The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-08-26
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SPEECH OF.
Hon. L. R. tGRITGHFIELD;
Delivered at the Court House, III MI
1ersburg, on Saturday erening, A'y.
..,--. 18th, 1868. ..- . .

l.
Feilow Citizens The design of cur
government had relation TO certain
known facts, among the chief of which
was, that industry and labor were the
fountains of all public good, and the
source of all happiness and public pros
perity. To secure the enjoyment OF
the results of labor, wds the primary
object of the government TO burden
labor only to the extent of supportin e
the absolute necessities of this system,
and TO prevent all and every means of
repeating the expressions of the. past
centuries upon the laboring classes was
the purpose cf the strict limitations, on
power, in the Constitution. The spir-
it of taxation is the public necessity
Economy, proper Accountability, good
faith, honesty; enter into the idea OF
revenue. The workings of the govern
ment, for seventy years, demonstrated
the wisdom and efficiency Of this sys.
TEN, and the wisdom of the recple in
selecting their agents. Up, until 1860.
the public debt was small, and the ex-
peHses of the government, not to ex
coed S80,000.000 per year. In the
spring of 1865, after the ces ,ation of
the conflict between the government
and the people Of the South, we found
ourselves burdened with debt of So.
000, ,000, 900, which together with the
policy of the government in public mat
ters as they involved the question of
taxation, and financial management,
became subjects of deep interest to the
industrial and laboring classes of the
country.-Three years have already
elapsed since the people were informed
of the amount of this debt; a period
long enough to determine, and fix a
policy for rising revenue, and to lust
all the difficulties growing out of the
war that terEinated at the commeuc
ment of this period What has been
done, and what conclusions have. been
arrived at, are before the people for
their judgment. One thing is, certain
ly, established, that the policy so far
has been not to pay the debt, but to
extend its payment over a long period
of time. The effect of this policy, on
labor, together with the effect upon the
eeple, of the policy adopted to raise
revenue the expenses of the govern
ment during these three years; the
policy of raying the debt in coin: and
the burdens on labor and strain on ouI
system of government, resulting from
the legislation of Congress, 1 propose
to consider. . '- IvG- r
THE EFFECT OF EXTENDING THE TINE
--. OF PAYING THE PUBLIC DEBT
A public debt is, in other countries,
the foundation of a systematic oJpres
sion of labor. The debtor and credi-
tor, always, stand on an inequality
The one is exacting, domiueering; the
ether, from necessity, embarrassed and
compromising; the one, growing into
superiority, the other into iLferiority.
A public debt makes two classes, which
prey upon each other. This result our
fathers aimed to prevent. The, only
remedy is to pay the debt speedily, +,
and lessen the burden in all honorable
ways, until it is paid This may be
done only through legislation.-Bus
what hope is there if the legislative
branch of the government, ltself, is
controlled by the holders of the public
debt. The debt has already arrayed
the legislative department against g the
people, Until this is changed there is
no hope. It is the avowed purpose Of
Congress not to pay the debt, speedily,
but to extend the payment over an in
definite period The debt, at the close
of the war, was, and. now is, not far
from 100000 600. The interest,"
on the debt, yearly, is about $3.50 ,0O0,-
600, in gold. In paper money, at its
present depreciation, the interest, year
ly, is not far from 1920, 100000. The
people pay their taxes in paper, and to
pay the Interest the government must
sell the paper to get gold, .expending
SIC, 900 900 for that purpose. In %
years the interest alone. being com
pounded will amount to Sc, 900 600, 900,
or twice the whole amount of the debt.
In A years the interest, compounded,
would amount TO $4,000, 100000 or
ten times the public debt; an amount
which is almost three times the value
of all property in the United States.
Surely the public debt ought to be
paid speedily 1t is far better 10 pay
So, 900, 100000 soon, than this enor-
nous amount of interest.
HOW CONGRESS PROPOSES TO PAY THE
| a DEBT.
But, then, Congress, when it does
proposes mode of paying it, is hostile
to the people. 81, ZOO, 1000, 900. of the
debt is composed of bonds calle .
5-20's. These bonds by their terms,
and by the law which created them,
were 70 be paid in lawful money.-The
issue of these bonds was predicated, on
another law providing for the issue oI
! $3.50, ,0C0, 900, of legal tender notes