The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-03-05
BEN BUTLER.ON FINANCES.

wAsHISoroS, Feb. 26.-The House
went into committee OF the whole on
the state OF the Union, Mr.. Eden,
! (Dem. iii. } in the chair, and Mr.. But-
ler proceeded 10 make his speech.
Mr.. Butler declared himself for the
full restoration OF silver to the coinage
of the country, and that every debt OF
| the United States now existing which
could be paid by the silver dollar, now
proposed, was, by the very term Of the
law under which the debt was contract.
ed. TO be paid by silver dollars Of the
same weight and fineness. Ia regard
the point OF dishonesty towards public
or private creditors. he asked whether
ID was immoral, dishonest or wrong to
provide by law that the debtor shall
pay back oil that he received, with in
torest, in discharge OF the money debt.
The same dollar which pays the poor
mans debt should equally cancel the
rich mans demand, Both should stand
before the law alike, aud right and JUS
tice be done al the hands OF Congress,
in spite OF executive recommendation,
or OF executive power, whether in the
shape of veto or otherwise. Mr.. But
ler denied that $50, ,000, 900 OF bonds or,
anything like that amount, had been
returned from Europe, but wished for
the sake OF the financial and business
prosperity OF the country, that il were
true. He wished that Europe would
send back every bond Of ours it holds,
and the lower the price at which they
sell here the better. II we could hear
that our 6 per cont. bonds were coming
back at 80 cents on the dollar, TO be ex-
changed for our merchandise, our gold
or our silver, he should look upon il as
the brightest and happiest financial
fact the country ever knew. He wanted
To see both silver and wheat sent abroad
to pay our debts aud bring the balance
OF trade in our favor. He saw neither
wisdom nor statesmanship in locking
our silver up in vaults. He reprobated
the withdrawal OF the paper fractional
currency and the substitution for ii OF
subsidiary silver coin, saying that the
people were TO be taxed an enormous
sum, represented 5 per cent. compound
interest on $50, 900, 900 for 80 years. and
that IL the Secretary of the Treasury,
who framed that measure, had ever sat
down and made calculation, and then
pie. he ought to be hanged to the near
est lamp-post for malice towards all
mankind. IL he had not done so, he
ought 10 be hanged at all events fer
getting into an Office which he could
not ali. Mr. Butler concluded as fol-
lows: Eve want the greenback for our
currency and mean to have It; but do
not desire that the greenback currency
should be made TO serve the country
as ID has done, yilifed, Insult
ed deprecated 10y the act Of the Gov
ernment itself, being refused not only
to be received for all debts due the
Government, and not even paid for all
demands due from the Government.
The American system Of finances which
will obtain in the near future, and i
hope at once, which desire, is
First-A dollor that shall have, at oil
times, a certain fixed and stable value
below which il cannot go.
Second-I demand that, that dollar
shall be issued by the Government
alone in the exercise of its high pro-
gressive and constitutional power, and
that power shall not be delegated 20
any corporation or individuals, any
more than Charles the Second ought
to lave delegated his prerogative OF
stamping gold coin, for the beLeit OF
his paramouIs, as a monopoly.
Tnird-I want that dollar stamped
upon some convenient and cheap ma
terial Of the least possible intrinsic
value, so that neither the wear nor its
destruction will be any loss 10 the Gov
ernment issuing it.
Iourth-I also desire that the dollar
be made OF such a material for tho pur-
pose that il shall never be exported or
desirable TO carry out of the country.
In framing an American system Of flu
ance, l do not propose to adapt il to
tho wants Of any other nation, and es-
pee ally 20 the Chinese, who are nearly
one quarter OF the world.
Fifth desire that the dollar so is
sued shall never he redeemed. / sec
no moro reason why a unite Of measure
OF value should oe redeemed or redeem
able than that the yard stick with
which l measure my cloth, or the quart
with which / measure my milk, should
be redeemed.
Sixth-For convenience only / pro-
pose that the dollar so issued shall be
quite equal, or little better, than the
present value Of the average gold dol
lar OF the world, not 10 be changed or
changeable IL the gold dollar grows
lower in value or grows higher; not to
| be obliged 20 conform itself in value,
in any regard, TO the dollar in any 9TH
or nation of the world, keeping itself
always stable and fixed, SO that when
all the property OF the country adjusts
itself TO ii as a measure Of value, IL
shall remain n fixed standard forever;
bu'. IL it is ever changed, il shall
change equally and alike for the credi-
tor and debtor, not as dollar based
upon a supposed gold value whose
changes always have given the creditor
the advantage. To give the greenback
currency, thus desired, fixed and sta.
hle value, ] would make IL fundsble
at all times, at a sufficient number OF
| places convenient 10 the people, in cou-
ron or registered bonds Of $50 and
multiples theof mp to 10000. bearing
interest at Go per cent. payable semi
| annually, which bonds should be re-
! convertible into currency as the pleas
ure OF the holder at every public de-
pository. Thus / would have a curren.
cy better than n gold currency, unal-
terable in value, because founded upon
wealth, power, and property, togethsr
with all tho gold and silver OF the coun.
try, held by oil the people, whose in
tersst IL would be 10 keepit nt a steady
measure Of value, TO which all property
would soon accommodate itself. Ulti.
maiely the whole national debt would
be brought home from abroad and
funded into the national bond. This
would give 10 America non-exporta.
be currency, better than any other
capable AZ al times II being invested
at home at equal interest with the gold
OF the world, which is now, in the besi
| GoYaInmenf aecnrifics inveaind ~ nr