, 1875-10-19
BUFFERS PATENT CURRENCY,

Mr.. BES,AM1S F. NuTlEN, il nhisrvtentspeeeh
at New York, formally explained md pro-
claimed lis system OF currency. Wo give it
in full in his own language:
Eirst-A dollar that shal have nt alt times certain
n3eti aud stable yalne below which ii cannot 40.
.SttoHd-1 demand that that dollar SHAH bc issued br
tho Government alone III tho exercise Of is high pre-
roRatiyc and constitutional power and That that power
bha not be delegated to any corporation or Individual
Thrill want that dosE stamped upon soRe COZ.
vtnlent and cheap n1steral Of tho least possible i'll
tinsic vac that neither it, wcar s destruction
wilt bc any osa to the Government esuin8 It.
FJHrth1 also debiro tho dollar to be n.ae Of such
material for the purpoto that It sna! ueyor 10
Ported desirable carry out Of tho country. Franz
ina American ssstetn Of hnaucc, do not propose
to adapt to ths wants Of my ohtr nation, aud
pecIay the Chinese, who aru nearly onequarter Of tia
world
ft5lh-I desire that tho dollar iesncd ahaH ner<r
os redeemed. zoo no reason why the unit Of
nleasurc Of vatuo should be rodecmad or reieemabe
than that the yard-stcs With which measure naS
ololh. or the quart With which measure my milk,
should be redeemed.
slrth-foF convenience only propose that tho dol
lar .tsned shall 10 quite equal to, little better
han tho present value Of tho avsraRs gold do1lsz Of
tho world, not to be changed or changeabte, II the
gold ollar grows lower III value grows higher.
be Obliged to conform itself In vaue in any regard to
the dollars Of any other naou Of this world, ffpfHo
stf aeaya st4ole and dtsd 30 that when ali the prop-
ery of tie country adjusts lself to 1t tneasuso OF
value It sal remain A1eA STANDARD forever. need
90 further than present grfenback for ali tleso
desired qualit!es including uniformity nf value In all
parts Of tho country except In axci and intrtnafc
value. II those two qusliliea can be added 10 the
greehbacE, it completely als tho Elk requirements
which hsya above *st forth, provided at soaahs u
As rfdtemattt'sy IN gold and asrer b. fdksn dudy
Jrom II.
It is difficult to reconcile this p1an and the
speech which accompanied it with a1r. BuT-
1En'a reputation for intelligence. The whole
utteranco presents most remarkable coufu-
sion Of ideas, bordering on insanity. It Is
something such as might l,ayo been said by d
man Whose cnpacity for continuous aud re-
concilable thought had been lost. It docs
not convoy tho iaea Of ignorance exactly. but
Of o disordered mental condition, as II the
speaker was laboring under soms overwhelm-
ing leiusion and total miaconception OF tho
subject on which 10 WINS talking.
lie has discovered new office for money,
and has discovered a new money. Man-
kind has hitherto employed money rs IN
agent for the transfer Of commodities, it hav.
ing m equivalent value, or value represent
ing nll other Values and excha1goablo for all
other commodities. Alr. Butler proposes to
abolish money III this souse, and to havo
money which haye shall have no value of it.
self whatever. The element Of value in tho
money is to DO excluded. 1t is to DO made Of
the material having tho loast possible value,
nna reason therefor Ia " 10 that neither its
wenr nor its destruction will DO any loss to
tho Government issuing it." He is evidently
laboring under tho idea TINT the Government,
after issuiug its gold coins, liz In sou,o way
bound to rotleonl them, and TINT, In case they
becomo worn or clipped, tho Government ts
obliged to accept them at more than their
sal'lo nj 'nctal. Ills money il to have no in.
ts'ns!c, hnt purely statutory, value 1t in to
be n liece Of paper, stamped Que dollar, "
mud never to l'e redeemed by tho Government
assuiugit. 1t ia to difIer from all other papcr
money Ill TINT it IL not a promise to pay !; on
tlle contrary, its non.rodemption Is 10 DO itu
distinguishing feature. It is to 10 so value.
less t'!at 1t cannot be exported, ind no one
outside Of tho United States will receive il
r either III payment Of debts or in exchange
. Tor gooas. 1t being unavailable for export
, aha mover to be redeemed ut home, what will
such money be worth OF what value /,
any note the payment Of which Ia never ,e
be maaes What will people give for it.? /,
IL to be money 80 composed "a to forbid It!
exctange beyond tho United states,
This irredeemability Is defended BY hfr
BUTLER On the ground that thero il M n,o,,
reason why the measure Of value shall b,
redeemed than that the yard.stick v,t,
: which measure my cloth, OF tho quart viii
! which measure my milk, shall be redeemed
, Tho man who buys milk does not buy til
quart-measuro, nor the man who buys clo,
r does not buy the yard-stick they purcLas
! milk and cloth, and should Mr. Bu7lzn, /
Q 'neasuring his cloth or bis milk, emplo
. measures below the legal standard. he wou]
i commit crimo. 30 u, in paying tor Il
;. milk or cloth, ho Ahoald pay coin Of 10
= weight than the standard, hs would be gull
! OF crime. The world knows tbs exact waig
:. tn gold ot the American dollas Il tbs 90
= b "1XeAtad or othHrwiaa radunad IL "