The New York herald., 1878-02-27

pay our debts, and the larger the amount oil SILVER
held 10 do duty coin which could be better done
by paper the larger tho amount OF value
s ex',nsuishod IN making IL coin. There
tho preacher (Ecclssisstes, ", Iol-"He that
lovelh, silver shall not be satisfied wnh
ana mean To have III but do not desire that tho
greentacE currency should be made TO serve the
country as II has done-vinGed. ipsulte deprecated
by the act OF tho government ITSELF being refused not
only TO be received for all debts government.
but not even piic Ior all demands due from tho gov
ernment.
ruE COMING AMERICAN SYSTEM
The American system vi hnauce which will obtain
IN the near future, and hope At once which desre
is:-
FYrst-A dollar that snail have az all times a GER
tam liked ana stable value below which II cannot 60
Sccond-l demand that that dollar snail be issued
by the government alone, IN tho exercise OF Its high
power stall not be dccg tied TO any corporation
nd,viduai any more tnan Charles II. ought TO have
delegated his prerogativc OF stamping gold coin for
the UcneGt OF ms paranours as a IN monopoiy.
7h,rd-i want thai dollar stamped upon some con-
venient ant cheap material OF Tue least possible
truso value That ne,ther IT'S wear nor its deslruc
ton Will he any loss 10 The government issuing IT,
Fourth also desire the uoiiar 10 be made OF such
material Tor the purpose that u shall never be ex
ported desirabic 10 bc Carried the country.
Framing an American system OF finance do not pro:
poso 10 adapt to the wan.s oi other nation and
cspcch!ly the Chinese, VINO are nearly onequarcr of
the world.
Fih-I desire that the dollar issued shall never
be rsdcemcd. see moro reason why tho unit OF
measure OF value should 20 redccmed or rcdeemable
tnaD that the yar0suck with which | measure my
cioih should bc redeemed.
Sarih-For o,nvcnence only propose that tho dol.
lar 80 issued shall be quite equal or little better
Than Inc present value o the average gold dollar of
tho world not 10 be changed or chanecabic II Inc gold
dollar grows lower IN vaus or grows higher or be
Obliged conform itself In value any regard the
dollar OF any other nation OF the world keeping itself
always stable aud liked, tnat when all the property
OF the country adjusts itself 10 IL the meas
ure OF value u shall remain liked stand.
ard forever But H. It ever changed
creditor and The debtor, the dollar based upon
supposed gold whose changes always have givca the
rency thus desired a liked aud slabie vAiue would
make II iundAbe at all times al sufficient number
istrred bonds $780, and tue multples thereof up 10
SlO,OUO. bearing interest ut 1865 per cent. payable
semanhuaIy, wnIch bonus snouia De reconvortioe
INTO currency at The pleasure OF the holder every
pubic depository.
Ihus. would have currency better than u god
currency unsllerable 10 value, because founded upon
The wealth. power and properly together with all the
gold ana silver OF the country hela by all the people.
whose interest II would be to keep II at u steady
measure ot value. TO which all property would coon
accommodate itsoli. and ultimately the whole national
debt would be brought homo from abroad funded
into thu national 0vnd. This would give America
| non-exportaole currency better tnan any othor,
capub.c at all times OF being invested at homo ut an
| equal ratio OF int, rest win the gold OF tho world,
wulcb Is now, IN the best government securities,
| vested At an average OF three per cent only.
REhlNiSCExcE
In conclusion he saiI:-I skttched in this place
this system OF finance nine years ugo. 1t was not
| popular then. perhaps because unknown. 1t Is now
mucn more Enown and has become the demand OF the
people. l have received political persecution, and
| views ever since. What motive could then havc
had, and now have, advocate them, except Tor the
o Which TO do al Sss DO
In the front while my dctractors stayed the
with tue Summsrs and suffers Because Of their ad
seeking TO ride into power a popular
cry or by panderng 70 popular prejudice
cling 10 an unpopular measureP On Inc contrary, tho
statesman socks to remedy tho nurttul errors In the
government OF his country; and to instruct popu
Tar mind Ia regard 10 them, TO interest," aud
70 see tho right as II Is gwen him 10 SEQ IT, regardless
of loss gain OF place power. By that standard
am ready to nave all my acts tried In the candid judg
| ment Of all just men.
