Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1869-01-19
Clan. Buffers New Financial Scheme


Cen Buffers new bill meets with no great |
favor from any party. 1t is too revolutionary
and sensational to be practical. and probably |
is brought forward mainly to attract attention
to its author. The New York Express, re-
ferring to the project, remarks:
To assail the precions metals upon the
ground that despots use them, IS only httie
less stupid than assailing the air we breathe,
or the senses which give US life and health,
because these are also the vitalizing power of
despots. Paper money is only valuable when
il represents a recognized standard of value
all over the world and hence, though we call
oreenbacks money, and the law makes them
money, still it is deprecated money, and loses
in comparison with gold and silver SO long as,
as money, they have not the value OF gold and
silver The permanently irredeemable curse
which is urged would be permanent public
and private curse, with nothing redeematle
about it. OF course it is highly desirable to
have one currency for the government and the
people, but this can only be done in two ways;
either by ignoring gold altogether, and viola
ting the pledge to pay the interest of the debt
in gold, and the. principal, in part, or by rely
ing upon gold and silver altogether for cur
rency, which is something impossible. We
must grow up to a resumption of specie pay
ments, if we cannot get them in a speedier
future more literally than in the recent past
towards productive section of the country.
1t must also labor to establish more confidence
in the stability of government, in the perma-
nence of States, and in the established rights
of trade and of property as we'll as of persons.
The New York World says:
s'His plan is not without ingenuity, and a
certain sort of architectural symmetry, but it
is built upon ridiculously unstable founda-
ton. and supported by sophistries Eve cannot
callthem arguments) which could begenerated
only in the brain of dcmagogue."
The New York Times remarks:
sInstead of combining his attention to the
various schemes proposed for paying the pub
| lie debt, and getting back to specie payment,
he goes the whole hog and insists on mcrcr
going back to specie again, inasmuch as specie
is a relic of barbarjsm and the only true
currency-the only Kind of money fit to be
used by free and enlightened people, is an
'inconvertible paper currency,-that is, notes
promising to pay specie, but never intending
TO do So"
The New York Herald says:
'tAtogether, Gen. Butler has taken bold
step in advance of the views of fnancicrs and
many of his colleagues in Congress. His
| speech will create futter among the bond
holders, national banks and capitalists. and
will open the door for great discussion. How
ever much his views may be questioned or
opposed by the old school fnanciers and polit-
ical economists, there is no doubt he has
struck the chord of popular sentiment, and
that he will be recognized as the leader in
this new movement for an American. system
of currency and finance"
The New York Sun says:
"It is easy to see why General Butler is so
anxious to erase from our legal tender notes
the words which express a promise to pay
dollars So long as these words remain they
convict the nation of continued bankruptcy,
if not flat reputation. We promise to pay
dollars on demand and we fail to do it
But how much better shall we be with our
new certificates Of value? What is the value
of piece of paper with the words zone dollar
| on it if there is no implied cxchangcability in
it, for dollar in specie? The whole bill is
financial lnonstrosity, and ought never to be
reported back by the committee to which it
has been referred"
The New York Tribune thus comments
I'VE have no superstitious devotion to gold
aud silver, even as a basis Of currency. What
we insist on is good faith. Don't promise to
pay dollars, and then refuse to pay them
never say one thing and do the exact opposite
Gen. Butler practically concurs in this view in
proposing to replace our present greenbacks
and national bank notes by currency avowed-
edly irredcemable in coin. He practically
admits that we cannot stand where we are,
but must stop living on lies. We thank him
for so much, as we'll as for his showing that
the Morton plan of redceming in the future,
by holding meantime several millions of coin,
is utterly impracticable. IF he has done little
toward building the required edifce, he has
cartcd off good many loads of rubbish from
the spot on which its foundations must rest"
The New York Post says General Butler
hns now completed his financial scheme. He
set up in business with proposition to pay
the governments promises not due, in promises
already broken. He ends by demanding that
the people shall accept as a substitute for
money promises to pay money which are never
to be redeemed. Having no common grounds
on which we argue with General Butler,
we shall not undertake to discuss his PLAN
If we are to have law authorizing all debtors
to cheat their creditors, let us make it simple
General Butler'sscheme is too complicated. 1t
is as though burglar should take the trouble
to climb upon the roof of house and crawl
down the chimney, when the door is Open"
BE5- Last Tuesday, Butler introduced bill
into the House, of which the following is the
substance
1t provides that no citizen of tie United
States, in passing from one place to another
within the same, shall be subject to capias,
citation, or other process, of whatever name
or nature, in civil action, suit or cause, wheth-
er on mesne process or execution, in any State,
Territory or district through which he may be
missing and of which he Is not citizen I'M