National Republican. (Washington City (D.C.)) 1872-1888, 1875-10-16
1STERcoEyER,IBLE CURRENCY.

General IL. +. Butler has delivered his
prom ised address before the New York
Board of Trade upon the subject of a ma
tional circulating medium. He has certainly
exhibited himself in a novel light. He is
an inventor. His invention discloses a
genius of the highest order. He has in
vented a new kind Of money! coin or an
10 Z of the Imagination. He would give
us an American dollar which shall always
be dollar because Congress in its high
prerogative says it is a dollar. There shall
be no other dollars: We shall have no gold
or silver coins. This dollar shall be re
deemable in nothing. 1t shall always be
good for taxes, good for all debts public and
private, and receivable for all Government
dues and for interest on the public debt
well, no. he is not so clear about that; in
fact, forgetting that he has abolis he'd coins
and turned all the precious metals into com
modities, he says he is Indifferent upon that
subject eff it will relieve the system This
"system) of the opposition ofany one can
did man or well wisher of the country, 1
cam content that the interest shall be paid
Gin gold"
Now, General, it is respectfully submit.
ted that this Indifferent contentment of
yours on this matter of the interest upon
the 1856 fundable and convertible bonds
into which you propose that your arbitrary
dollar may be converted, funded, Cor re-
deemed,) begs the whole question. 1t
brings us right back to the point you have
been fighting against all the while, and ad-
mits the necessity for redemption in gold or
its equivalent OF intrinsic value, gold bear
ing bonds.) You start out with the asser-
ton that you will make your dollar "of
"some convenient and cheap material of
"the least possible intrinsic value, (vul-
"canHed rubber or asbestos paper, for in
"stance,) so that neither its wear nor its
obstruction will be any loss to the Gov
"ernment issuing it." But when its holder
owes nothing to the Government and wants
to go abroad, and does not wish to buy any
other commodities to carry with him to
convert into the currency of the rest of the
world, or wishes at home to retire upon an
income, he may fund it into d-bearing
bond and receive his interest in gold.
To use your own words: ITO give
"the greenback Cyour new currency an
''intrinsie," (there you go again. little
while ago when you issued it you wished
H. to bear the least possible intrinsic value,)
"f1ed and permanent value, therefore,
al would make it fundable at all times,
"and in a sufficient number of places to
"make it convenient for the people, into
"bond bearing an annual interest of 3.65
"per cent, payable annually, which bond
"should be recoverable at the pleasure of
"the holder by the United States again
s'into greenback dollar, which ought to
abe made the legal-tender of the United
estates for all debts due to or by the Gov
"ernment or individuals"
This begs the whole question If the bonds
are gold bearing, and leaves us just where
we are now, with the exception that 1t
makes the greenback legal tender for du-
ties on imposts, and sends the Government
into the market 10 purchase the gold to pay
interest with, and provides for the abolition
of the circulation of the national banks, and
the optional conversion of greenbacks into
bonds, bearing interest at rate so low that
no one would wantthem at par until the legal
rate of interest in all commercial transac-
lions should be reduced to the same level.
As an inventor, the General is a failure,
so far as currency is concerned. He
may depend that checks and orders
drawn against some definite substance of