Year: 1878

/ EhPhESSED-A REVIEW
| AND DEFENCE OF THE PAPER
| MONEY OF HISTORY.
INDIANAPOLIS, Sept. 20, 1878.
General Butler spoke this afternoon in
the Exposition Building for nearly two
hours. lie commenced by saying that
the frequency of our elections has ten
dency to destroy their value and prevent
the proper appreciation of the privilege
which was possessed by the people of the
United States, and by no other nation in
the world-that of choosing the men
who should administer the government
and determine the nature of our laws.
In this land the people are sovereigns in
| their own right. He wished it understood
that he was not one of those who feared
the masses Of the people. He held that
the congregated intelligence among the
masses is greater than of few cultivated
men. Nor was he afraid that the masses
| would do any wrong. This country has
been under the control of the masses for
the last fifty years, with some few and
rare exceptions, and they of recent date.
During all that time, he undertook to
say, the people had done no wrong to
anybody-no wrong to capital, no wrong
to themselves, no wrong to the govern
ment or in the management of the gov
ernmental affairs.


THE FINANCIAL QUESTION.


There have been two great parties 60
ing along upon certain professed princi-
pies, which were of importance at one
time, but have now arrived at a period
when other issues sink into lesser i'm
portance in view of the one great ques-
ton before the people-namely, that of
'finance-and it may not be for the inter
est Of the people to be bound to either of
those parties any longer with view of
showing the nature of financial legisla-
ton. He then referred at great length
and with considerable minuteness to the
history of the action of the democratic
party and Of Congress from the days of
Monroe and Jackson down to the present
time.


In the course of this resume he declar-
ed that the teaching Of history in this
country and European countries was that
an irredeemable currency is more easily
kept at par value than currency re-
deemable in coin.


PAPER MONEY IN THE PAST.


He attempted to establish this assertion
by going back to the days of ancient Ven
ice and said Six hundred years ago she
issued a currency not redeemable in any
thing, which remained at par value for
more than four centuries not only at
par but as high as 120 per cent above
gold. The continental money with which
our soldiers were paid and our liberties |
won was neither more not less than rag
True, the manner of its issuance |
was a mistake and its form was bad, but |
the continental money did good service. |
1t distributed the expenses of the war of |
the Revolution among all the people, and |
eventually wiped itself out of existence |
without anybody being loser. That was |
more sensible than the policy of the gov
with our greenback currency, |
which has resulted in tax upon oul-
selves and our children which will not be |
paid during the next generation.


Objection is equally urged that the |
French assignat and mandate were speci !
mems Of unredeemable paper money, and
proved that such money would have no |
permanent va lie; but the disturbed con-
dition of Fsance at the time when the as
signets were issued makes the argument |
and the comparison unfair and unjust.
The assignat was no better than our land
warrants, which nobody would call
money: and these French land warrants
were in the hauds of men who might one
lay occupy the position of criminals and
he next day be in the seat of political
power.


FIAT MONEY.


The newspapers and some political
speakers are raising great objection to the
phrase ''fiat money" but what does .sfiat
mean? Do newspapers know
what it means? When all was chaos and
without form and void, and darkness COW
cred the earth as pail, God said those
words which are in Latin '.fdt luc." Let
heir be light, and there was light. The
morning stars sang together and the earth
yrew faithful and happy. Fiat money
means simply that the United States gov
should say.-Let there be money.
Norhng more; nothing less.


The General then referred TO the South
,rn question, which he said had been
AIKEN out of politics by President Hayes,
md closed with review and defence of
lis own political career.


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