Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-07-27
JULY j L[,'Yft.':2 27,als6s. Is 5 !, !.

cess2 MyCfriends T don't believe that it is
possible for this to be So, These Radicals
viii tell you that the work is all done, a
voice. eTo he'll with them " say these
Radicals will tell you that the work. isIaIl
accomplished; that the Union is restored,
and that whatever has been wrong in the
States can be made right. by the States
themselSe res. q g My friends9 don't believeiit
1t is notaso. IWeEarea only now seeingIone
act In the drama. 10 We are in the midst of
revolution to-day, The leaders can not
control, its devotees can not stop it. - If
they pause they IS viii be enveloped
in y the flames 0vwhichn they o q them.
selves have lighted, The g spirit of
revolution is insatiable; it never
lpauses except to gain more speed, and it
never rests except to gain more strength
1t tuses the cunning intrigue and the un-
scrupulous designs, Of politicians, but, if
these fail, it appeals to the sword of the
soldier. The spirit OF revolution will use
thHilong parliament and the legislative as
lsemblyi and when they fail it wilLcall out
fail it viii cali on a Cromwell or a Napo-
leon. These Radicals understand this very
well. They pass laws, they reOrganize
Stabesa andI they provide for votes in the
Electoral College; they attempt to impeach
the, PRESIDENT, and, in the meantime they
give arms to the negroes at the South;
they bind the army and the navy to, them
by holding fast upon all the paths of pre-
ferment, and they present to the people for
their yptesia man in whose hands they have,
put the Just powers OF the, President and
the power for the REORGANIZATION of the
Southern States Has it ever occurred to
you that, ifthey fail by fraud to elect their
candidate, there is great danger that they
may attempt to, ,usurp the place by force ]?
IA Voice "'They can't do it."l The way,
my friends, to prevent them from doing 1t
is to give us a decisive, overwhelming vic
tory at the polls, and then the edanger will
be averted and your peace and your liberty
will be at the same time saved. APP
plause.l sLfj 75N moo 81 '-9H ,1ilIsf7 Y
But, my friends, if you have not been sat-
isfied with the restoration policy of the Re-
publican party, let me ask you whether you
have been better satisfied with its policy in
matters of finanee-and taxation. The whole
of finance has been to compel the payment
of the public debt in gold, and by contrac-
tion of the currency to make that gold most
difficult to get, and most valuable to pos
sess. And the whole policy of the Repub-
lican party upon questions OF taxation has
been to subordinate labor,,to capital, and to
subordinate the agricultural Interests of
the West to the manufacturing interests of
the East. 80 ID" 80. '.''' -
Tie Government of the United States
owes, to-day, 81, 200, 100000 of five-twenty
bonds. Those bonds are payable in legal
tender -notes-in greenbackS. The law
says soAthe bond As so-the con-
committee Of Ways and Means q says
so-Senatorrg Sherman q says so-Sena-
tor Morton says so-the Funding bill SAYS
so. [Voice, "What does Seymour say ?"l-
Well, he says that they are,payable in law
full money, according to the platform of the
Democratic party, and lawful money is
greenbacks. lApplause.l Senator Morton
says -so-the Funding bill says so-the
Democratic Conventions in Ohio and Indi-
aua, and Illinois, and Pennsylvania, and in
every Northwestern State, says so; and the
Democratic Convention, assembled at New
York, by unanimous vote of every mem
bero of the Convention, declares that those
bonds are payable in lawful money.
lCheerS.J 10 ffr-Z r. s.rf- -.sg.te,D vs.f--.
Now, the Republican party undertakes
to say that this $l,700,0O0O00 of bonds
shall be paid in gold and not in legal ten
der, and thus to add 500 100000 to the debt
/ OF the country. o. Iknow that the Republic
can Convention, which sat at Chicago, gave
out very uncertain sound on this subject;
but their speakers and the newspapers have
interpreted the resolutions everywhere but
in one way. :n3. Co1H -i=B-
I Read the Cincinnati Gazette and the Gin
cialsah Commercial. They sometimes differ
on other questions, very much to the dis
tress of the faithful. and the scandal of the
family; [langhterl but they agree in this
I one thing, that the Democratic party pro-
l. poses to pay those Sl,700000,00O in legal
tender notes, and that the Republican par
tys proposes to paw them in gold. Voice,
They can't do it," q They can't do it. but
they expect the labor of the country to do
it'll gris 4rsG rs.a .atov a1 fHt-f;ga son q
The Cincinnati Gazette says that it is very
= ridiculous to suppose that one promise to
h pay can be paid by another promise to pay.
Laughter.l Well,- nov gentlemen, that
depends altogether upon whether tits the
contract Or not, and it so happens that, in
this particular case, that was just the very
contract that was made. .h11.a
The Government of the United States
was in need of money. 1t determined to
issue legal-tender notes. It determined to
make those notes a legal tender in the pay
ment of alrdebts.s It determined to make
those notes receivable for all taxes, except
duties upon imports. q = exc. - p 81
20 They, knew that this would give them
currency. The Government said, if we do
this, they will be money; they will pass as
money we can buy with them whatever we
need. We win offer large inducements to
othe people to lend US these legal-tenders.
+ We will issue our bonds; those bonds we
will sell at par. In greenbacks. but we will
them. we will let them run for. five, years
at least. If our necessities require we will
let them run twenty years. Well, they is
sued these legal-tender notes. and very soon
after gold stood at,150 and 200, and finally,
I believe, it touched 300, Then the capital
cents on the dollar We will get six
per cent. in gold upon them B at par,
Sand that will be equal to twelve per
| 0cent.in gold upon our7inyestment.n We
l. will get this twelve per cent. in
gold at least for five years, and perhaps for
twenty. The bonds will not be paid until
the war is over, and then the greenbacks
paid in greenbacks at 140, as compared with
gold, we will make very fine speculation
| And thereupon the capitalist took his fifty
dollars in gold, and with it he bought a
bond of 500; and he, has received six pei
cent. on the Sl00-six dollars in gold :
| for five years at least. Suppose you pay
him now 800 in legal tender notes he can
| take 500 and buy $72 in gold with it, and
| thus he will have had twelve per cent. on
| his investment, and fifty per cent. profit
| Now want to know whether that is avery
hard bargain for the bondholder, or very
| silly one, as the Gazette says. These Repub.
licans say, not only that this debt shall not
be paid in legal tenders, but that it shall
| not be paid for forty or fifty years.
| Reduce the interest-extend the time-say
the Republicans. Not SO, my friends; that
is not the true policy. Pay the debt and
| stop the interest altogether. Loud ap-
plause.] Sappose you reduce the interest
| to four per cent; suppose your debt
| amounts to S25OO,000,00O, then there will
have to be collected by taxation. year by
! year, from the people, S1000O00O0 in gold
| and suppose this is continued for forty
years: you will have paid $4,000, 100000 in
| gold, and at the end of that time you will
IN nm nNS
| Forty years! How many OF you will live
that long? How many of your children