The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1867-04-05
President johnson on the 'Shoddy"
ArlsfocracY

During the hate talk of the President with
miles o Reilly" the former gave vent to
the following:
There were four millions of slaves in
the southern. states before the rebellion,
representing capital of three or possibly
four billions Of dollars; but let us call it
three billions, or three thousands millions,
as you may please These slaves represent
ed that amount Of property !; men put their
savings into purchasing aud raising them !;
and they represented as property whatever
we're the surplus profits of their labor, after
due allowance for food, clothing, medicine
and interest on the capital invested.
"On this property in slaves, gradually
grew up that slave oligarchy or aristocracy,
against which the leaders of the anti-slavery
party so successfully Numbered during the
twelve years proceeding the rebellion and
after the first mad plunge into REBEL
lou, the fate of the aristocracy was sealed.
1t is now a thing of the past. With its
virtues--for it had virtues, courage and
hospitality eminently-and with its crimes
OF pride and lawless revolution, it has en-
tered into history as thing of the past.
But what do we now find? The aris-
tocracy, based on three thousand millions
of property in slaves south of Mason and
Dixon's line, has disappeared but an aris-
tocracy based on over two thousand five
hundred millions of national securities has
arisen in the northern states, to assume
that political control which the consolida-
ton of great financial with political inter-
ests formerly gave to the slave oligarchy
of the lately rebel states The aristocracy
based on negro property disappears at the
southern end of the line, but only to reap
pear in an oligarchy of bonds and securi-
ties in the states which suppressed the re-
bellion.
1--WE have all read history and is it not
certain that, of all aristocracies that of
mere wealth is the most odious, rapacious
and tyrannlcal? 1t goes for the last dollar
the poor and the helpless have got and
with such vast machine as this govern
ment under its control that dollar will be
fetched. 1t Is an aristOcracy that can see
IN the people only prey for extortlon. 1t
has no political or military relations with
them, such as the old feudal system created
between llege lord and vassel it has no in
innate social and domestic ties and no such
strong bond of self Interest with the people
as existed of necessity between the extinct
shareholders of our country and their slaves.
10 an aristocracy existing on the annual
interest of a national debt, the people are
only of value in proportion to their docility
and power of patiently bleeding golden
blood under the tax gatherer's thumb
screw. -.a- .---e.---
TO the people the national debt is a
thing of debt to be paid; but to the arts
tocracy of bonds and national securities it
is property Of more than two thousand
five hundred millions, from which reve-
nue. Of one hundred and eighty millions a
year is to be received into their pockets. -
So we now find that an aristocracy at the
south, based on three thousand millions of
negroes-who were producing class-has
disappeared, and their place in political
control Of the country is assumed by an
aristocracy based on nearly three thousand
millions of national debt-a thing which is
not producing anything; but which goes
on steadily every year, and must go on for
all time until the tax is paid absorbing and
taxing at the rate of six or seven per cent a
year for every hundred dollar bond that is
represented in its aggregation.