The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1868-09-03

carry our western produce to other
countries, because when we have paid
our labor and taxes and transportation
there is nothing left to send abroad.
You cannot carry the southern pro-
duce because under Radical recon-
struction farmers have been converted
into politicians, and cotton, rice, sugar,
have ceased to be the staples. A garden
has been turned into desert. "A lib
eral system is the life of your com
merce, as it is the hope of your indus
try: yet the taxes must be kept high
to pay the interest ON our public debt.
and the daily expenses incurred by
Republican policy, and while it skins
the rich alluvium of our fertile valleys
to make. the sterile rocks and barren
coasts of Massachusetts, to smile, it de-
stroys your shipping and palsies your
industry that her manufacturers may
be protected. have stated to you
that the last official report of, the Sec
retary Of the Treasury shows the debt
to be $2,633, ,5S8, ,756; of this. amount
S1,5S3, Ito, 600 are in five-twenty bonds.
/ maintain that these bonds are paya-
BILE in legal-tender notes. The law
under which they are issued expressly
declares that the legal-tenders are paw
able for every debt due from the Gov
ernment except interest on the public
debt. The bonds say they are payable
in legal-tender notes. Senator ,Sher-
man says SO. Senator Morton says so.
Thaddeus Stevens says so. The fund
ing bill says so. The Democratic Con-
Ventions of Pennsylvania, Ohio, In
diana, Illinois, Missouri, Wisconsin,
Iowa, Minnesota and Michigan saw so.
The Democratic Convention of Maine
says so. The great council of the Dem
ocratic party at New York says so.r A
year ago, when asserted this theory,
l had opposition enough to justify an
argument. Now have not. lido not
know how it is with your Republicans
in Maine, but in Ohio and Indiana
there the people are so anxious to get
on that they threaten to jostle me off
of my own platform. [Great laughter
and applause.] A year ago. the lead
ing men called us copperheads and
traitors. Now they say the theory is
true, but utaltogether impracticable. Not
at all, my friends. Pay the bonds as
they become due. Save the interest
Save the premium ON gold. How
The national banks have out a. circula-
ton of S300,000,000, secured by bonds.
You understand this operation very
well. Three men buy one hundred
thousand dollars worth Iof bonds,
They depest them in the Treasury
They get their six per cent. interest in
gold, They get 80 per cent. in bank
notes, and this they come home here to
loan at 10 or Is or 20 per cent, as they
may be able to exact from the purse OF
the borrowers. The Government pays
6 per, cent. in gold to these gentlemen
for the burden of lending money al
20. Break up this saystem. Call in
that circulation. Issue greenbacks in
its stead Take up $500, 100000 of bonds
and save $l8,000,0O0 in gold annually
by way of interest. This will reduce
your debt, reduce your interest, and
enable you to reduce your taxes, or tc
increase your payment the next year
Your income is at least $50QO00,0O0 &
year. Be honest. Be economical. ! Let
the thefts be stopped. Let robbery be
punished. Expend- $150,000,0 year
twice as much as Presidents Buchanan
expended, far more than General jack.
son expended in any four. years of hi'
administration. Add S150,000,O00 fol
interest, and yet you have more thar
S200,000,0 900 a year, and that sum con
stantly increasing bya large amount
with which to pay off the public debt
In this way it can be paid--every, dol
lar in principal and interest-by the
time it becomes due, without adding
one cent to the tax or one cent to the
circulation If it is thought advisable
the, taxes can be reduced and the pay:
ment prolonged for ten years. heal
it stated that this is unjust to the pub
lie creditor. Not at all. You pay hin
back all he gave, you pay him high in
terest, you pay him all you promised
Show me single bondholder who, i
you pay him to-day in legal tenders
with gold at 40 per cent, will not re
place his outlay, l will show you fifty
who, in addition to 10 per cent. inter
est, have added, in five years, forty PEI
cent. to the principal. The question i
not whether you will, pay the bond
holders what you owe them, but wheth
er you will rob the people to pay tn
bondholder what You do not owe
l[Applause.] 1 hear it stated that thi
| is unjust to .the people, When thi
| Legal Tender law was passed it confis
Gated two-thirds of the indebtedness
of the country. The man who had
note for 81 900 in gold, was compelled
to take 81 900 in paper. The man VIII,
| had leased a house for $500 in golt
could pay his rent with $500 in paper
/ knew an instance in New Y ork City
A man sold, his neighbor lot TO
$4,000. The purchaser was a thrift.
| trader, who could make more than si7
tper cent. from his money. The selle
was thriftless trader, who could no
make so much. They agreed that tn
purchaser should pay when he pleased
! but in the meantime should pay pc
cent. interest. He waited till gold wa
$50. He took his $4,000 in gold an,
bought $4,000 in legal-tender, .pai
/ $4,000 to the seller, invested $4,000
in tive-twenty bonds, has drawn 81 80
in gold a year interest, and now is th
most loyal patriot and the loudes
clamorer for payment of bonds in gold
of all my acquaintances. Applause.
He is a reasonably good man, they say
He is a Christian man, and they sa
that every night as he goes to bed h
prays God that he may do to other me
as he would have other me do to hin
and when he raises his hand in prayer
that God may deliver him from all hi
enemies, he prays especially that b
may be, saved from that public ,enem
Il who wants, to pay the five-twent
bonds in greenbacks-[ loud 1aughte
and applause land I hear it said thi
u system will depreciate the currenc
and cheat labor of its just reward
4 Not at all. Every dollar of the publ
debt. which is in this way paid wi
. relieve the property of the countr
: fIom the mortgage rwhich'is upon i
and by making the greenbacksi moi
), certain of redemption will increas
their value, No, gentlemen, pay thes
I ve-twenties in legal-tender notes til
moment they become redeemable, an
you will. reduce the debt, you wi
; save the interest, you will relieve labC
from its burdens.r Applause Coup
with this the taxation of capital to Il
: same extent as you tax labor, stop Il
, excessive contraction of currency, e,
l. 4 . -