The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-09-16

est on his note. Where would you get bonds
| If you did not buy them?
Col Watson; But where do the bonds
come from
Gen. Butler: said they were bought from
the Government. But let me point out your
Inconsistency. When say that we desire 10
repeat the bill laying a. taX OF 10 per cent. @ on on
| the state banks In order to paralyZe the ma
tinnal banks, he says oh no, that Will not 40.
Col. Watson: did not say that, for un-
derstood you TO say that YOU object TO 1t as
Gen. Butler: May plan would be to repeal
the tax on State banks. But need not dis.
cuss the bill. am to furnish the plan and
you the bill, for that is yonr logic. daughter
Col. Watson: That is all right, hut !, will
make this trade: / will come In on the State
banks IL you come in on the sub.treasury.
ton, gentlemen. and I will do 1t. but on this
condition, that will tell him what my bill
Is If he will tell me what his bill Is, ana tell
him now that the bill, which tried twice TO
have passed, is to remove the 10 per cent tax
| col. Watson: What is yonr plan?
Gen. Butler. Just keep quiet now; have
po aond ana say w To he of tS
| try-go to the Legislature and apply FOR a
charter to 90 into the banking business, de,
post n hundred thousand or fifty thousand
dollars, as we did before the war, when the
banks of Columbia and Hamburg enjoyed a
very high credit
Gen. Butler here explained the method OF
procedure be fore the war or putting In a
given amount and issuing double tle amount
A voice: "How are you going to get the
capital"'
WORK FOR IT! All, THERE'S THE RUB!
Gen. Butler: Work for IL, sir. How else
would you expect to get it? Great laughter
and applause.) Under that system there was
no contraction Of the currency, and the gen.
tleman should remember that In the In
stances cited from Holland, Sweden and Nor.
way as prccedents for the sub.treasury, the
money was disbursed through the banks and
not directly TO the people by the Govern
ment, which is the sub-treasury plan: be:
sides the Constitution prohibits Sub-treaSury
| legislation and he must swear TO obey IL as
| I have sworn to obey IL. / should have been
glad, said Senator Butler. to have heard my
distinguished friend on
THE SUBJECT OF DEMOCRACY.
little. If the newspapers are to be believed,
and of course they are, he has been doing
As the distinguished gentlemen said In in tro.
ducing my friend, Georgia has often aided
South Carolina in her political troubles. Her
distinguished men have crossed the river to
aid us In times Of need, to maintain the In.
tegrity, honor, character and perpetulty ol
Vow understand that this distinguished
gentleman has come to us toput In the knife
A voice-"You wrung him that time"
Col. Watson: Are you discussing the sub
! treasury plan or not:
Gen. Butler: am not to be governed by
your ideas on that subject.
Col. Watson: would like to say II you &C
intoa general talk on my record ! would ask
| for more time to reply. [Cheers for Watson
and counter cheers for Butler.
Gen. Butler; l do not think he wants tc
discuss my political record.
Col. Watson: Well, you opened the list
er. [Cheers and hurrahs for Watson.l
Gen. Butler understand you TO take MY
record in hand and discuss 1t without reser
walton.
Col. Watson did not criticlse your record
but let us 60 back, the only reference make
was TO your speech reported in the News and
Courier, ahd merely wanted you TO- say
whether 1t was correct or not, and you did mol
answer"
Gen. Butler: Because I did not wish to In
terrupt You. He says, gentlemen, that he dic
not take liberties with my record, hut he did
stenosrnphic
Col. Watson: I asked you TO point ou
where were the errors.
Gen. Butler: And did, but will give you
Col. watson 10 ahead. I'll be able tc
take care Of myself
y voice: Now go on. General, and tell us
about the Third Party"
parture advocated and maintained by the
gentlemen If prescvered In spirit which he
| manifested must result In Third Party.
suppose that is a legitimate con Inclusion.
/ 4 voice: "Wherc did the Third Party como
from last year? Wasn't 1t Haskell who led
lit?r
Gen. Butler Yes, and hope 1t Will be q
lesson TO them, aPplause,l Tor there is nc
room for Third Party never has been and
never will be.
Gen. Butler expressed the hope and the be
| lief that the Farmers Alliance would not be
found In line with the Third Party. Hecom
plimented IL on It's work when confined with
in It's original lines, and referred particularly
to the successful fight made against the Jute
Trust, and this brought up the subject Of the
tariff, which Gen. Butler discussed at some
length, explaining its exnctions and how
| they operated.
Gen. Buffers speech was interrupted hero
by the hour for adjournment.
| Resuming hS speech, Senator Butler hogan
by showing that the sub.treasury officials
meant Federal interference In local affairs
and he said IL would put us, body and soul
back again under the Federal power. He
maintained that the bill was u violation ol
the first Article of the Constitution. He said
that the loans In the New Orleans and Phia
delphia exposition cases were In pursuance o
approximations and were OF doubtful valid
ty, and were Justified partly on the general
welfare clause. He denied vchemently thai
the Democratic party was derelict in Its duty
Senator Butler referrrd again to the tact that
| Colonel Watson wanted the national banks
abolished. and when lie, Butler, suggested the
repeal Of the tax on State banks rs II remedy
| Col. Watson said 1t wouldn't do. | have
/ come TO the conclusion, said he, that II were
! to suggest n remedy announced by insplra
! ton from heaven he would reject 1t. Gap
plause)
ARGUING For STATE BANKS.
! Neverthe eleSs, Senator Butler went on ant
explained the operation OF the State banks
before the war, their integrity and success
and thought that they could now be operat
ed as successfully. He maintained that there
could be no run upon the BANKS or no sacr
fees to spectators II the condition OF the
banks were subject to official examination
as was the rule In the national banks. He
held that the national banks were a wal
measure, although not instituted until 1853
because Mr.. Chase could not borrow money
! elsewhere and he had TO float the bonds o
! the Government by the national banking
plan.
Senator Butler said that the land loan
scheme was proved to be a failure in Florida
In general terms the scheme could only re-
suit in monopoly of lands and NOR cages
on lands in the hands Of few. Senator
Butler in this connection, explained the
distinction between bank currency and
loans and discounts. Referring to the sue
cor given the English by Peel and Castle
reagh, Senator Butler reminded Col. Watson
that such speedy relief was possibility only
Nfz... t,.,A