Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-07-16
sREEC1z OF
HON. II. j. IL NvETT

n2ANs u. ~ - e WsEU u
To the musklnnnn. Connfy Demo.
cratic Club. in the City Hall,
2nnesEfsfe, Jafy@5, 1Sezs
In meeting With you this evening,
my fellow Citizens. propose tV-present %
yoticalmfy and with entire Afrankness, my
understanding of the condition. Of cur pub
lie affairs, and TO point out Some of the
evilssefth whichwe are threafened. n -
l address myself-to-men of all parties,
and II I ere, either'fpmyIstatem of the
facts, or in the conclusions which i may
drawfrom them, those who differ from me
can, with propriety. and know will, claim
the benefit to which such error of mine
will entitle them. But II, on the contrary,
nav facts and Conclusions be fair and sound,
Ioughta to be entitled to- claim of every
voter, that in the discharge of the high
duty devolving upon him as acitizen of the
State and of the United States, he shall,
without regard to past OF present party re-
lations, -s0vote as to remedy, the evils that
are already upon us and toavert those with
which we are threatened. ,stfssss sia.7a as3 .
sThei time has been, my 3icountrymen,
when We could, without serious detriment
to the general interests Of the nation, OBJ
serve party relations, although we might
see in the policy of our party grave and
seemingly radical errors, because those
".
listed under circumstances which made
them, necessarily, but temporary. ,asj -
iaBu5'now the state OF things is changed.
Radical changes in-the organic law of our
Government are being made, and proposed
at the m ere win Of a party. The whole
business interests of the country are in a
state of trembling paralysis. The future is
full of doubt and uncertainty, and its por-
tentoas shadows ovefhang every depart
ment of the national, state and individual
-.~.-,, r-4-7 ~
IIWhatever, then, my countrymen, we do
now, let us, in doing it., acquit our con-
sciences; for whether it result in evil or in
be- final It therefore behooves US. my
friends, to know well the ground on which
we stand ! to be able to give a reason for the
faith that is in us ; ana IN so Tar as we may,
to understand the consequences OF any par
ticular measure we may now inaugurate.
or by our votes approve, before we dis
charge our duty at the ballot-bex-a duty
which we alone, as q people, have the high
privilege of exercising. @
Without proceeding further in this line
of general remark, beg your attention to
a brief review of the condition of. the
country financially.
Our national debt, according to the esti-
mate of the Secretary of the Treasury, and
of the Chairman of the Finance Committee
of the Senate of the United States Hon.
John SheEman), is about three thousand
millions of dollars or this enormous debt,
two thousand two hundred millions of dol
lars are now an interest bearing debt !; the
remaining eight hundred millions being in
the form of unadjusted accounts and treas
9ry notes. These eight hundred millions
It is proposed to fund, to put into the shape
of bonds, making thereby the entire nation
Al debt an interest bearing debt. s7s rns
The Secretary otIthe Treasury urges this
n oirr7 Off fho
mittee, Senator Sherman says it must be
done. and that now is the time to do it. The
legislation of Congress tends to that end. I
feel authorized- to says therefore that itgis
the policy oftheparty in power to have the
entire debt of the Government represented
by interest bearing bonds. .r.r7.,, .s,,, ,,f,
The bonds already issued by the Govern
meat as well as those, to be issued in this
process OF conversion and funding, are eX
en1pt from all state, county, township and
local taxation. OITH QIgoW SHIT
The interest on the greater amount of the
bonds which have been Issued, is payable
in coin, and that on the bonds now being
issued, or that are proposed to be issued, is
and will be payable in coin also, aud will
be usedfor the purpose of retiring all the
outstanding bonds, the interest upon which
is payable in currency. -
repeat, then, my countrymen, that am
authorized in saying that it is the policy of
the Republican party to convert the entire
nation naldebt into an interest bearing debt
TO make that interest payable in coin, and
to exempt the entire amount from all state
and local taxation.
do not desire TO do any man or any par
ty injustice, and If / have erred Ia the state
ment OF the ease, or in any statement of
the policy of the party having in charge
the interests of the people, while they have
in charge the policy of the Government,
Will kthank any one who will furnish me
with the evidence of my error.
= Now. my countrymen, what must be the
result of such q policy? At the lowest pro-
posed rate of interest, you are at once
charged with one; hundred and eighty mill
Hons, annually. in coin, to pay the interest
on this debt. I ou relieve by such poll
cy the Immense sum of $3,000,0O0.0O0 from
all the burdens of State, county, township
and municipal taxation.EIn 1860 the entire
value of the property of the States, not par
ticipating in the late rebellion, and not de-
stroyed by the ravages of war, was ten
thousand seven hundred and sixteen mil
lions. It was by a tax on this property
that our State Governments, our county,
city and town organizations, were support
ed. But if the policy of the party in pow
er be approved by the people, nearly the
one-third of the entire taxable property of
these Northern States is relieved from all
taxation and from all the burdens of Gov
eminent. La a word, then, you assume the
payment ofone hundred and eighty mil
lions of dellars annually in coin, as inter
est upon these three thousand millions of
bonds, and you exempt these three thou
sand millions OF bonds from all taxation
- ] am not in the habit, my friends, of
questioning the motives of men. L prefer
always, it it can be done, to find motives
consistent with honor and entire fairness
between man aud man, for whatever may
be done or proposed; ). but cannot account
for the policy of the Republican party In
the management of our national debt, ma
tional finances and system of taxation, up
on any principle consistent with the best
Interests OF the country, and with fair deal
ing with the masses of the people. Ion
q But am answered that the debt exists,
and am asked if am in favor of its repu-
diation.
reply that know that the debt exists,
and that am not in favor of repudiatiDg
it,. The people, of this country are not, and
thrust never will be, prepared for such
dishenor; but claim that such measures
should be adopted as will relieve the people
tothe greatest possiblEextent,inthep process
which, under the most favorable cireum-
stances, will be ;exhausting, in providing
for the principal and interest of this great
debt. ~
1t is not my province to indicate what
these measures should be, and in speaking
of them speak for myself only. 80
Without regard to the thefts, robberies
and general plundering so fearlessly de-
-picted by my friend, Col. Piatt-(a gentle
man now high in favor with the Republi-
can party), and which constitute part of
the great aggregate amount, / charge that
the debt, in form and in terms, is unnecessa-
rily burdensome. r rs.i ir.. slfa
We, with a funded debt of two thousand
two hundred millions, are paying an an
-B9al interest Of one hundred and thirty
nine millions. Great Britain, with funded
debt of four thousand millions, is paying
sap annual interest of only one hundred
and thirty-two millions, being seven mil