Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-01-23
Senator Butler OIL the Currency.

1
rowcr Of the Chinese.
Senator Butler OH the Currency.
Senator NJ. G. Butler Of South Carolina. 10
an interview with 4 correspondent of the New
York Herald Monday, said IL is fact that
the prices Of bacon and other articles necessary
for subsistence were cheaper when left home
few weeks ago than have ever known them,
and could buy bacon for the tenants on my
plantation ia the city of Augusta, Ca, at Six
and three quarter cents and 50 of other prime
articles. Now this may be considered small
circumstance. but it is suggestive of the times.
The low price IF these articles must have been
the result to some cxten! of the present 6nan
cal circumstances of the county, and my fear
is that if the Silver bill should be passed, and
legislation germauo to it, and speculative con-
dition of business be created thereby, that
every crossroads store 10 the country will make
a corner in bacon, and the consumer ADD pro
Queer will BE- the losers and the spectators the
paiscrs. Now, this appears to be small mat
ter but it is Illustrative of the whole question.
The advocates of the Silver bill insist that the
silver dollar is the dollar Of the people, but un
fortunately they do not say how the people are
to get it. The people do not own silver mines
all of them, and if they get silver they must
work for it, just as they do for other money.
| The trouble 10 the country is not so much
scarcity OF money as a scarcity OF confidence;
nor does the present strlngcncy OF the times
result from over. production Or over. c)nsump
ton, tut en- over Wart Of confidence. l will
mention Que ether circumstance to prove that
the present financial management of the gov
croment aod tie prospective resumption or
sptcie payments with the decentralization OF
silver, is the besktor the Legitimate business
interests of the country. Last lalI, when the
merchants from my little town OF E1geheId
went to New York to purchase goods, they all
came hacl, in good spirits at the improved pros
depco, brought about, 90 doubt by the stable
ard pernancn. financial policy and the conser-
yativc course adopted By the present national
Administrations together With the Improvement
in orr State go7cramenr. They all felt hope.
ri afi h,,ogant about the future and appeared
to be cndea7oriog to rebuild their business up
90 the faith of the then condition OF cur H.
rapcss Now, thick it would be wrong to
disturb that condition Of things by this lcgi>a
ton, which ain sure would be the result of ii.
The laboring and consuming classes Of the
country, and also the producing classes, require
for their protection against spectators aud
sharpcrs stable, uon hu,tua!ing, permanent
upi. Of value which can only be ftund 10 q
single standard. This regard rs absolutely
necessary 10 a iea!tiIEul CONDITION OF our ii
DaGcns
II thak the onc thing to be done is to re-
| peal that provision Of The National Bank act
which imposes tax Of ten per cent on State
banks and thereby practically drives them out
of busiocss. The c)untry Is not suterlog SO
much from scarcity of money as from an I'M
proper distribution OF tic money. The nation
order to enable the government to place its
bonds and control the money of the country.
| That necessity DO longer exists, and the re.
establishment Of the State backs under proper
restrictions by the State government would
furnish currency to the people which would
supply their wants. The trouble now is that
| the money Of the country Is confined to com
! merciaI centres and cannot be procured by the
great body of the people except upon collaterals
| Which they do not oWn. The money moves 10
certain currents 10 commercial centres, and an
increase OF the volume Of the currency uoder
the present system would only swell those cur
rents without distributing it over the country.
Il am thoroughly convinced now that it
! would have been better for US in the South II
VIC had not had so much credit and there had
10! been such an irfux of erccnbacks. cheap
goods, &c.. into the country Immediately alter
the war. We had cxtravagant ideas before,
but this condition Of things created specu!a-
tive propensity which made everybody Wild,
and the result was the greedy pursuit OF that
phantom cotton which ruined the producer and
oorictcd the Spectator. Now, the stringency
| 4, nj NJ . q
forced US 10 economical habits. the production
of less cotton and more articles Of food, and if
we can continue that condition Of things moth
Ing can prevent our becoming 10 q few years
the richest people on the continent, Tor We have.
the material Of great wealth and prosperity II
We only utilize it properly. We have learned
terrible lesson, but We have profitcd by 1t,
aud now if this legislation is adopted and the
public mind becomes imbued With the idea that
tthere is to be Unlimited issue of money and
return of flush times-a fatal delusiou-we
shall all 90 Wild again. You are learning tho
lesson at the North, but you may as we'll learn
il and get business down to legitimate solid
gold basis. the only safe and stable one, and then
we shall begin to build up anew. If We can
keep the government down to a gold basis we
shall avoid in future terrible disasters Why.
the failures, frauds, forgeries, crimes. suicides
| and tramrs that are now curslDg the North and
West are the natural offsprings OF the profit
| gacy, extravaganza and corruption OF the past
decade, and turning loose the foodgates OF
money is not going to cure them. We must
come down to god-to hard pan-to cure
these evils; and we are nearly there.
Cashier Suspended.
New YORK, jap. 23.-The National Stale
L. Icoa
I;perding an examination of his account 1t was
discoYered that he has been earring large