The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-05-16

pect him to execute still another note
bearing interest In order to procure
means with which to pay off his note
bearing no interest at oil. Yet this is
just what we arc doing day by day.
Every time that some "loyal citizen comes
to the rescue Of his government" and
buys its bonds, the government, In the
exchange, increases the debt that bears
Interest, and receives in payment for that
debt an equal amount Of Indebtedness
bearing no interest.
BY this process greenbacks are going
out Of circulation and into the treasury,
while bonds are going out OF the treasury
into the pockets Of an aristocracy who
arc to-day controlling the financial affairs
Of the government. And, as if to make
tho enormity Of this proceeding more
palpable, these bonds are issued in dc.
nominations so large as to prohibit any
but rich men from handling them and
then, by the most shameful and barefaced
partiality for this privileged few who hold
these privileged bonds, they are by law
made free from assessments by any state,
county, district, or city, and thereby a
very largo proportion Of the wealth oi
the country is exempted from taxation
and that, as l have said, in the hands oi
rich men. But while this wealth is free
from taxation and semi.nnnually drawing
its gold interest, the expenses Of the gov.
erument arc still going on and must be
paid. And by whom paid :? Not by the
rich man, for he has transferred oil his
taxable property into bonds aud laughs
at the collector Of taxes. His millions,
which in better days bore share of taxa.
ton, are now exempt without decreasing
the amount TO be raised by taxation ay
rather it increases the amount to be raised
by the partiality which gives him gold
for his interest, while the producer gets
paper for his commodity. This greatly
increased amount, then, is paid by the
laboring classes, who now pay the taxes
which should be paid by the bondholdcr
in addition to the share which justly fall'
upon themselves.
But, sir. even this is not all. Under
our ruinous financial system these same
bondholders have the privilege of depos
iting their bonds in the treasury, receiy.
ing from the government an almost equa
amount of national currency, in sums in
tended to be adapted to general circula.
ton and with this machinery nationa
banks arc established all over the coun
try, loanipg out this currency at heavy
rates of interest, secured generally by rea
estate, to the same of classes men wht
are paying the gold interest on the
bonds which furnish the foundation
for this currency, thus paying inter
est both on bonds and the represents
tives of bonds; while the bondholder re
ceiyes interest on both bonds and currcn
cy, meantime paying nothing for protec
ton, education, nor even the costly and
delicate luxury of reconstruction.
What, then, is in the futurey Under
this system nothing but increase of taxes
multiplication Of burdens for the far
mer, mechanic, trader, and laborcr; with
still greater exemptions and favors to the
capitalists. Nothing butthe harm Of tht
many for the benefit of the few. Moth
ing but making the rich richer and the
poor poorer. In this connection let it bt
also remembered that the leading idea o
those who are managing, or rather mis-
managing, our financial affairs is to con
vert all our public Indebtedness int
these bonds with many years to run, and
with interest payable in gold semi-annu
ally. This is said TO be for the purpose
of keeping up our national credit. What
sir /: increase our debt to keep up oul
credit Tell the trader who is badly in.
volved in debt, with ruin staring him il
the face, to go still further in debt t.
keep up his credit Let him try the
experiment, aud soon his assets will no
be sufficient TO justify court of bank
ruptcy in closing out his estate. Suppose
all our debt bore Interest to-day at the
same rate as the bonds in question, and
all the holders Of that debt exempted
from oil taxation. Our people crushed
disheartened, impoverished our manu-
featuring interests ruined, or else project
ed at the cost of the poorer classes; oul
commodities taxed out of existence, and
our produce barred from the markets o
the world by the greatly increased price
of production - how long would the
patience of the people so oppressed for
bear?
But another demand upon our people
is now made, and with the pertinacity
that always characterizes an aristocracJ
is insisted upon by the capitalists. And
those capitalists are controlling the domi
nant party in urging this demand. No
only gold for interest; not only exemp
ton from taxation not only banking
privileges with extraordinary facilities o.
transferring wealth from taxpaying Ia
borcrs to untaxed aristocrats; not only
sixteen hundred banks running at the
cost of the many for the benefit of the
few, but demand absolute and impera
tive, that the enormous amount constitut
ing the principle of these same bonds
shall also be paid in gold. When the
poet wrote
''Gold many hunted-toiled and sweat for gold.' ;
he expressed the idea that possession Of
the glittering treasure was at the cost Of
labor and sweat; but, sir, we are showing
how the toll and sweat of one man only
increase the golden treasure of another
who is exempt from the judgment passed
by the Almighty when He said: "In
the sweat of thy face shalt thou eat
bread" Wealth is his without lab ,r
his is bread without labor his is bread
without sweat; grasping his yellow dust
in eager hands, and needless of the gen.
eral ruin mocking his countrymen, he
realizes from his selfish standpoint that
this is the best form of government the