Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1869-01-21
THE FINANCIAL QUESTION.

Hon Benjamin r Butler made long
speech in the United States House OF
Representatives lately upon his lii to
authorize the issue of "a national curr6n- :
cy, to.assure il stability and elasticity,
lessen the interest on the public debt, and
reduce the rate Of interest The speech
Of Mr. 3 was strongly III favor Of the
legsl-'cnler-act and pa'per currency.
and IN opposition . specie payments -
After reviewing and eulog ziug the effect
If the issue q paper nua>r ia Elrop., lc
concluded as f,llows:
! During the year 1864 We exported
more than enc hundred millions Of gold
and Silver, only S35 900 600 of which
came from San Eraucscn, and 20 one
knew the fact from any effect it had on
the business Of the country, la any 9TH
ar year, while our currency was upon u
specie basis. our production woull have
produced financial panics, rum ana dis
tress greater than that of 1887. when our
total export Of specie was less than SIX
nli}.on dollars
Pom, me to auy other SIX wears in the
financial history Of the country in which
labor has been 50 we'll paid iu which
pro locton has been 80 varied AMI sue
cessful in winch there have not been
more than one financial panic. scattering
ruin and disaster through the land. We
have heard much Of the patriotism q the
bankers and capitalists who are sid to
haze come forward TO lend their cold t.
the country IN its time OF utmost need
but that is exactly what :hev did not 30.
n IN December. 1861, the banks su,pcn
fed specie payments without right, with
out authority OF law, IL violation Of ;Aeir
Own pIlghted tath and promises. s. that
neither the government nor any one else
could gtt dollar Of their gold from their
vaults " hen, IN pursuance of the act
Of Congress OF the 2Jth of February
lSG4, Sl50, 600 coo of legal tender notes
were issued, with which our soldiers were
paid and the debts Of the United States
cancelled, did the banks or CAPITALISTS
loan these to the government or did W.
make them for ourselves Ga the con
trary the banks refused to receive the
government notes on deposit When the
government waited mere money 10 paw
the soldiers aud carry on the war, did
they set II from the banker and capital
ist No; they issued their own legal
tendcr-notes as money and paid their
debts
Having provided il,st thes, notes nigh,
be funded INTO goId-oeariug s;x n,r
cent. bond, the capitalists bought them
UP when they ttll 70 \ dl>couat Of sixty
Per cent, by selling the gold al that pre-
MUM which they hal hosrdcd IN the vaults
and had refused to loan 70 the govern
mcnt, aud funasd this, which they now
call failed papre IL bonds tor he pay
meut Of which III gold or, wha; is cquly-
a.ent, return 70 specie payments, they
new bowl at the doors .. ihs capitol, IN
mindful u the destruction Of ylue, the
starving II tho laboyor, aua tie RUIN aud
dcrastat. o4 they May cause.
Although this return 10 specie payment
has been agltAtet cver siuce the " II, what
petition has rou.c VI 70 y>u fgom the peo-
pie demanding i Al yoar hands :? What
meetings eftae people have been heli 70
make 70 You petitions fcr re.ls: from
SueyarceS il t4.s behalf: Nj one rot
one o4.s .s>-luioas I bosr...S 81 sraic
and bank rs
! stand here, therefore, far iuconver-
tibIe paper money, the greeuback. which
has fought eur battles and saved our
country, which his been held y US as
Just equivalent ,o- the blood Of our sol
ai,rs. tac lives ot our sous, the widow
heod q our daughters, sct the orphauage
Il ta,lr ch,lircn.
stand here tar currency by which
the business transactions of forty million
reorle are safely and successfully done,
Winch, founded on the faith, tie wealth
ID .folaF'. of:le aat'2n Is a c1ee ;sc