Democratic Sentinel, Volume 2, Number 4, Rensselaer, Jasper County, 8 March 1878 — GREENBACKS VS. GOLD. [ARTICLE]

GREENBACKS VS. GOLD.

Spicy Colloquy in CongreM Between Messrs. Chittenden and Butler. * ' [Fom the House Proceedings.] Before Mr. Butler had taken his seat, Mr. Chittenden rose to ask him some question?. Chittenden’s first question waft* What would become of the poor men and women who owned $500,000,000 of savings-bank deposits when the United States bonds were returned from Entope, and when their price fell, as Butler desired them to fall, to 50 per cent/of their par value ? Mr. Butler—This will be what will hiippen them: They will be just where they are now, with their deposits not in 6-per-oent. bonds, but in tumble-down real estate in New York that is not worth 15 cents on the dollar when the taxes are paid. MfiU^hittenden —Does the gentleman mwya.fcy HriEt that every pavings -bank inMassaonusetts and New York will be bankrupted ? Mr. Butler—They are, so far as the United States bonds are concerned, bankrupt to-day. They have not got them, they sold them. Mr. Chittenden— That is not an answer. Does the gentleman mean that all the savings banks of New York and Massachusetts will be and ought to be bankrupted by the return of these bond*? Mr. Butler—They will be, but ought not to be, bankrupt. They will be bankrupt because the value of their securities in real estate, in railroads, and in everything else but Government bonds has been sunk three times by their infernal lust for gold. Mr. Chittenden (excitedly)—l wish to hold the gentleman to the point. Mr. Butler—Well, I am content. Mr. Chittenden (with his voice at the highest pitch)—lf you, as an advocate of the unlimited remonetization of silver, force back on this country the many hundred millions of bonds now held in Germany, and thereby break down every savings bank in Massachusetts and New York, who will be responsible? Will not you be fairly entitled to be hung to a lamp-post where you desired the Secretary of the Treasury to be hung ? Mr. Butlei—l will take my chances with the rest when the lamp-posts come round. I have no fear on that subject. But it will not be the return of bonds that will break the savings banks, because they are breaking; they are rotten, and are sinking. Mr. Chittenden (without waiting for Mr. Butler to come to a stop)—l know a savings bank that has $10,000,000 of Government bonds, and if it shall be obliged to take $5,000,000 for them it Will be ruined, and its 20,000jd§positp£B with it—-the poor people for whom you profess to speak—the laboring men and women. There.are 20,000 of them depositors in that one bank, and they will be sent to beggary forever. Mr. Butler—And the directors should be hung to a lamp-post and roasted afterward. Mr. Chittenden—l am no joker. -Mr. Butler-JESmow Mr. Chittenden—l believe that the gentleman from Massachusetts has moments of seriousness, and now I wish to appeal to his possibly serious temper. Mr. Butler—l never was in a better temper in my life. Mr. Chittenden—l wish to ask the gentleman if he fhinks that there will be any more prosperity in this country, prosperity to the laborer, to the farmer, to the man who works in the blackpmithshbp, in the shoe-shop, until confidence is restored to capital ? Will your everlasting, irredeemable, miserable greenbacks restore that confidence ? Mr. Butler—ls the prosperity of this country depends upon the 2 per cent, difference between gold and greenbacks, God help the country. Mr. Chittenden —Now come right down to the work, my friend. If you have a house to build or a horse to buy you know what practical business is. I ask ydu to come up to the work. You have spoken disrespectfully here of bankers and brokers. Out of the 290 members of this house 250 are lawyers. Mr. Butler (parenthetically)—l wish fifty were. Mr. Chittenden—Now I ask you to doff your gown and tell me whether, without confidence to capital, you can restore prosperity to this country ? Mr. Butler—l should a great deal rather have a better basis of prosperity to this country than the confidence which has been eo fully bestowed on capitalists that the country is ruined. Mr. Chittenden—Then you think that the basis of eternal miserable greenbacks is'better? Mr. Butler—Yes, but not quite eternal. say again, and I want you to understand, that I look upon greenbacks (based on the strength, the power and wealth of the country) as a great deal better basis than any one product of the country, whether wheat, corn, gold, silver or confidence.