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

IS the BORROWING CLASS, DuG UeCauSe
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 i:
per cent. for it. He is successful and
pays it back. Second, another man
borrows, say at S percent, and mlsior-
tune overtakes him and prevents him
returning it, although he 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 a 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
government: The per cent is a tax in
addition to the privilege already paid
for th:r circulation"
Senator Butler then gave brief his
! tory of national banks and the necessi-
ty for their establishment under the
then existing circumstances. He said
said they were organized to meet the
necessity Of an emergency precipitated
by the war. Personally he was op-
posed to national banks because he be-
lieved, being organized during the pros
ecution Of the war, they were intended
to subservela temporary purpose. At
this juncture Mr.. keitt again renewed
his question, ard Senator Butler be-
coming little riled, replied that he
could furnish the facts but he could not
furnish the understanding to conpre-
hend theml My friend says that go
million dollars of gold have been taken
! out OF the treasury and sent to foreign
coun tries, and that the treasury is
ieplete and that this money has been
sent off to keep from paying the bonds
that mature III September. I 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 tie 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 be would offer as subst:-
tute the striking out after the enacting
clause all the provisions and the sub
stitution of the Mills bill, which pro-
vided a reduction Of taxation of from
81 to 60 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 mao
ever approached me and asked ms to
amend it, and it never came up before
the Senate and had no opportunity
to offer any amendment. SGme one
said tariff didn't hurt. Tie Senator
replied that the duty on cotton ties had
been raised from about forty to 102 per
cent. ad valoreln.
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 anG the government
could get aloug admirably with that
amount.
The third remedy offered by Senator
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 would go one step further, if he had
the authority, although that could not
be done by statute. He would not per-
NIT bnt ten acres of cotton planted to
the mule, and would require the farm
ers' to raise their own provisions at
home for the next three years and n
yhat 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 ell
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
triDes. 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 tis.
Some one asked Senator Butler about
the third party, and his reply was that
there was no room in this country for
third narty and that there can only
be two parties. When I hear gentle
men talking about a third party in
this State, I am almost overw helmed
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 be also gave
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 Presl-
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
UllS Slo"u l1OII IlS NOt CS5Ah .
When his time was up the crowd in
sisted that he should 60 on, and as the
people were so anxious that be should
continue, Mr. Sigh told him he could
exceed his 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
make a first class leader Of the third
party" |
The senator was frequently greeted
with applause and seemed to have en-
tirely captured his audience, and the
many questions caused his speech to
take somewhat wider range than it