The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1867-08-15


Insolvency is general. When saw the
gold brokers buying anil selling SO, 900,
900 a day, asked what it was ior7 What
do they do with il? found only wo out
lets-one to pay Interest On the 5.20s, the
other TO export, both amounts only $50,
600 day, or 400, 900 week. then
came 10 the conclusion that somebody was
behind this action-that the ioreigh ex.
change bankers, the importers and the
English manufactures, were oil comrine6
to hold up wei prices in time of peace.
Hence they sold gold short in order to
hedge against high.priccd imports.
II gold goes up they save loss By rise in
goods. II gold goes down they make on
on colo what they would lose on goods.
But this holding three balls in the air is ia
tigung. Did you ever sre the Rayes roll
that big bali up an inclined plane2 He
stopped to take breath and the wheel went
over him crushing him as flat as pancake.
So with insolyent merchants holding up
goods, or lnsolvent banks holding up bogus
stocks. They had hard work rolling that
big wheel up hill until McCulloch came to
their assistance and backed down from his
specia-paying policy of contraction. Pub.
lie credit can only be based on industrial
prosperity A war, pestilence, famine, al
ways places taxpayers and bond.hOlders
face to face. Universal suffrage is our great
hobby. An American Astor has but one
vote. An American sweep is equally rich
Hence, some day the pit may vote out the
dress.circle. Should the Democrats ge / in
to power with theil pestilenlia doctrine of
free trade, aud McCuloch favors that pol.
icy, oyerbolrj gj all our industria! inter
prises.
The New England Radical manufactures
in order 10 destroy our Western enterprises
ere now joining the Democrats 10 break
down the tariff. But gives Us greenbacks
without interes: and we beat them all
McCulloch will never forget that leader
i'll the Times calling him the American
Neckar of finance. How can he get anoth.
er? Simply by having the 5000 900 900
bonds abroad at par-5y spccia payments.
Now we have TO export $50 000O year
in hard gold to pay the interest thereo f.
We were one huL dred years in ,,accumu-
lating what Commodore SlebDns called the
pabulum of Capital.
Say in Railways, s,..........$ $1,0O0,0O0, 900
Factories, canals, foundrieS,
telegraphs, and other indus
trial works ...,..........Sl 900 ,000, 900
City, county State, and otl-
or securities ,............"Sl,O 100000, 900
..' ...r S3OOO,OOO,OOO
Then came new customer the war
and this S3,0O0,0OO was absorbed as with
sponge by the Government $1,000.
600 day our Treasury checked for, so that
in five years we wiped out the la5ors Of a
century.
MCCulloch's whole policy was his Fort
Wayne speech. Specia pay mcnts next July,
1868. He would make England ard Ger
many, and break ..America. That has been
our financial policy, Fhat would make our
National deb blessing to Europe, and an
everlasting curse TO America
Why will you persist in forgetting that |
am acting the part of demagogue al your
request. so that you can always be on Jour
guard.
In conclusion, Mr.. Train stated that the
great political questions Of the future were
women voting, labor better paid, aud green.
backs.
That none Of the candidates for the Presi
dency now before the people can be elected
unless indorsed by that moa powerful of
all secret associations. "Thc Council OF The
Eagles"
v Mr.. Train was loudly applauded, and
would have been much more severely hissed
had he not continually assured the audience
that he was acting the part Of demagogue
for this night only. But when it is remem-
bered that the audience was composed of
representative meg from all parts of the
country, mostly Radicals and Radical cler-
gymen, the occasion and the speech are
significant.