The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-12-05


General Butler-1 could not vote
for it, sir. do not want it repealed.
l want the experiment tried, and
having failed it will be out of the
way, and this present financial system
demolished; and failure will demolish
it, and the men who uphold it. too.
RepOrter-Were you originally op.
posed to the resumption act!
General Butler--Always. 1 agreed
that it might be tried. have never
voted to repeal it, because both
parties having put it in their plat.
forms that they should resume. / did
not see how the trial of the expert
ment could be avoided; and though l
regret the destruction of values and
the running Of men that must follow
Il suspension of specie payments by
the United States after they once
begin, yet if it goes Oh it must come.
Why. this is it: Gold is now :nly 1-8,
that is, it only costs - 10 cents to
get 800 Of it in greenbacks to-day
before resumption. A prudent man
will want to insure himself from
what may come from Il possible
failure of resumption. He can do it
for II IL cents on 500, by buying
gold. Then il reSun ption is success
his gold will be us good us amy other
money in that event. and then he has
lost II l-2 cents on 800 oily. has he
not, or $50 IL on $4,000? If resump-
ton should happen to be Il failure.
then he is all right, because he has
got his gold. however high gold may
so. Now what would you say would
be the duty of Il prudent man who
has charge of large amounts Of money
in that behalf? Wouldn't it be to
insure himself, so as to be sure to be
right, which ever way it turned =!
Well, now. how many men are going
20 do that? l have no doubt they all
will. l should think, if l had control
of u large amount OF money, and re.
sumption did not prove Il success, so
! that those who owned the money
would make u great loss, that l ought
to be held responsible if l did not
make that insurance. What would
be said of me if were going to send
Il million OF money across the Atlantic
and could insure it at the rate uf
II IL cents on 500, however staunch
the ship, and however much conf.
dence l might have in her captain!
And. however much confidence Il man
might give in resumption, he ought
to insure himself if it costs so little.
Well, all of these wants have got to
he supplied out of that $3.50, 900 900,
and SIS 900 900 of that amount is in
the banks, owed by the banks to the
treasury. l use the amount $l37 ,00O,.
900 because week or two ago saw
the sum stated as coming from Mr..
Sherman. He told us that he WAS
going to have $500, 00O,0 900 available.
lie has miscalculated quite One-third
in his ctlcuations, and think he has
misca,culated Il great deal more in the
demand, for he has only been calcn.
Lifting apparently upon the amount of
greeubacks. whereas the Tribune Will
do me the favor to remember, unless
it turns out to be SO, that the banks
| will tell him between now ana the 1St
of January that he must be prepared
for all to resume, bank circulation
deposits and everything. or else they
cant go into it, because greenbacks
will follow gold right up the momen.
| UpliOIi OOilIiUCIlLCSs Cl
gold may go to, n"til the United
States treasury suspenls. and bank
notes will be left somewhere in the
rear. unless provision is made that
they shall be redeemed as sell us
grcenbacks. and the bankers
will hardly agree to that.
SILVER. BONDS AND GHEENBACKs.
Reporter-IIe has the silver to pay
out. Will that be taken us readily us
gold!
General Butler-Why hot! What
use is there for gold in this country
TO pay duties. is it not! Silver viii
pay duties just rs we'll rs gold. but
that would be Il queer spectacle to see
the treasury of the United States de.
pending for its safety in the resinIp-
ton business upon TINT much despised
silver reconciliation. i sh ,ul,l
think. if that happens, the Tribune
would never say anything else about
finance. because 1.-THE dollar of our
daddies" would be the safety OF our
nation in that case.
Reporter-Don't You think the es.
feet of the present law Will be IL
drive god out and displace it with
| silver!
General Butler-No, sir. Cold will
not require any driving out. 1t will
| 60 out without that. With the rate
of discount OF the bank of England
trebled-tIat is. per cent. the ordi.
nary rate being 2-gold will go to
England fast enough within driven.
Reporter-Wont the large excess OF
our exports over our imports
! help resumption
General Butler-By no means. In
| the olden time. when we had no pub
| lie debt. then When we sold ANYTHING
abroad more than we bought. we got
the balance in gold. Now. all we get
tue balance III our favor is in our
! bonds. We are precisely like farm
er who should raise good crop on
his farm and sell it sdvant. ,eously.
and in paymen. receive for it on;y his
own notes. lie would come shor. in
paying his taxes and his help. proba-
bly,. This is our condition. All our
balance OF trade only calls home our
bonds.
Reporter--Have we many bonds
abroad
General Bn.ler-Not mary rs they
have nearly all come lack i'm uavmanr