The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-12-31
W0ODSFIELD MONROE COUNTY, OHI0 DECEMBER 81. 1867
[From the Bangor (Me.) Democrat.]
The New England'DenlOcraeya and
the Financial Question.

The attempt Of the New York Worl,
to betray the great Democratic party int
the hands of the bankers and bondhoid
ers, whose organ it is is proving mise
rable failure. An indignant protest i
|now going en- from almost every Demo
cratic newspaper in the land. At length
the World is obliged to shrek out: >
"There is scarcely doubt that tn,
| Northwest, almost en- masse, end shs ag
ricultural districts. of other portions o
the country, are about making 'deat
set upon Congress to stop the contraction
of the currency that has been going or
the past two years; while no small inAu
ence will be exerted to increase the food
of irredeemable currency by which al
Legitimate pursuits have been crippled
and the whole business community de-
m oralized."
The World is in favor Of contraction
Why? Because it knows that if the cur.
rency is contracted before any part Of the
public debt is paid,it will then be beyond
the power of the people to pay it all, ,..and
thus it will be fastened upon the country
forever as perpetual investment for the
moneyed aristocracy. The World, the
bankers, aud the bondholders, do not
mean that single dollar of the funded
debt shall ever be paid. They want the
English system Of consols established
here. They know that the surest way to
effect their object is to contract the cur
rency. When that is done, they know
that the people will have all they can do
to pay the interest on the public debt
without paying the principal.
The people will never again know what
prosperity is until they get this internal
monster, the public debt, under control.
1t will ever remain the tyrannical master
of the people.
George Francis Train was right. "By
imitation the debt was contracted; by In.
lation let it be paid" The World warts
to withdraw the greenbacks from circula-
tion and return to specie payment. 1t
wants all kinds of produce reduced to old
specie prices. But while a return to spe-
Gle basis will reduce the price of all
kinds of produce, ,will it reduce the inter-
est on the public debit Will it reduce
the public debt itself? The interest on
the public debt is now $3.50, 100000 a
year. With paper currency the farmer
can now pay his proportion Of, it in po-
ttataes at one dollar 9 bushels m butter at
forty cents a pouud, IN Beans atsdve dol
lars bushel Return at once to spe-
Gle basis, and the farmer would still have
to pay his proportion of the $50, ,000, 600
of interest in potatoes at twenty-five
cents bushel; in butter at ten cents q
pound; in beans at ninety cents bushel.
Oh, yesl the Werld's scheme for an
immediate return to specie basis before
the debt or the interest is reduced dol
lar, is grand thing for the moneyed ar
istocracy, but death to the poor people.
The bankers and bondholders will get as
much interest for their money as they now
get, while the producing masses will get
for their products only about one-quarter
what they now get.
The World, the bankers and the bond
holders may as we'll understand, once fer
all, that the people are determined to ges
the public debt under control. There is
but one way consistent with the public
faith in which it can be done, and that is
to pay the bonds in greenbacks as fast as
they mature.
+ The people are far more anxious to re-
turn to specie basis than the World, and
they mean to take the shortest road to it.
They mean to pay the public debt in
greenbacks,a and thus stop this all-consum-
ing gold interest. When this is done
they will retire the greenbacks,and SO re-
turn to coin currency, never to depart
from it again. But to think of returning
to specie basis with this monstrous debt
hanging over us,is the excess Of madness
and folly.
"The poor people perish, but the brig
ands thrive