New-York tribune., 1878-03-01

ers of our bonds to sacrifice them at so cents
on tho dollar, and send them oacA u
America by tho ship-load; tho lower
the price at which they sell mere 'ho
"better." This part of the plan Is easily ar
ranged. There is no difficulty IN lmp"tips
the value of our own obligations SO that
people will be glad to get rid of them at any
price, and General Butler and his 1rlenus are
accommodating that operation with reinarkaoie
zeal and rapidty. What Is thought OF mer-
chant who borrows on his notes, and then
takes Mains TO deprecate his own paper, I'D
order that he may buy it back at heavy
discount, perhaps we need not say ne is
likely, after such a transaction, to nave the
amplest opportunity to keep his oohga'iohs
Eat home" and that seems to be one OIL lhe
cord;nol noints of the American system OF
finance. ,
Having got bonds that nobody will buy, the
next thing is to get money that NOBODY out
side orr own jurisdiction will take. want
ga dollar.r saws General Butler, =" that cam
"not he exported." He would have it made
of the cheapest possible material-wind, per
hans if that were posslble-but at any rate OF
something so nearly worthless that if dollar
dollar might meet his views, because it costs
little and is easily stamped. lhe stamp
and not the substance should be the
measure of its value, and the charm OF
this plan Is that if at any tlmo the
Government wanted money for particular
nurpose and the Treasury Glanced TO be low,
an Act of Congress could instantly declare
that every dollar coin should thenceforth be
ten dollars. If, for instance, TINS country
should be called upon, in accordance with the
terms of some treaty or international conVeh-
tion to pay several millions of dollars to for
eign Government, what capital joke 1t would
be To discharge the obligation III few bushels
of General Buffers stamped bits of iron
But then. when the American system OF finance
is in force, it is not at all likely that for
eign Government will make any treaty with
us involving a matter of money.
Mr.. Chittcnden put some awkward questions
to General Butler about the bearing of his
scheme of finance upon The poor of our own
country, whose special champion the Massa-
chusctts military gentleman wishes to be con-
siderod Thousands and thousands Of them
have their hard earnings invested IN the bonds
which the General wishes TO dcpreclate 10 90
cents OF less on the dollar. Tens OF thousands
have their little capital in savings banks, whose
investments are made in these same bonds. 81
"know one bank" said Mr.. Chttendcn, "that
"has 10000, 900 Of Government bonds, and II
at shall be Obliged 10 take 5000, 600 for them 1t
Twill be ruined, and ITS 20, 600 dcpositors with
"it Tho poor people for whom you profess to
&" speak-he laborng men and women-therc
care 10000 of them dcpoStors III that
zone bank, and they will all be sent TO
"brggarv forever" Aud to all tins General But
ler's only answer Is, " Oh! hang the directors"
hanging the directors is perhaps a very sim
Die and convenient way of solving Il problem
in banking, but II does not settle everything.
These honorable dcmasOgIc5 ought 10
understand that they are playing with
fire. Bankers, Wall Street men, gold sharks,
bondhoidcrs, hloated aristocrats and other
Objectionable classes may keep quiet
while they are robbed. knowing that 1t is bet
ter to submit to spoliaton than to tempt the
dangers of social uprising but the working
classes sO-callcd-thOugh, i'll fact, we all be-
long to the workng-class) are not so phllo-
sophcal nor so patient. They will be hit the
hardest by the American System of Fl
"nance,r and it is they who will finally avenge
the outraged honor of America.
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