Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-18
AUGUSTUS, 1868.

l1.ar -.f 1H-.- a. y =.
which they gather the gold interest, and
on which they issue their own indebted
ness and, draw interest on that Thus,
with ten per cent as the interest ex-
iactedon both, they draw from their ae-
tual capital the neat sum of twenty per
cent. land in return they gettheir actual
capital back, and in FIVE years double
the amount.1tN Now. when we remember
that this capital was purchased oflthe
-Goxernmenti in deprecated paper, SC, that
its actual cost would not be more than
fifty cents, on the dollar in gold, we, see
iwhatEa precious. system we have built up
to eur own ruin. The legislation de-
fsated by Mr.. johnson. but which re.
.ceiyed the, sanction of, the party in Com
-gress called" "sSherman's, Funding Bill, =
passed us, bound neck and heels, into the
power of the banker, for it made the face
of. the bonds purchased, as I told you,
gold, il zuiuids owl .as.rTtJa I.5se,sj0 /
1ou Now. to bring this matter home; You
go to the nearest National bank for. the
4aceomm odation,o Of q. loan, and they were
created foryeur accommodation, and you
ARE 7charged,i will say one per cent. a
month, and you take home your accom-
mediation, and, you, find the, ,so-called
money to be your own notes, issued by
the Government that taxes syou to pay
this banker for his kindness to use. youl
credit. Small wender that while We
get poorer these men get rich and, own
Islands and build palaces. A voice
We've been cooked enoughthat way.'l
1t is the duty of the Democratic party
to call in the circulation of the National
Banks and put an end to their extortion
aw asda PAYMENT. OF BONDS. (, ,,,
10 We hayelost more through this mon
strous system of banking, through boun-
ties paid manufacturers, through "a de
preciated paper, than we have from gold
bearing bonds, about which SO much ex
citement prevails. Is Il sIo1 So yr,iorte
Il sINow, | am in favor of meeting our OBJ
legations honestly and fairly Repudia
ton in any form, direct or indirect, is
abhorrent to me. l believe it is to the
great mass of honest, hardworking sons
of the Democracy. But let us not be
alarmed by hard names nor prompted
from the right path by loud cries. And
first OF all let US clear away some of the
rubbish that has accumulated about it
Whenever you approach this subject
the bondholder or his dependent assumes
high moral ground, and asks us to hold
sacred the obligation made to repay those
who, in our hour of peril, gave theil
means to sustain the Government.
70 Now, this obligation is just as sacred
as that entered into with the people to
make good the promises that in the shape
of paper money was issued to them. Il
is just as sacred as that made the soldier
who volunteered, to pay him regularly
in gold. 1t is that and no more. Every
promise made by Government should
be held sacred, and fulfilled to the letter
Of the law. [Applause.l But your tall
about this money being paid in the houI
of our Governments peril is not true
When the war ragged at its height, wher
the result was doubtful, capital, that ii
ever timid and cautious, held back
| Very few, Investments were made wheI
it was uncertain whether Washington
| would be the capital of a nation or I
capital of the Confederacy. Then, j
was the Government rested on the faitf
of the people, and issued, that other in
debtedness called greenback. But wher
Richmond fell and the war was at al
end, these securities were seized upon al
an investment. 1t was a pure business
transaction, and had about as much pat
riotism in it as any other business trans
action, when the capitalist seeks to ge
the highest rate Of interest for hi
money. ,-,-.,.'.-
This is no no reason why we should no
live up to our obligations; but it clears
the question Of much feeling that is ap
to mislead the Judgment. This sensi
tiveness in regard to the sound charac
. ter of National obligations is very fin,
indeed; but it comes little late. I re
member a law that promised to pay u
soldiers during the war in gold. Fo
awhile we had the precious metal. Thel
the paymaster brought greenbacks ant
[ gold and gave us our choice, and thel
he brought only greenbacks. 1 neve
heard any Indignation expressed owe
this violation of sacred contract. ZAP
T plause. gag IL p'''iza' 9i''f 1l'-,li5
p But let it go. We are bound to pa,
T these people, and they claim in gold.--
Very we'll, we will pay them in gold
That is, we will give them in gold pre-
cisely wnat they paid in gold. vs. No more
no less. Their proposition is for us t.
pay in gold for what they purchased il
Ri greenbacks., This is not the contract
nor is it just We do not intend t.
7 have one currency for the people an
another for the bondholder. If an,
Congress so far forgot its duty and trans
gressed its power. such Congress can no
bind its successors, and we would repea
the law rather than enslave the people
There is no tyranny SO cruel and op
pressivea as that of money, and we vii
+ never submit to be hewers of wood am
drawers of water to Shylocks, let then
I have bonds ever SO strong. Loud ap
plause. Fortunately we can fulfill ou
obligations without violence to any pro
+ vision in them. E4t .la # aa
TAXATION. -e9ao
There is solution of this bond ques
tion now pending that will be-, when i
comes, both startling and unpleasant. /.
refer to our ability to pay. If this reck
less extravaganza on the part of ou
Government continues. the question
| promises to be not whether we will pay
but whether we can pay. We may no
repudiate but we may become bankrupt