New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-13
GENERAL BUTLERs POVERTY.

THE GENERAL DENIES IL A PUBLIC SPEECH THAT
HE HOLDS GOVERNMENT BoNDs-LARGE INVEST
MENTs IN DISTRICT BONDS. OF WHICH NOTHING
WAS SAID.
lBY TELEGRAPH TO THE TRIBUNE.l
WASHINGTON July 12..-General Butler, in his
Fourth Of July speech at Newburyport advertised
his poverty in the following strain
do not own any United States bonds myself As for
wealth, that have not, as wealth is understood. All
my property Is either in this State In
more or less hold that as affairs
exist, the man IL poor man who has nothing but
what is Invested IN industrial aud business enterprises
and therefore feel, think rghifully, in with
the great mass OF mon In the country the injustice and
the done to the business interests OF the country
by the present financial system and It's management.
This depressed condition of the Generals business
and financial affairs has furnished cause for sur
prise to his acquaintance here, for it has been
quite generally believed that he was in
easy circumstances and there are people
here who have felt almost certain that he
was even q bondhOlder to some extent
little inquiry among the keen-eyod inanciers who
make it their business to watch the transactions of
influential legislators. with n view TO fOrecastng
the rise fall of public securities has not developed
any reason TO believe that General Butler exceeded
the truth in the account he rendered to
his laboring friends in NewbuTyport
On the contrary seems to indicate that he did not
class of gentlemen that General Butler has for the
past year more been a heavy purchaser. not of
United States bonds, but of District Of Columbia
bonds-quite a different thing.
There are about $13. 100000 of the 3-Gj District
of Columbia coupon and registered bonds in the
market, which have been issued TO cover the
debt of the District. The securities became
very much depressed during the days when
Congress seemed to be showing the cold shoulder
and TO be disposed TO let the District
take care of ITSELF and little over year ago they
might have been purchased for from sixty-seven to
sixty-nne cents on the dollar IL is supposed 10
have been about this time that General Butler
began to buy these bonds quite heavily.
From that time District securities have been
approaching as the disposition manifested
by Congress toward the District has become moro
favorable. Just before the passage of the bill,
which was approved by the President on jane II q,
providing for permanent form OF government for
the District OF Columbia District 365s were sold at
"a, but they Immediately jumped from that point
mp to 81 in consequence of the passage Of that bl
The provision of the bill which was chiefly instrII-
mental in bringing about this lively appreciation
was As follows: Hereafter the Secretary Of the
Treasury shall pay the interest Of the 1856 bonds Of
the District of Columbia issued in pursuance Of
the Act of Congress approved June 30, 1874,
when the same shall become due, and all amounts
so paid shall be credited a part of the appropria-
ton for the year by the United States toward the
expenses Of the District of Columbia herein pro-
vidcd."
So General Butler owns no United States bonds
The only bonds he owns, SO far as can be- learned
are those for which the United States has bound
itself To pay the interest when il becomes due
Just what the total of his poverty in
this class OF securities amounts 30 cannot of course
be asserted, but 1t Is mentioned as point of some
interest that the General has quite recently con-
verted several thousands Of 3-05 District coupon
bonds into District registered bonds bearing
the same rate of interest. 1t is also
asserted with some degree OF pOstIyencss
that tho Generals private secretary has
economical so successfully within the last year or
two that he now holds District securities III his own
name amounting to over IS 100000.