The New York herald., 1869-01-13
Speech of General Butler in the
House of Representatives on
the Debt and Currency.
Impolicy of Resuming Specie
Payments at Present.
Greenbacks Stable and Valua-
bile Enough.
The People Do Not Desire
Resumption.

the following bill to authorize the issue of national
currency TO insure its stability and elasticity lessen
the interest the public. debt aud reduce the rate
OF INTEREST,"
BE u enacted. dc. Thatthe Secretary OF the Trea-
sury Is hereby authorized and directed after the
3oth day OF June next, to issue, on the faith
and credit Of the United States $780, ooo, ,0OO and
such further sum as may be required to carry into
value OF the Treasury OF the United States not bear
ing interest and Of such amounts as he may deem
eApedent OF not less than one dollar each, which
shall be receivable in payment OF all taxes duties
excuses, debts and demands OF every KIND due to the
United, United states and & for oil claims and demands
suOh claim q demand requires that the
be lawful money and legal tender in payment OF all
public and private aebts, except as aforesaid within
ment for all loans made to the United States. Said
certificates of value shall be In the simitude Of
Treasury notes heretofore issued, except that they
shall bear only on their face the denomination or
value for which they are money, together with ap-
propriate vigneites to prevent counterfeting. and
ences as may be best to prevent overissue or for
geries and on the back thereof shall be printed the
PROVISIONS OF the law under which they are issued
SEC 2. That after the SOtn day OF June next the
national banks shall cease to be banks OF issue and
all taxes on their circulation shall thereafter cease
and shall be the dutyof every collector or other
officer having RECEIVED in payment OF debt tax
due to the United States any bill heretofore issued
by any national bank to return the the first
day OF each succeeding month until the 1st day Of
January in the year ls70 when such bills shall be no
rency to be cancelled and destroyed in his presence
and In the presence Of the Treasurer OF the
United States and the Register Of the Treasury OF
which destruction memorandum containing the
amount Of the bills, their numbers and the name Of
the bank issuing them shall be made In book kept
said; and such collector or other oficer shall be
credited IN his account with the amount 80 re-
turned and the same shall be done with all other
bank bills and legal tender notes now issued, or
which shall be issued, when they are returned to
SEC. 5. That whenever the bills OF any national
bank received In payment OF any debt tax due to
the United States shall be returned TO the Comp
uoier OF the Treasury he shall charge on the amount
thereof three hundred and sixtydve hundredths per
cent interest per annum In coin which shall be de-
ped the m sa q ns y the
the security OF said bills until an equal amount OF
certificates OF value or OF three per cent certificates
issued In pursuance Of the act OF March Is 1857 and
the act OF July 1861 shall be paid into the Treasury
OF the United States by each bank, whereupon pro
bank.
sEc. 4. That after the 3oth day OF December next
no national bank bill shall be received by any
officer OF the United States In payment OF any public
debt or tax; but each OF the national banks may at
any time return to the Comptroller OF the Currency
an amount issued 70 such bank and then Outstand
ing and unredeemed In his books, and receive pro
rata amount Of the bonds lodged as security there
for; and from the 3oth Of said June said national
coin. on the amount Of all bills outstanding and
Teaeenea s IN the manner before provided to be de-
long as said bills shall remain outstanding and un-
SEC ). After the aoth OF June next each collector
and dsbursing ofcar, except the Treasurer and the
Assistant Treasurers OF the United states having IN
his hands any legal tender notes belonging to the
treasury OF New York shall forthwith return the
same to the nearest Assistant Treasury of the United
states, and receive therefor an equal emount OF cer
tihcates OF value OF convenient denominations for
payment and circulation OF credit on his account
he may select, and on the first day Of each monsh
thereafter every such oncer shall make like return
al legal tender notes may into his possession
and receive like payment and credit therefor, and
afer the 8oth OF June disbursng officer OF the
United states shan paw out or dIsburse any other
money save certificates OF value, except when he
may be ordered BY the Secretary Of the Treasury TO
SEQ. q. After the 3oth day Of June next any per
son or association, whether banking other, own.
ing any bond Of the United States OF s100, or any
multiple thereof, payable 10 bearer, bearing six per
cent interest In com, with the coupon for accrued
surer or any Assistant treasurer OF the United
states or other puoic depostary TO be designated
by the Secretary OF the Treasury for tnat purpose,
and who shall have lodged in the Treasury OF the
United states sufficient security and shall
receive therefor ninety per cent OF the par on its
face in certificates Of value. In such denominations
ss ne may choose, paying that amount at the rate
Of three hundred and sixtvhve hundredths per cent
per annum interest in coin for thirty days. and until
he shall return equal amount OF said certificates
To the Treasury OF the United states and said bond
or bonds shall remain In the Treasury as security
thereon, which shall be deducted from the interest
be paid by the United States on such bonds at any time
In the Treasury Of the United statcs may return
certlncates OF value equal TO ninety per cent Of
and coupons pledged as before provided. less the in
rerest and said Certificates and the amount thereof
paid TO him, and the Treasurer Or Assistant Trea-
accrued interest thereon beyond that due on said
certificates once in every mx months.
SIC. T. The Secretary Of the Treasury s authorized
and directed TO cause 70 be coined tokens Of valne
which which shall be legal tenders and and na,,as LAWFUL
as fractional currency Of the denopinaton
OF ten cents or upwards, in the similitude
other metal as 70 be my per cent ess IN value tsn
the denomination thereof, and herewith to redeem
presented 70 the treasurer or any Assistant Trca-
surer OF the United States in sums OF i've dollars or
Ipwsrans afer the so,n o. June next and on the ia
shall not be received by any of1cer OF the United
states. except for redemption As before provided.
ON motion OF Mr.. Butler the bill was referred to
the Committee on ways and Means. lie then
moved 10 reconsider the motion and thereupon
made a lengthy speech In support OF the bill.
Subsequently, on motion OF Mr.. wssnburne, Of
Illinois Mr.. Buffers motion 10 reconsider was Laid
upon the table.
Mr.. Busler,s Remarks In support Of His FL
naneial Hill
Mr.. BrTLEr on rising said:-Mr sPEAKER-Th'
currency OF q highly commercial, expanding. In
dustrious and productive anu ree people, by whlci
their values are measured and exchanged, should
be uniform, sound, cheap. stable and elastic.
Uniformity Ia that quality which gives the SAM
value In every part thereof 70 the money Of coun
try. This quality our present currency possesses Il
SUFFICIENT degree Of perfection.
soundness may DO deHned as certainty that tn
currency is so secured that II can never fail OF ex
changeability for equal intrinsic values
No American permits himself to doubt bat ths
our legal tenders and national bank notes, secures
by the pledge Of public faith. guaranteed By al tn
resources and power Of the country, are to be mad
gssx 10 the extent Of value printed on their face
our present currency, therefore possesses the qua
lIty OF soundness for aI purposes Of internal busi
ness and trade.
Az to chsapness, all financial writer's agree that
paper currency IL the cheapest Of au possIbl
mediums Of circulation, whether as regards tn