The New York herald., 1871-03-27
WASHINGTON, March 2b, 1871.

WASHINGTON, March %, 1871.
Wonders will never cease. That old political
acrobat Ben Butler, who two years ago did 80 much
10 expose the iniquities OF the national banks has
now turned complete summersault and introduced
bill IN Congress that is being used as an entering
wedge to give them ON additional subsidy OF
$4,000, 900 per annum from the National Treasury
and other privileges greater in the aggregate
than the most presumptuous monopoist has ever
dared to demand.
The bill I'll. r. 2 provides for the increase OF the
interest-bearlng national debt to the extent Of
$3.50, 900, by authorizing the Secretary OF the
Treasury to retire the outstanding greenDacKs ana
issue instead government bonds bearing 65-l00
per cent interest annually.
This scheme converts the 1885, o0o 900 nonlnterest
bearing greenbacks now outstanding into interest
bearing bonds, saddles an additional annual burden
OF about $l2,O0Oooo upon the taxpayers, contracts
the currency half and gives the national banks
monopoly Of all the paper money In circulation.
Thus much as the Butler bill now stands.
THE NATIONAL BANKS
heartily endorse the scheme and ask In addition,
"that permission be granted to national banks to
said bonds In the reserve required to be kept
by law.o
Here is q copy Of their memorial addressed to the
Secretary Of the Treasury ana also placed upon the
desk OF each membef OF the F0rty-seco Con-
gress:-
undersigned respectfully request honorable
ary submit for the eonsderaop Of the Congress-
for the S the
bonds Of the denomination Of and It's multiple 70 DO
Winch sSs asa ior ,hs purpose q
And that permission be the
banks to count said bonds in the reserve required be kept
p. G Calhoun, Presden. Fourth National Bank; William
President s.. Nicholas Bank Fredercs Winston,
sen Mutual LIE GSmRapy Of SeS YS5 A h
Bank; ". H. johnson, President Hanover Bank; W. K.
s&
% sss
Bank; Mason Thompson, President Mech.niss Banking
T. ss.
son. Presidsn, Shoe and Leather Bank A. Palmer
haitian Banking Company and others.
AS an exhibition OF unbounded assurance-of alb
solute "cheek''- this memorial surpasseS anything
known to the lobby Of Congress. Among the sigma
lures will be noticed the name OF an editor OF
well known radical organ AS matter OF course
his paper heartily backs up and advocates the whole
scheme.
banks amount to about 500, 600 600 If the Butler
bill passes and the banks are permitted as the me-
morialists urge to use the new bonds for the re-
serves now required by law, 1t will take something
over three million dollars from the Treasury to pay
the interest to the banks This is however, but one
Of the least important features OF the jon.
1t retires the greenbacks and places the financial
affairs Of the country wholly under the control OF
the national banks. 10 use the expressive language
back heresy.n
OF ali the schemes for driving the greenbacks out
bank notes this new bantny OF Ben Buffers is aOso-
lutely the most nefarious.
1T IS FRAUD.
One OF the peculiarities oil the pending bill Is that
while u Is made to appear very Ike several three
sixtyfve interest bills introduced In the Thrtynnth
and Fortieth Congresses. it Is really exactly in OppO
sltion to the principles OF either OF them,
OF our interest burden BY retiring the national
rifles bearing the hlgnes rate OF interest and subst
tutlng class bearing lower rate.
The pending bill or Buffers provides for retiring
our NOTWITHSTANDING securities and substituting
SanK ne friends all enase IT.
The old bills were framed with a view OF reducing
and making lighter our burden OF interest The new
bill is ntended to increase 1t and make the burden
heavier TO bear
The national banks opposed the old bill and en-
dOrse the one now pending.
BEN BUTLER vs. BEN BUTLER.
Let US look TO the records OF Congress and see what
this new national bank champion SAID about his
friends two or three years ago. In his speech ih
Congress, delivered November 81, 1867, Mr.. Repre-.
sentative BENJAMIN +. Butler said = = ..s~,
is a said that the naena banks really cost the United
tna the banks pay In taxes large aoun and therefore in
q viii s me any bushes. IN this country
hs hsn III: aad the an ne. ay
L. me sl.e he national bank lo Itself into exist,
n Ssw s aqaa che Oh n.s sG
sna aes % 70 ~ e e ssa @
BANK. and !ecsiyed from him sSo,ooe in s. cur:
,S without upon pedgns these Sopas
Of the same Kind Of money Now let Us balance the books
receive. $40 200 in bank bills from
rowed Of The ban. ssooo in currency for which, fact
Iency for The use Of this $4,000 Let me repeat The differ
wa. only and for The use Of that the
same kind Of money $lsOo year interest in gold, equal to
But the thing did no. stop here The gentlemen were
shrewd inanciers their bank good they to
the Secretary Of the Treasury and said LET bank be
Very fer The bagk found that they had line Of steady
deposits belonging 10 The government of about mop dol
lars the they had received from the Comp
troer of the Currency would substantially their
daily business, and the government gives three days
60 go on , hs Street sSs,
million OF government money deposited With them and
loaned TO the government for the bonds
and received therefor $4,000 gold the
loan TO the of Its money which Ia currency
was equal to Siao 0UO. so that when finally to
balance the books the government paying $l56 year
for the loan Of 3O00 And this is which is to
be fastened forever the country OF furnishing
q circulating medium.
1hs only using round numbers for the purpose ustra
ton, Is an actual and not feisned occurrence.