.
But tbs time vii come only when gold and sil-
yer nom the peuitude Of its production viii |
nave deprecialed to cur values, not we appre-
-iate hem 20 the present vzlue Of gold and ,
silver.
GENERAL GHA,,T AUTHORIZES the ststement that {