Benjamnin F. Butler, Butler's Book: Autobiography and Personal Reminiscences of Major-General Benjamin Butler

[932] one cannot speak glibly on the grave subjects of finance, unless he speaks from a written or printed paper — to thus hear me.

The gentleman from Maine seeks in the first place to meet this great question of the finances of the nation, more important than any question we have settled except the question of slavery, by an argument to the prejudice of the House, knowing full well that the gentleman from Ohio [Mr. Pendleton] may have some theories on this question and political opinions in general which are distasteful to this House. He has sought to prejudice the argument at this point by coupling the views expressed by me with those expressed by the gentleman from Ohio. Now, why should he do that if he has a good case? My argument, sir, will be neither better nor worse, my views are neither more nor less correct, because they are agreed to by a gentleman from the West with whom on other questions I disagree. It is because the gentleman from Maine attempts to meet this question, I respectfully submit to the House, not by argument, but by prejudice.

The views entertained by Mr. Pendleton and the views which I have put forth differ in this: so far as I understand him — and if I do him wrong it is because I have not seen any authoritative exposition of his position — he would issue legal-tender notes to an amount sufficient to take up all the national interest-bearing bonds that may become due; he would by the fiat of the government issue promises to pay without interest, to be used as currency in excess, it may be, of the wants of the country, to cancel the interest-bearing debt. The only proposition which I hold in common with Mr. Pendleton is that by the law of the land and by the legal interpretation of the words of the contract five-twenty bonds are payable, not in coin, but in lawful money of the United States.

Now, there are three grounds upon which the gentleman from Maine [Mr. Blaine] insists that the five-twenties are not payable in the lawful money of the United States. He says first, by the letter of the law the five-twenties are payable in coin. Let us carefully examine that proposition. And in order to understand precisely how the law applies, take it with you that up to the time of the issuing of the five-twenties no loan of the United States had ever been issued payable in anything else than coin. The gentleman says no loan had ever been issued in which anything was said as to what was the currency in which it was payable. Why? Because up to that time there was never any currency known to the Government of the United States other than coin. Therefore the seven-thirties of 1861 and the six-twenties payable in 1881, with all the debt prior to the war, were, in letter and in spirit, payable in coin. Because Congress in issuing them was dealing with a condition of things and