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Benjamnin F. Butler, Butler's Book: Autobiography and Personal Reminiscences of Major-General Benjamin Butler, Chapter 20: Congressman and Governor. (search)
e seen, a part of the debt secured by mortgage of the whole property of the United States, without depreciation. Our debt now is $2,500,000,000, about $2,200,000,000 of it interest-bearing. Suppose we issue our legal-tender greenbacks, as I will call them for convenience, and buy up or redeem our interest-bearing debt that is due to the amount of $1,000,000,000. Then our debt stands, James F. Wilson, Iowa. Geo. S. Boutwell, Mass. John A. Logan, El. Benj. F. Butler, Mass. Thaddeus Stevens, Penn. Thos. Williams, Penn. Jno. A. Bingham, Ohio: managers of the House of Representatives of the impeachment trial of Andrew Johnson. $1,000,000,000 of non-interest-bearing debt, and $1,500,000,000 of interest-bearing debt. Now, if that $1,000,000,000 of circulation is too much, i. e., more than is needed for currency, I agree with the gentleman from Maine that it will be depreciated. But what is too much? Too much is more than will be absorbed. as currency in the business of the c