The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-07-23
SpEEsH OF
HON. H. !. JEWETT,
DELIvIED IN
GAINESVILLE, uly 5, 1857.
S P Z Ell oF


public affairs, ando point out some OF j
he evils with whichge are threatened. e
I address myself men of all parties.
md if err, either in my statement OF I
he facts, or in the conclusions which
nay draw from thep, those who differ
rom me can, with prpriety, and | know
will claim the beneftto which such error
IF mine will entitle them. But It, on
;he contrary, my fact and conclusions be
air and sound, l ouht to be entitled to
claim of every voter hat in the discharge
IF the high duty deplving upon him as
i citizen of the State and of the United
States, he shall, without regard to past or
present party relations, SO vote as to rem
sdy the evils that are already upon us,
Ind to avert those with which we are
threatened.
when we could without serious defrImeht
to the general interests of the nation, OBJ
serve party relations, although We might.
see in the policy of our grave and SEEM
ingly radical errors, because those errors
were mere errors of policy, and existed
under circumstances which made them,
necessarily, but temporary.
But. now the state OF things is changed.
Radical changes in the organic law of our
government are being made, and proposed
at the mere will Of the party. The whole
business interests Of the country are 10 a
state Of trembling paralysis. The future
is full of doubt and uncertainty, and Its
portentous shadows oyerhang every de-
partment of the national, state and indi-
.vidual life.
Whatever, then, my countrymen, we
do NOW, let us, IN doing it, acquit oul
consciences; for whether it result in evi
or in good to our land, in all probabilit.
it will be final. Ittherefore behooves US
my friends, to know we'll the ground oil
which we stand; to. be able to give rea
son for the faith that is in us; and in S,
far as we may, to understand the conse
quences Of any particular measure we ma,
now inaugurate, or by our votes approve
before we discharge our duty at the bal
lot. box--a duty which we alone, as peo
pie, have the high privilege of exercis
ing.
Without proceeding further in thi
liue of general remark, | beg your atten
tion to brief review of the condition {
the country financially.
Our national debt, according to the e:
ttimate of the Secretary of the Treasur.
and Of the Chairman of the Finance Con
mittee of the Senate of the United State
E(Hon. John Sherman,) is about thrt
Thousand millions Of dollars. Of tn
enormous debt, two thousand two hnr
dred millions of dollars are now an il
Iterest bearing debt; the remaining eigl
hundred millions being in the form Of VI
adjusted accounts and Treasury notes.
These eight hundred millions it is pr
posed to fund, to put into the shape
bonds, making thereby the entire nation
| debt an interest bearing debt.
i The Secretary of the Treasury urg
this policy--the. Chairman Of the Finan
Committee, Senator Sherman, says it mu
be done, and that now is the time to
it. The legislation of Congress tends
that end. I feel authorized to say,ther
fore, that it is the policy of the party
power to have the entire debt of tho 60
: ernment represented by interest beari
: bonds.
The bonds already issued by the gc
; ernmens, as well as those to be issued
; this process Of conversion and fundir
/ are exempt from all state, county, tow
, ship and local taxation.
The interest on the greater amount
Q the bonds which have been issued, is pa
: able in coin, and that on the bonds n
being issued or that are proposed to
issued,is and will be payable in coin al
and will be used for the purpose of re
ring all the outstanding bonds, the
!, terest upon which is payable in curren
: | repeat then, my countrymen, tha
am authorized in saying that il is the p
! icy Of the Republican party to cow
the entire national debt into an inter
:, bearing debt, to make that interest pa,
Bile in coin, and to exempt the ent
amount from all state and local taxatio
o do not desire to do any man or {
i party injustice; and if | have erred in
statement of the case, or in my staten
IF of the policy of the party having
charge the interests Of the people, wi
they havein charge the policy Of the g
ernment, I will thank any one who '
!. furnish me with the evidence Of my
= ror.
Now, my countrymen, what must be
"a result Of such policy2 At the low
! proposed rateof interest, you are at o
!. charged with one hundred and eig
" millions, annually, in coin, to pay the
terest on this debt. You relieve by s.
~ policy the immense sum of S., ,000. OF
q, 600 from all the burdens of state,ceur
2, township and municipal taxation.
0i 1860 the entire value of the property
the States, not participating in the
ct rebellion, and not destroyed by the "a
is ges Of war, was ten thousand seven b
#, dred and sixteen millions. 1t was }
tax on this property that our State 6
ds ernments, our county, city and town
n- CARNATIONS, were supported. But If
Id policy of the party in power be appro
by the people, nearly the one-third Of
$. entire taxable property ofthese North
to States is relieved from all taxation
r. from all the burdens Of government.
word, then, you assume the paymen
i. one hundred and eighty millions of
lars annually. In coin, as interest u
: these three thousand millions of bol
and you exempt these three thous