The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-02-07

between legal tenders and gold was
forty per cent. and with the reduc-
ton Of the currency forty per cent,
You diminish the debtto 81, 200, 900
900 or forty per cent. } no injustice
would be done. The proposition is,
however, in effect to make tho debt
| 81, 500, 900, 900, aud diminish in the
same proportion the peoples ability
to pay il. You double the credit
or 5 claim, while you diminish tho
debtors means Of payment onc-half,
increasing tho valuo OF the rich
mans dollar, and making the poor
mans labor less valuable.
= = =
That there arc small inducements
to cultivate the soil let me give you
an actual illustration from real life.
A farmer in the West in 1861
owned two farms of thrce hundred
and twenty acres. Of about equal
value. He sold one Of them for 30,
600, in gold. He soon converted
his coin into legal-tcndsrs, and thosc
into bonds. purchasing to the amount
Of $50. 900. He has received his
gold interest scmi-annually, convert
cd it into grecnbacks at an average
Of forty per cent. If he
continues the process to the end of
Ave years, when the bonds are re-
deemable, he will have as follows:
Principal. $40, 1000
Profits on investments. 1866
Proceeds Of farm, 3O,565
Deduct cost OF bonds, 1900
Net gain in fivo years, S2O, 1865
Equal to two. hundred aud eight
cen per cent, or IN average yearly
increase of forty-four per cent. =
- This actual case illus
trates the whole subject, and shows
how unjust is the claim of the bond
holder that he should be paid in gold
for tho bonds which cost him only
fifty cents on . dollar. And this
unreasonable and unjust claim finds
able advocates in this House, who
talk cloquently about bad faith, do
prcciatea currency and irredeemabIc
paper money.
We disclaim, in tho most solemn
form, any wish or desire to do injus-
ticc to tho holder Of a United State,
bond, whether on this or tho other
side Of the ocean. It is no act Of
unfairncss or Of arbitrary power to
require him to receive what every
other creditor Of tho Government
must receive in payment Of his.
claims. We arc told that with the
proceeds Of these bonds our. soldiers
were fed, clothed and paid. Yes,
Mr.. Chairman. the. soldier received
his thirteen dollars per month in this
paper which was declared to DO
money by the lav-nakiug power,
although it was worth only fifty
cents on tho dollar. coin being tho
standard. Now. tho proposition Of
the bondholdcrs' representative is to
pay Fin (tAo bondholder) the other
Fifty cents and require the returned
soldier to work upon tho farm, in
tho shop or manufactury, to make
the payment. You required the
soldier to sign tho receipt rolls for
thirteen dollars who you paid him
only Sc. so and now you propose to
pay the patriotic capitalist thipseen
dollars, who generously furnished
So, SO to tho soldier and tax tho in
dustries Of the country to meet the
demand.
= = +, - =
When We shall in good faith, in
augnratc policy which will equal
ize the burdens of taxation, give to
labor full and profitable employment.
increase production. diminish our
interest bearing debt. lower tho rate
Of interest on what shall remain,
revise our tariff and internal reve-
nue. laws, then NO shall secure =
foreign credit commensurate with
our boundlcss resources Of our ad-
vancod position among tho nations
Of the earth. BY such course We
will be able very soon to relieve tho
mechanical, manufacturing and in
dustrial interests generally from
revenue tax, and depend wholly for
. revenue upon tax on incomes and
articles Of luxury, such - tobacco,
beer and whiskcy. It would afford
unapeakahle relief to tho country to
be delivered from the swarm Of Gov
crnmcnt officials and that hungry
horde Of spies and detectives who
have csta blished 8 system Of espoin-
age over every household.
Mr.. Chairman, I have already de-
eA~srol kho tn InA~ hssk