The New York herald., 1878-02-27

fpccCh HEWTTT,
oil Aiaoama endeavored 10 induce the House TO pro-
ceed with the bill TO pension the soldiers OF the Mex-
can war put tue House preferred to give Mr.. Butler
oi Massachusetts. chance TO make his speech tho
financial question: In patton OF which the gal
Ieries were crowded The House therefore, nj half
past three. into Committees Of the Whole on ia
state OF the Union, Mr. Eden oi Illinois IN tue chair
and Mr. Butter proceeded to mako his speech.
GENERAL BurLER's SPEECH.
he thanked the House Tor It's courtesy and asked
that ne should not be interrupted his res,arks
were all in print, but after he got through would
ce happy 10 answer any question that might be put
to him. The views wbicn he held were not thosc OF
the men whov Sent To tho Ho.se, but he trusted
snat lnsy would sec the light as he sew H. ne spoke
under the greatest possible weight ~ responsibility
because II would be lar easier Tor him to SWIM with
the lido aud to float with the wavo OF popular thought
than TO Try to stem it. He decared himself The
fIi restoration OF silver 10 the coinage ol the coun
try, TO tho place which II had hed duIng the lifetime
have been thrust FORTH
THE RIGHTS OF THE CREDITORS
IN regard TO The point o dishonesty toward public
or private creditors. he asked whether IT was I'M
moral, dishonest or wrong 10 provide by law that a
debtor shu pay back ul he receive 10 with interest,
IN the discharge ot mouey dcbL What OF tqliy
anu justice would he have who claimed that IL was
dishonest so 10 40? As 10 the public nc declared
deiyine contradiction nnt every deot OF the United
States now existing when could be paid ny tho SILVER
dollar now proposed was, by the very terms OF tue
law under winch tho debt was contracted, 10 be paid
by silver dollars OF the weight aId uneness.
He would say to tho foreign bondhoiucrs, par
ucularly IN Germany, where most OF tho bonds ere
held. 'hcre Is your dollar; lake IT. If il IS .css VAL
uabio tnan II was II is you yourselves who made
II you want to make IL moro valuable renoueze ana
make u so as You ought To 40" lhe bl OF tie lsh
o. Juy, 1910. au hor,zlng tho Is ue OF Tour, four and
hall hnd ave pdr cent bonus expressly that
they should be payable In coin Of the standard weight
anu unencss, winch was the silver dollar Az grains
10 weight and $40 in hnenesA Tho Dulonists aud
bankers mad no objection 10 making The
SILVER dollar legal teLdcr to the amount OF
500. when was about the average months earnings
o. workingmcn That they regarued as honest. Oul,
he sai ON such barciaced pocrisy Ino ucvl hiin-
sell would oiusn to It'll there Is dev,-and II
stu tea-
incn who cat up Goas people as # theY were bread
daughter and applause) Tho grecubacx doiar was
only an niperec stamp oil the power vi the govern
mcnt on piece o intriusicaliy worthless paper, au
yet u was now Within Two per cent Of gold, whc gold
IN purch tsiug power la all the markets OF
the world. That ought to she foars
OF those VINO believed that the Undressing OF II GU a
piece OF silver Ot nincty.two cents value would brng
down tho value OF tho silver dollar. Therefore, said
he, let us VINO stand hers representing Tue people
TO II that Tho dollar which pays the poor
debt shall equally cancel tho rich man % demand, so
that both shall stand before tho law aike and tnat
right and Justice shall done Al tho hands oI Con.
gress. 10 spite OF Executive recon- en ndation or
Executive power, whether IN tho shape oil veto or
SOME EXPERIENCES IN rHx PAST
Referring to the scripturai statement that the
lsraelites had their gold to golden calf
worship. ms comment was:-"r,mcs are changed +;
now the call. worships the god." Laughter Hc
referred to tho remarkable iact that upon the at
tempted resumption OF specie payments by Great
Britain, after the ia OF Napoleon, SILVER more
valuable than gold, ana The public creditors refused
gold and were ublo TO MAINTAIN their clam, because
none bu rich men and their so us got into
He thanked God however, that Congress not COM
posed wholly oi bankers and brokers, and the public
creditors ciam 10 DC paid ~ better cein
here. Ine steadiness IN the value OF SILVER
for SO many generations was no: accidental.
Tho philosophical reason for IT, ne said, would seem
to be this-Goid fuctuates because II can be found
upon the surface o The earth ana Obtained by what
Known as "placcr miuing"thati Is 10 say, unsKled
aborer with pan and shovel, wash out as the
may be. $l0 SIS $50, $50 or 800 per day. using
neither skill nor capital. not owning or claiming any
title to The land even from which he draws his wealth.
