The Republican journal. [volume] (Belfast, Me.) 1829-current, 1877-12-27
Ben. Butler on the Silver Question.

On Saturday last Gen. Butter was the
guest, in Boston, of the MiddleseX Club at
a Parker House dinner. At the close, he
delivered a speech Of considerable length
embodying his views upon the leading
questions now before Congress. Upon that
OF making silver an unlimited legal ten
der according TO the provisions of the
Bland silver bill he said
In sixty days the Silver bill will have become
law OF the land. 1t will pass Congress and if the
President vetoes it-and | don't believe that he
Wilt will be passed over his veto. 1t will pass
the House by three fourths vote. and will re
ceive near two thirds vote in the Senate that
if it be vetoed there will be enough strength in
that branch to pass it over the veto The Presi-
dent objects to the Bland bill on account of the
free coinage clause, its unlimited legal-tender
characteristics, and because 1t is violation Of the
public faith to pay the creditors of the Govern
nent either the principal interest Of their bonds
in silver. In regard to unlimited coinage and the
danger Of flooding the country with silver,
need not fear that, because we cannot issue more
than two millions per month. or about twenty five
millions per year and that would be mere drop
in the bucket. 1t is claimed to be legislation in
favor of the silver industry Of the country, but
do not know why should object to 1t because
it benefits the silver or any other special industry
if it also benefits the whole country at the same
time. If, as legaltender silver limited to
500 it would be a discrimination in favor Of the
capitalist. because the poor iii the payment Of
his small debts might be obliged to receive the
deprecated currency. silver while the rich man in
the payment of his debts could claim gold. which
is worth considerable percentage over silver |
claim that what is good enough for the poor man
is good enough for the rich man, and what is en-
joved by the rich man III this respect should be
enjoyed by the poor man. Passing the Silver Bill
will be only to bring the Government back to the
standard which had always been known from the
beginning of the Government up to 1873. Silver
a standard, was not Gemonctized until lS. g. and
in 1867 and 1868 |. as lawyer found that the
statutes of the United States permitted payments
of the bonds in greenhacks. and ! may say that
the opinion was conceded in by other LAWYER, who
examined the question The country became
alarmed, and the public creditors appealed to the
politicians to take action in the matter. Accord
ingy the act Of 1869, the first OF Grants Admin
lstratiOn, was passed
The President, in quoting from the act SAYS
that its great merit that it removed all doubt
to the purpose Of the United States to pay their
bonded debt IN coin If the President had quoted
further from that act he would have seen that
while the first part OF the act refers to the debt Of
the Government to DO paid in com (which word in
itself might mean gold or silver it subsequently,
defines what was intended to be understood by
the word coin by making use Of the expression
that the debt might be paid in gold OF silver coin :
and You will find printed on all the bonds issued
since 1869 the statement that the principal and
interest are to be paid in coin as provided by said
act Of March. 1869 When you refer TO that act
to find what CON is specified, the act expressly
gives the right to pay in gold OF silver coin Al
though silver was demonetized by the act OF Feb
ruary, 1873, Vet all bonds issued in pursuance of
the act of S64, after that year come under that
contract and may be paid. either principal or iii
terest, in gold or silver The President claims
that even II We had the right To pay the bonds il
silver we ought IN order to keep our faith AMI
credit good, TO pay in gold but in these times
cannot afford TO be generous. am in favor of
carrying ont our contracts TO the letter: but we
ought not to do more than our contract honestly
calls for If silver was AS high as gold or worth
premium above gold creditors might claim
with equal right that they should be paid III sill
yer, as they did once in England when silver was
at a premium OF three per cent. above gold Her
creditors insisted that since bonds were To be paid
IN pounds. shilngs and pence the word pound. "
used in English language, meant a silver pound
OF standard tnenasS, and that therefore they were
to be PAID III silver pounds, ana should not be
Obliged to take gold; and Il law was actually
passed to this effect
In regard to the moral obligation of the Govern
ment to pay gold (since othcrW all bonds would
be deprecated), the other property OF the country
except bonds and evidences OF Indebtedness. has
deprecated on the average about thirty three per
cent, everything is thirty three per cent. lower
If You owned house worth 800 600 ana it was
mortgaged for 10000. it is now worth 500 900 or
>700o0: but the mortgage is still 100000 The
bonds have not deprecated at all and since the
other property has deprecated, why should not
the bondhOldeIS and creditors come in and bear a
small part of the general depreciation If your
property has decreased thirty three per cent. why
cannot the creditors stand depreciation of less
than ten per cent. don't believe this deprecia-
ton will take place. | almost wish it might in
order that we could get at something like an aver
age of these losses believe that as soon as silver
becomes legal tender three per cent of the differ
ence Will at once disappear, and in three months
time | am confident the other five per cent will
as2Psar ana SILVER VII Is Il q2A rfep teFkS
further, that it will have a beneficial effect upon
the country. The grain houses Of the West are
bursting with grain. The warehouses Of the East
are filled with manufactured goods. The railroads
are anxious 20 bring the grain from the West to
put INTO our mouths, and to carry the goods from
tho East to put upon the backs of the West The
passage Of this bill will tend to bring about that
result, because it will show to the people that we
have reached the position popularity designated as
hard pan that contraction has ceased; that we
are not going any further in that direction. The
public confidence viii be restored: business Will
he revived, and We shall enter upon d new career
of prosperity
The General was also pleased to en-
tighten his audience in particular, and the
country generally, upon other themes now
agitating the public mind He touched
softly and tenderly upon the spot sorest
for himself and other aspiring patriots in
the Republican party, in abiding to the
future of that organization with whose
fortunes go all their hopes. He said
IN conclusion may say that am hopeful as to
the future Of the Republican party | tell YOU gen
temen, there IS no disunion i'll the Republican
party in Congress TIE Republican ma orlty in
the Senate and four 1ifths Of the Republicans of
the House consider the present Southern policy of
the President mistaken one. But the general
feeling has been to prevent any collision. The
President was honest in his intention and we were
willing to see it tried. We have felt on this sub
lect that the least said is the soonest mended We
hope that the President will in time see his mis-
take and join hands with the Republicans. We
have kept silent on these questions but they must
be met sooner or later, The President has had an
opportunity to ascertain the truth. OF course it
must be considered that he has Cabinet a ma
Jorlty OF whom when appointed were not known
as Republicans. think that will have to be reor-
ganlZed and that It soon will be. The President
will soon have to elect with which of the two
great parties he will 20. BY next February he will
have to decide whether he will take the Republi
cans into his counses or Join the Democrats The
present state of things cannot continue No man
can successfully ride two horses going il opposite
directions however kind or wise he may be. If he
JOINS the Democratic party there will be great
breaking up of parties and there will be the issue
OF finance, the tariff, economic questions of gov
eminent and other matters to divide upon. If the
President decides to join the Republicans the party
vii be as powerful as it ever has been. The Re
publican party North will be united and we can
undoubtedly carry New York State and this would
give us victory in 1880
The Turkish War