Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-07-21

States. And this party Whlcn Supports MIN
declares that if they cannot do it by the votes
Of You men of the North, 1t will elect MN
by the votes of the negroes and carpet. baggers
IN the reconstructed States of the South
Gentlemen, do you see no danger here
When, years ago, we predicted this result
and warned against the first step in regolu-
t;onary progress the Republicans laughed at
our fears and called us copper-heads and
traitors. IApplause.1 When Napoleon was
called on, Young, unknown to his country-
men, never having had command even OF
regiment, TO quell the revolt of the Sections,
he did it effectually. In four years he was
First Consul and master 9th French peo-
pie. How grand the theory which the Demo
cratic party opposes to this whole system OF
the Republicans read from the declaration
of principles
First immediate restoration of all the
States to their rights in the Union and I'M
der the Constitution and of civil government
to American people.
Second-Amncsty for all past political of
fences and the regulation of the elective fran
chise in the States by their citizens
Tho Republican party is the party of usur-
patton. 1t is also the party of corruption.
Head the report of the Commissioner OF Rev.
enue. Count the number of clerks who are
seeking in vain to discover the amount OF
population in tho Treasury Department. Go
to the War Department and see the mutilated
archives, and ask why they were destroyed.
Visit the penitcntiaries aud count the public
plundcrers who are confined there. Hear,
hear.1 He reviewed the expenditures Of the
Federal Government from July l, 1860, to
July /, 1868, showing that the Democratic
administrations had been much more econom-
ical. Moreover, he would nsk why was it
that the amount realized from taxes for 1869
would be less than the amount realized in
1866, considering that the rate OF taxation
was substantially the same 1t is time that
this Republican Congress had diminished In
part or in the whole the tax on the manu-
FIXTURES in New England or on whiskey but
they would not materially change the aggre-
gate. Payment was more difficult than pre-
viously. Labor found no occupation, energy
and enterprise were parayzed, and all be:
cause republican administration curtailed
the currency, distributing all values, check
ing all enterprise, throwing out OF employment
all labor In the meantime the worENof con.
traction is steadily pushed. Look at every
monthly report Of the Secretary of The Treas
ury. You will find that every month the
debt that bears interest in gold is increased.
interest at all, or that bears interest in cur
rency, is converted as rapidly as possible in
to the bonds which pay interest in gold ard
why is this Is there too much currency in
the country? Is speculation rife Norman
will dare affirm it, and yet this work of con-
traction still goes OF and value is coined for
the bondholdcr out OF sweat and tears, the
blood and bones and muscles of the laboring
man and when we ask the reason we are an:
swered by the declaration of the Republican
Convention of Chicago, that the bonds must
be paid in gold, accordfngto the spirit and
letter ol':1ie contract tdeny that it is ac-
cordfag to either the spirit or letter of the
contract under which the Fivc-twcnties bonds
were sold. Isay that neither the spirit nor
the letter Of the law under which these bonds
were issued, nor good faith nor good morals,
nor exact justice to the bCn6holder, require
that they should be paid intgold. They are
payable in legal tender, and in this opinion
am sustained by the Democratic Convention
of New York. [ Applause. What the
amount of indebtedness under the system OF
the Republican party would Be he'coUtd not
say. 81, 500,0 100000 we knowit is row. Less
than that it certainly will not be- The in
teres"upon that sum will be sl50,0Oo,000
in gold, and this amount is to be drawn an
all your lives, and the lives of your youngest
children, in order to carry out the dogmds of
the Republican party On the other hand,
the Democratic party we're opposed TO exten<
sion and desired the immediate payment of
the debt. Hear 1t declared that the
money collected from the people shoald not
be squandered; but applied to the payment
of the debt interest. 1t declares that the
fve>twenty bonds shall be paid in legal tender;
and until they be paid they shall be subject
ed to the same rate of taxation as all property.
1t declares there shall be one currency for the
Government and the people, for the laborer
and the Office holder, the pensoner and the
soldier, the producer and the bondholder.-
ICheers:E
And how is it practicable to pay this debt
three hundred and thirty millions-ifbonds
are held in the Treasury Department as Sc
curity for the national bank circulation
Redeem them the very moment you have the
option to do so with legal tender notes, and
let them supply the place of the bank paper.
This measure alone, with very little initiation
of the currency, and without any addition to
the taxation, will redeem the debt and save
the twenty millions in gold which are now
paid as bonus to national banks. He also
recommended the redemption with legal ten
der notes of the FIVE hundred millions of the
first issue of the five twenties payable this
year at the option of the government. He
urged that such measures would stop the
contraction and reverse the policy of the
Treasury Department, and give stability to
the money market He strongly advocated
the expansion of the currency. and pointed
out the folly and uselessness of contraction,
citing many instances in favor of his argu-
ments for the reduction Of the national debt.
The accruing revenues would enable you,
without further expansion, to pay off the res
idue of the FIVE twenties as they mature and
then to diminish still further the amount of
interest, consequently the taxes. If then the
currency were found redundant gradual con-
traction could be effected, and as it would
IL ILL. L.