When thut can bo done and where that Is done gold
tails immensely in value, aud everything Is said 10
rise in price. Provisions arc ~ fabulous price in
gold. Iron more valuable than gold, and " only
wnen the gola nows and mixes with the great
reservoir OF gold In tho world that the value Is ~ all
made cquablc.
THE RETURN OF BONDS
kefcrring to the reported return Of bonds from Eu.
rope 10 this country he sald Tue alse aud
sidious appliances 10 impede Congress from legislang
IN the interest OF the people daily poured
our ears as Tor the fact by tho newspapers, subsi-
dzcd by bankers, native or foreign, that Congress
may be held up the hard contract and Shyock
gam o the bondhoder, requiring pay in SILVER, at
mercantile value only. Tor what he paid US in paper
o. that silver value. Is the rumor thai
Europe is now sending back to us 'sixty
wnep sh.v viii no. longer hold we cur dsc%s .ha
thcy shall DO paid as they were agreed 10 be paid
IN silver Of m equal weight and fncness TINS !.
simply basely false. Is there child 1t 10 DO trusted
TO across the alono and keep OF tho way
Of passing teams who does not know tnat II sixty
millions OF bonds had been returned TO thus country
tor immediate sale such return would have affected
the market pricc OF bonds moro than ten, or even
twenty per cent while IN TACT loss than per cent
IL the substantial variation In the prce Of bonds
the disc ussion ot this question began? Nay, more
with the average Of interest bonds Of the
best government In the world payable in gold a three
per cent only, can any one believe that tho German
bankers arc about TO return their Six per cent
bonds, or double interest. payable in silver,
when the difference in the mercantile value betwes
gold ana sivsr varies less than one-th OF their
teresty For myself, so far from being frightened ut
tho rumor Of the supposed return oi those bonds,
while denying It's truth, | say b0iemnly, upon my
Judgment oil what would be the best Tor the nuauca
ana business prosperity oi this country, l wish It
were true; l wish Europe would send back every
bond OF ours It holds-the sooner the bstlcr-
ana tho lowor tho price ut which they Sell
here the bettor II could only hear that our
SIX per cent bonds were coming back nj fifty
the dollar TO be exchanged tor merch andse our
gold ana our silver, should look upon It as tho
brightest and happiest financial that the country
over knew. Unalded and alone we once carried by
ourselves all our bonds, when they were more
than S. 000 900 instead OF the hall OF that sum,
which Is now abroad Aye! aud we carried them,
too, amid tho pers Of "A long and devastating war.
Germany TOOK none Of our bonds, when they had
sunk TO thirty cents the dollar god, until
the close OF the late war, and then only IN incon.
siderable quantity. As wo carried them once we can
carry them again.
Referring In The case OF Ireland to the evil OF
"Irsn aosenteesm" he said:-We have no absentee
lords TO spend our earnings Abroad but we have far
TOO much spent abroad by the butterflies Of fasnlon
who migrate to Europe 10 furnish their wardrobes
and to smuggIc large amounts home IN their trunks.
II could have legislation as | could framo IL on
finance, II could have an American system Of
nnance, would not lock up three or four or i've
hundred millions Of silver Ia the vaults OF the Treas
ury or oil banks as basis of circulation or distribute
1t IN duty simply us coin DO not believe, nor does
any one Of tho friends OF silver. so lar I
know, who s looking ~ tho be-
levc that any great amount viii be coined; nay, IL
cannot bs conea with any appliances OF the mint that
VIC can bring 10 bear upon II Ia such amounts 10
make great difference IA the volume OF currency In
any near time ~ the future. Being silver produc-
ing country, and wheat producing country also, I
want TO sco both silver aud wheat sent abroad pay
our cobts and bring the balance Of trade in favor
instead OF allowing u to run backward against
the present year as compared with the prior year,
$23, UOO, 900. l SEQ neither wisdom nor states.
mansh,p In locking our silver up in vaults
where It cannot be used, aoy that should see
wisdom and craftsmanship In locking up by law our
great wheat crop IN granaries where IL could not bo
used, upon some sensclcss tear that seed time nd
harvest would ia Instead of sending away TO make
room ior the new crop and relieve tho nation OF It's
burden by It's SALE
THE WISDOM COMING sILvsR.
/ shall be- asked, theD, "Why do you advocate the
remonetizaton OF sIiverf" answer, the science OF
statesmanship is the balancing OF tnconvenicnccs;
and shall snow In moment wherein think consists
tue wisdom 0f coming silver into money or storing In
vaults 10 be made Tho basis OF the paper money vi