The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1878-09-05
BUTLER AT NEW HAVEN,
Addressing Seven Thousand People on
Finance and Industry.

AHNi iSssAu5 OctCH AAOasuuU SOpiC Oh
Finance and Industry.
New HAVEN, Ct., August 20th.- Gen
eral Butler spoke merely two hours to about
seven thousand people here tonight. He
said:
Citizens of Connecticut: Your appear
ance here is evidence of your interest in
the subject propose TO speak on-the
question Of finances and industry, always
inseperately connected when country is
prosperous and when it is in adversely; aud
fret in behalf Of our legal tender notes,
which fought our battles in the war and
gave us prosperity in pence until interfear
ed with by the charletans Of finances; OF
the greenback which is the equivalent Of
the blood of your sons, brothers and fathers
speak for the currency which the country's
universal voice has said is good enough to
pay pensions bu, is not good enough to pay
the bondholders and capitals t's interest
All ask in currency and government is
an equality of rights, burdens and priviI
to feel the effects of the war capital hid
itself, banks suspenden specie payment and
specie was locked up or converted to ex-
change on England. When the soldiers
wanted pay, the government issued fifteen
million dollars of legal tender notes, receiv'
able for all debts public and private,
and convertible into bonds. These
were never less than par, though fnan-
ciers who want TO make the rich richer
and the poor poorer, say they can't be
kept at par. But when our credit qegan
to be doubled and the struggle war the
greatest they were at par, because the gov
ernment did not dishonor them. Time
passed on and more were wanted. In Feb
ruary, 1862, the House passed bill is-
suing more, but Wall street went to the
Senate and said no, these mus. be funda-
bic in bonds whose interest is payable in
gold. We had half a million of soldiers,
the contract with whom it was thus propo-
sed to violate. That glorious old patriot,
Thaddeus Stevens, fought against this in
the conference committe for weeks, and
against the provision that the greenback
should not be received for duties, and that
portion of the customs revenue should
be pledged to redeem bonds into which the
capitalists should fund greenbacks. When
be failed he came out of the room with
tears streaming down his cheeks, saying:
"Oh, what q curse upon my country. l
have agreed for paper currency for one
class and gold currency for another"
He foresaw as I did what would come.
The greenbacks went down until thirty-fve
cents in gold would buy dollar, and then
they were funded in bonds, upon which 6
per cent. interest in gold would be paid
upon thirty five cents. as if it were one dol
lar. Continental money never did us any
harm, but did good. Without il. the bat
ties of the Revolution would never have
been fought. True it went down, but so
was the wars cost distributed among the
people of all classes. Our fathers knew
enough to let it go out of sight after it got
| uOWH W oOJ uut aue phg ioNho VI puA uoy 8
when it got to 80, put it into bonds at par
with interest in gold, and then, after the
war, passed law that the bonds should be
paid, principal and interest, in gold or sill
yer. Last year the capitalist refused to
take silver for what? For interest on a
$1,000 bond that cost him only $3.50, and
on which he had already received $40 in
interest (applause), and then in 1869 the
bond was made worth more than gold, SO
that he has S84O and 81, 900 on which our
children's childen must pay him interest,
all of which cost him only $3.50. These
are the exact result of the law. In 1869,
in Congress, denounced that law which
made the bonds payable in gold as a swim
die. l said then, what say now, this
crippled and handicapped greenback has
done well. Congress said it must keep its
contract with the bondholders. l said
keep your contract with your millions Of
soldiers, but the soldiers had few represen-
tatives and the bondholders many. in
troudced resolution seven years ago thai
one third of the duties should be paid in
greenbacks, but was beaten by sixty bank
presidents and directors.