| Mr. BUrLxa closed his spsech at nve O'Clock; but
before he had taken his seat Mr. Chttendon, OF New
York, rose to ask him some questions
Mr.. CHiTTExDEx's nrst question was what would
$500 000 900 OF savings bank deposits when United
States bonds were returned from Europe ana when q
their price ie las Mr. butcr desired u 10 ia 10 hity
Mr.. BurLER-lhis will be wha, will happen to thom
posits in pcr bonds, but in tumble dow
real estate IN Now YORK, that is worth fifteen
cents on The dollar when the taxes arc paid. Laugh
ter.)
that every savings bank IN Massachusetts and New
4 Mr BrTLEs-Tnoy are, 80 far a. United States bonds
are concernsd, bankrupt to-day. They have not got
! Mr. CHrrrKSDES--rnat is not m answer Does the
gen,leman, mean that al the savings banks OF New
rupted by tho return OF those bondsf
Mr.. BUrLER-ihey Will be- but they ought not 10
be, bankrupt tLaush!erl They will be bankrupt,
| railroads aud In everything else but government
bond. has been sunk nros times by their internal ius,
| around tho two dIsputants)
Mr.. CHirrKSpES (sxcitcdIy,-I wish TO hold the gen.
| teman 10 tho point
Mr. BUTLER with provoking coolness)--welL 1 am
| content.
Mr. CHIrrKSDES with his voice at its highest
pnch)-Ii you as an advocate Of unlimtcd remoueti-
zaton OF silver force back on this country the many
hundrcd mlilIoa bonds now held In Germany, and
thereby break down every savings bank IN Massachu-
setts aud New York, VINO will be held responsible
will not you be fairly entitled to be hanged TO the
Treasury TO be nangedS Shouts oi laughter ana
| couragemenL)
| my chance with the rest when the lampposts come
around. have no lear that subject. But It viii
not 10 the return Of the bonds that will break savings
| banks. because they broken aud are btesking
they are rotten aud are singing
Mr. CaIrrESDES twithout waiting tor Mr.. Butler to
$4,000 900 OF government bonds and II u snail be
obged to take So. O00 000 for them will be ruined
whom you profess to speak-the laDoring men and
womcn-there 20, 900 OF thom depositors IN that
one oaRx W n Ss sens 70
lamppost and roasted afterwards. Uauxhtcr.)
Mr. CHI& &ESDES-l am no joker.
| MIR. BUrfER-l Know that. Shouts Of laugbter.)
| Mr. CniTrESDEs-l bei,cvo the gentleman from Mas.
sacnusetts has moments of SERIOUSNESS, and now
| Wish to appeal to his possibly serious temper.
| Mr. BUrLHR-I never was In better temper In my
life.
| Mr. CnIrrEsDEy-I wish TO ask tho gentleman II he
thinks there wall DO any more prosperity In this coun
uy-prospcrty 70 the laborcr, TO tho armor, to the
who works In the biacksmiths shop IN the shoe
snop--untii confidence Is restored to capitaIr Wal
your everlasting rredoemable mscrable gree snbacks
| restore that conndenceY
Mr. BurLEk-li tho prosperity Of this country de.
pends upon the TWO per cent difference between gold
| and greenbacks, God holp tue country.
| Mr. CnTTExDES-Now, come ight dow to the work,
my Trend. (Shouts OF laughtcE) Ifyou nave house
TO buid or morse 10 buy you know what practical
business Is ask you to como ny to the work. You
| have spoken disrespectiuy nero OF bankers and
brokers. Out oi tue 200 members Of this House 200
are lawyers.
Mr.. BUTLER nthetcaly,-I wish that forty were.
~. LnIrTExpES-Now ask you to don your gown
and toll me whether without confidence to capital you
eau restore prosperity TO this country
Mr.. BUTLER-l should great zeal rather have bet
OF prosperity tor this country than conf
depoe which Inns been fully bestowed on capitalists
| that the country Is ruined
| Mr.. CHIrrESDES-Ihen you think that the basis o
eternal, mIscrabic greenbacks Is bctter?
Mr. BUTLER-Yes, but not quite eternal I say
again, want you 10 undcrsland. tnAt look