The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-07-30

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care to invest it in mules and lands, but
prefers to lend it at a reasonable rate OF
interest. There IS still another class, to
which unfortunately belong, and that
is the borrowing class, but because
belong to this class ! don't say the man
who lends is a rascal. This latter class
may be divided into three classes. First
a man may find that he can make
money by speculating and pay 10 TO Is
per cent. for it. He is successful and
pays it back. Second, another man
borrows, say at S percent, and mlsfor-
tune overtakes him and prevents him
returning it, although ne is honest and
wants to return it but can't. The third
class is the man who will borrow at
any price and never pay back and
never intend to, and as rule it is this
latter class who are wanting money at
one per cent.
At this point Mr. J. L. keitt asked
Senator Butler ifthe government didn't
lend money to natioual banks at one
per cent.
Butler said: "No, sir. National
banks buy their circulation from the
governments. The per cent is a tax in
addition to the privilege already paid
for thir circulation"
Senator Butler then gave brief his
tory of national banks and the necessl-
ty for their establishment under the
then existing circumstances. He said
said they were organized to meet the
necessity Of an emergency preclpltated
by the war. Personally he was op-
posed to national banks because be be-
lieved, being organized during the pros
ecution Of the war, they were intended
to subserveia temporary purpose. At
this juncture Mr.. Keitt again renewed
his question, and Senator Butler be-
coming little riled, replied that he
could furnish the facts but he could not
furnish the understanding to conpre-
hend them. My friend says that 80
million dollars of gold have been taken
out of the treasury and sent to foreign
countries, and that the treasury is
deplete and that this money has been
sent off to keep from paying the bonds
that mature III September. l say to
him that the cause Of the depletion of
the treasury is the extravaganza of the
last Congress in appropriating one bill
lion dollars to pay pensions, and other
appropriations. That is the cause Of
the shrinkage in the treasury.
Senator Butler then said that be had
some suggestions to Offer as remedy
for the disease that was admitted to
exist.
First. AS an amendment to the sub
treasury bill he would offer as a subst:-
tute the striking out after the enacting
clause all the provisions and the sub
stitution of the Mills bill, which pro-
vided reduction Of taxation of from
81 to GO per cent. ad valorem to some
thing like 40 per cent. The Alliance
had their men up there at Washington
to look after the bill, but no man
ever approached me and asked me to
amend It, and it never came up before
the Senate and I had no opportunity
to offer any amendment. Some one
said tariff didn't hurt. The Senator
replied that the duty on cotton ties had
been raised from about forty to lO2 per
cent. ad valorein.
The second remedy he would offer
would be a reduction of the expenses
of the Government. Instead of spend
ing one billion dollars as the last Con-
gress did he would reduce the expenses
Just one-half and the government
could get along admirably with that
amount.
The third remedy offered by Senator
Butler was the repeal Of the ten per
cent. tax on State banks of issue and
let State banks be established, and this
was no new idea Of his, but he had ad-
vocated it as one Of the first official
acts of his life as United States Senator.
He ewould go one step further, if he had
the authority, although that could not
be done by statute. He would not per-
NIT INT ten acres Of cotton planted to
tho mule, and would require the farm
ers to raise their own provisions at
home for the next three years and N
that time, under this policy, they
would have the whole country at their
knees. The farmers would be the hap
piest, most independent and contented
people in the world. If the farmers
are not in such condition it is their
own fault.
Capt. Jno. F. Banks asked Senator
Butler if the sub-treasury was the only
Alliance demand that he could not EN-
dorse.
Senator Butler replied. that it and
the government ownership of rail-
roads were the only two that he con-
sidered as not good Democratic doc
trines. Some one suggested that the de-
mand provided ownership, or control:
The Senator replied that efforts had
been made by the interstate commerce
law to control the railroads. The more
you can divorce the people from the
government the better it is.
Some one asked Senator Butler about
the third party, and his reply was that
there was no room in this country for
a third party and that there can only
be two parties. When I hear gentle
men talking about third party in
this State, I am almost overwhelmed
with pain. The Senator then paid an
eloquent tribute to the Demo-
cratic party, and said it repre-
sented home rule and local
self government, and he also gave a
brief history Of parties in this country.
He thought that with the next Con-
gress 40 Democratic majority, and the
Senate almost equally divided, and
good prospects Of a Democratic Presi-
dent, there would be opportunity to
give the Democratic party a fair trial.
Senator Butler spoke for nearly two
hours. He was enthusiastically re-
ceived and seemed to have captured
the crowd from the very beginning.
When his time was up the crowd in
sisted that he should go on, and as the
people were so anxious that he should
continue, Mr.. Sigh told him he could
exceed bis limit of one and half hours.
He was constantly interrupted by
questions, but always was ready with
an answer to his questioner.
One man in the audience was con-
stantly plying the senator with ques-
tions and amongst others asked what
the Democratic party has done in the
last twenty-five years.
Senator Butler replied: "My friend If
YOU have been living so far in the back
woods that you don't know what the
Democratic party has done, you had
better go home and try to learn some
thing. I think, in fact, you would
n olocc 1oa5ar of Tho third