The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-07-28

J, MUNhUH OOON L 4,
] official reports of 1860, amounted to 81
| OO0, 100000. Thus you see that net
one. sixth Of all the capital in the cour
try is exempt from taxation. saa<.
| But why is it that the amount realize
from 1869, will be less than the amour
REALIZED in 1867. The rate Of taxatio
lis substantially the same. Itis true tia
lthis Republican Congress has diminishe
as whole, the taxes on the manufat
Itures of New England; it is true tha
they will diminish somewhat the taxe
'lupon whisky, but the amount collecte
from either of those sources would nc
materially change the aggregate. VII
then,I ask again, will the amount realize
from taxes this year be less Chan in1S6e
The burthen upon those who do pay
Lust as great as it was then. The diff
Guilty of making the payment is eve
lgreater than it was then.
THE GENERAL DISTRESS AND IFS CAUSE
A cry of distress whom the day fo
the payment of taxes comes around
arises from very part of the country
and it is because the business Of th
country is stagnant; it is because you
workshops are idle; it is because labo
fndsno occupation; it is because the pro
duce of the farmer remains on his hands
instead Of going to the market; it is be
cause your stores are overloaded witl
abundant stocks; tis because energy ant
enterprise are paralyzed, and capital re.
mains inactive.
CURRENeY-ooNTRAC
And why is all this2 Because a Re
publican administration insists in curtail
ing the currency, disturbing all values
checking all enterprise, throwing out o
employment all labor. The tradesman
is caught with large stock on declining
prices. 2 The farmer fears the fall which
may overtake him before his wheat reach
es the market. The manufacturer, fears
that the price Of his raw material to-day
will be greater than the price Of his
manufactured goods o-morrow, and the
capitalist will net take his money out o.
Government bonds and invest it in houses
or lands and stocks, lest the rents and
dividends will not yield him simple in
terest. In the meantime, labor is with
out employ ment, and poverty stalks
through homes where comfort has always
been before, Applause.] In the mean
time, this work Of contraction is ssteadilJ
pushed. Look at every monthly repor'
Of the, Secretary of the Treasury, yor
will find that every month the debt that
bears interest in gold is increased; YOU
will find thatevery dollarswhich bears nt
interest at ALL. or which bears interest il
currency, is converted as rapidly as pos.
sible into the bonds which pay interes
in gold. And why is this? Is there too
much currency in the country No One
will dare affirm SO much, and yet thi'
work Of contraction still goes on, anc
value is coined for the bondholdsr out o.
the sweat and tears, the blood and bones
and mus cles of the laboring man.
" UNITED STATES BONDS.
And when we ask the reason, we are
answered by the declaration of the Re.
publican Convention, at Chicago, that The
bonds must be paid in gold, according te
the spirit and letter of the contractj bJ
a declaration of its President that the
debt of the bondholder is as sacred as tht
grave Of the seldier. 'a '
PAYMENT IN LEaAL.TENDERs.
I deny that it is according either tt
the spirit or the letter of the contrac
under which the fSe-twenty bonds were
sold. say that neither the spirit mol
the letter Of the law under which those
bonds were issued, nor good faith, mol
good morals, nor exact justice to the
bondholder, require that they should BIZ
paid in gold. They are payable in lega
tender, and in this opinion I am sustain.
ed by the resolution of the Democratic
Convention in New York, which declares
that where the obligations Of the Gov
ernmens do not expressly state upontheil
face-or theilaw under which they were
issued. does not provide-that they shall
be paid il coin, they ought in right ant
Justice to be paid in the lawful money
of the United States. aA
When the legal-tender act was passed
the private indebtedness Of the country
amounted to very large sum. 1t wa
contracted to be paid in gold, but WASH
fact discharged in paper. The public
necessity was alledged to be sufieien
reason for this Wholesale confscation. 1
there no public necessity now to deman'
the payment Of thesbonds in the none,
which was paid for them?
POLICY OF THE REPUBLICAN PARTY Ol
THIS QUESTION.
The policy of the Republican party
to pay all these bonds in, gold;to convel
all the currency now outstanding, and al
the indebtedness Of the United State
into these bonds; to pay interest in gol
| for this enormous amount, whatever
may be, and to extend the time With
which the bonds shall be paid. In th
mean time the bonds are to be exemI
from taxation, and the interest is to B
paid, semi-snnually, in gold. What th
amount Of Indebtedness under that sys
tenn can finally be shown to be, can nc
say; So, SOC, 600; 900 we know it is nov
Less than, that it certainly will not b
The interest upon that sum, will he .S15(
600, 600 in gold, and this amount is to |
drawn annually from. the people of til
country, during all your lives, and II
lives of your youngest children, ID ordt
to carry out the dogmas of the Republ
can party.
| THE DEMOCRATIC. POSITION.
/ MI ~ 4. ~