The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1868-08-12


contraction still goes on and value is coin.
ed for the bondholder out of the sweat and
tears, the blood and bones and muscles OF
the laboring man and when we ask the
reason, we are answered by the declaration
of the Republican Convention of Chicago
that the bonds must be paid in gold, &C
cording to the spirit and letter of the con-
tract. ] deny that il is according to either
che spirit or letter of the contract, under
which the five-twenties bonds were sold
| say that neither the spirit nor the lette,
OF the law under which these bombs were
issued, nor good faith, nor good morals,
nor exact justice to the bondholder, require
That they should be paid in gold. They
are payable in legal-tender, and in this opin-
ion am sustained by the Democratic Con-
vention of New York. (Applausc.) What
The amount Of Indebtedness under the sys.
tenn Of the Republican party would be he
could not say. $2,5O0,0OO,0O we know it
IS now. Less than that. it certainly will
moi be. The interest upon that sum will
be sl5o,o0o,OoO in gold, and this amount
is 70 be drawn annually from the people OF
the country during all your lives, and the
lives of your youngest children, in order to
carry out thu dogmas Of the Republican
party. On the other hand, the Democrat
ic party were opposed to extension and de-
sired the immediate payment of the debt.
(Hear.) 1t declared that the money col
lectel from the people should not be squan-
dered, but applied to the payment of the
debt interest. 1t declares that the five
twenty bonds shall be paid in legal-tender,
and until they be pcld they shall be sub
jccted to the same rate of taxation as all
property. tt declares there shall be one
currency for the government and the peo-
pie. for the lahore and the officeholdcr the
pensioner Nnd the soldier, the producer and
the bondholder. Cheers. And how is
it practicable to pay this debt-three hun
dred and thirty milHops--if bonds ore held
in the Treasury Department as security for
tho national bank circulation. Redeem
them the very moment you have the option
to do 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 o bonus to national banks. He al
so recommended the redemption withIegal
tender notes of the five hundred millions
Of the first issue of the fve-twenties paya-
bic this year at the option of the govern
ment. He urged that such measures
would stop the contraction and reverse the
policy Of the Treasury Department, and
give stability to tho money market. He
strongly advocated the expansion of the
currency, and pointed out the folly and USE
lessnass of contraction, citing many lnstan-
ces in favor of his arguments for the re.
duction of the national debt. The accruing
revenues would enable you, without further
expansion to pay off the residue of the
five-twenties as they mature, and then to
diminish still further the amount of inter-
est, consequently The taxes. If then The
currency were found redundant, gradual
contraction could be effected, and as it
would como when the debt had been paid,
when the necessity for large sums of money
on the part of the government had ceased,
when taxes were low, it could be accom-
plished without the suppression and disas-
ter which now attend it. have been rep
resented as universal to the bondholder.
Gentlemen, you shall judge me. I am hos
tile to no class or interest in the country.
1 simply desire to be jus.-just to the
just to the people. I would
live up with scrupulous fidelity to the terms
of our contracts. would pay the interest
Of five-twenties in gold, because the gov
eminent promised to do so. I would pay
the principal Of the five-twenties in legal
tender notes, because the bond-holders
agreed to receive them in payment, and as
I would not repudiate an honest bargain to
make money for the people, so will 1 not
repudiate an honest bargain to make mon
ey for the public creditors. (Cheers.) He
did not think that policy would give us
depreciatory currency, but, on the contrary,
was of opinion that just as the public debt
was thus discharged will the certainty of
its ultimate population be more apparent,
and its value be rapidly and steadily in
c!aeased. These bonds operate as mort
gage upon the property and labor of the
country. There are two Thousand millions
Of them. Pay off these two thousand mil
lions, and will not the legal tenders be first
in the proportion more valuable? I know
the evils of deprecated currency. l
would not aid in depraciating our currency.
I fought against it when it was proposed
by the Legal Tender act, but since it was
the debt was contract
ed in legal tender-since it may be lawful
y and honestly paid in legal tender-I am
in favor Of continuing it until we CAN Sc
cure the people who have already suffered
II ~