The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-05

bat about SEQ 600 00) AMI debtor ccuntiev paid %
ti's country about i.O,00a 0.J year. Tne rest OF
the debt was settled with wheat, corn, cotton.
lain0er, PORK. petroleum aud other oomnh<ilties
instead OF with gold. Foreign nations, not beng
able 70 take american currency, allowed business
TO pursue rs undisturued Channels. ard had 10
take their balances IN products OF the soil, the
mines, Lie Workshops and tue fisheries;
a gun n iayor Of ''" currency which
should be- OF ike- value in every mans
an emblem Of sovereirnify, and yet lost lis money
value when II lett tLe limits OF the country. u ne
were asked now the government bonds were 10 pc
redeemed lie would answer Trust the Anieri-
can people and you can redeem your bonus with .
POWER that VIII appear maglcai. trust the Ameri-
can ueople "a Engiand IN her emergencies trusts
ner people; ~ France trusts her people; az the
GERMAN Empire trusts her people. and as the
american people were trusted duriEg the dars oil
.nc war, when they loaned the government
S2oOO,Oo0.OO0 on Temporary Ioans.' He proceeded
10 argue III avor OF his 65r 100 proposition IA The
Interests 0! the mechanics and the poor people
VINO had seilse 70 depo IT, hut who could no Logger
trust the savings banks.
Mr.. kELLEYs positions were criticized by Messrs.
Gurehard, Of Illinois. ard Merriam. OF New York,
the latter arg0lng mat the banks stood ready to-
gay 70 Lake sioooOo'ooo o. the e5-ioo. ana thar
treasury Tor feuempflon and thus swamp the
eoyernment into Insolvency.
Ar. BUTLER Oh Massachusetts, replied TO Mr..
Merriams objections and sustained the c5-IQQ
bond proposition. lie had maze Il ike proposition
TO the House tour or I'VE years ago, after giving
the subject more ruongnt than he had ever given
any other question ot law, finance or policy. This
proposition was TO have Il currency not redeenaUe
III gold but equal 10 gold. lie had looked over All
the lnvcs ments In the world and found thar the
AVERAGE Ia crest was q little over three per cent.
lie, there ore. proposed that the American
gfeenlack should be as productive AS the
average gold dollar OF the world to its holder, and
mat ne COULD always get 65l00 per cent interest Tor
IL when he could get no more That was how he
tested the value OF money lie had heard good
deal OF talk ABOUT redeemable currency but there
was as much sense Ia talking ABOUT y redeemabie
yard stick or quart pot or bushe measure Money
was out an instrument and
WHY sh0tLD n BE WANTED no De REDEEMEDf
what was needed was means OF investing money
tiat was not wanted lOr immediate use, ana tflat
could be got, when needed. to move crops in the
iall. Ihat means would be provided by these
. oa-ioo bonds and enough money would be loaned
% the government on these bonds to operate IN
the reduction OF the average rate OF interest paid
by the government.
hr. WILLIAM, (rep.} OF VT. asked why should the
paper be made u legal tender between individuals?
Mr.. BUTLER-Because that has always been tho
ONCE Of money from the time when among the
Romans the sheep was u legal tender whence the
noeS).
ticn Was that the figure OF sheep was stamped
on the Roman gold coin.
Mr.. BuRLEiGn, repJ Of Me-, asked MIR. Butler
currency.
EFFECT OF TIE FORTY FOUR MILLION rssUE.
MIR. BUTLER replied that he had not examined
the question, but that the Increase was only
iorty-second part OF the whole ISSUE ana he
thought that no man would consider his whlskey
OF water added to it. (l.aughtcr.) The allacy OF
all the talk abont an irredeemahie paper currency
was Illustrated ia the experiences OF the late
panic, when all the railroad and telegraph stocks
OF the country deprecated thirty forty per cent,
while thus deprecated paper currency crept up
10 within 1--WE per cent or gold. ana the people
Rugged II ana Kept 1T, and would even have Kept
the bank rags, because they were redeemable III
greenbacks.
After some further coloqny between Messrs
Burleigh ana Butter the House, at hall past iye,
adjourned