Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-07-22

oiuish. soaswhaA, the tasss upsa whisky.
but the amount collected from either Of
these sources would not materially change
tho aggregate. Why then, ask again,
will the amount realized from taxes year b
less than in 1867 The burthen upon those
who do pay Is just as great ~ it was then.
The difficulty Of making the payment -
even greater than il was then.
THE GENERAL DISTRESS AND IT'S CAUSE.
The cry OF distress, when the dav for tho
pavmsnt Of taxes comes around, arises
\ from every part of the country and II IL
becsuse the business of the country 10
staensnt. Il 10 because your workshops ere
idie il is because labor finds no occupa-
I ,lon il is because the produce OF the farm
ar rsma;ps on his hands, instead Of going
TO market; il 10 because yous stores are
overlosded with abundane stocks; u 10 BE-
Cause energy and enterprise are paralys sd,
and capital rsosiss inastiv~
cuRRHxcY-coNTRAcfIe
And why 10 oil thisi Because rspub-
liesu adniahtration insIsts IN eufte1inG
he curseasy, disturbing oil vaisso, cheek.
ing III enterprise, throwing out Of employ.
ment oil labor. The tradesman Is caught
with large stock on declining prices. The
farmer fears the fall which may overtake
him before his wheat reaches the market.
The manufacturer fears that the price %
his raw material to-day viii be greater than
the price Of his manufactured oeods TO.
morrow, and the capitalist will not take his
money cut Of government bonds and invest
Il 10 houses OF lands and stocks. lest the
rents and dividends will not yield him sim
pie interest. In the meantime, labor 70
without employment, and poverty stalks
through homes where comfort has always
been before. [Applauss. In The mean
time, this work Of contraction 10 steadily
pushed. Look ct every monthly report Of
tho secretary Of the treasury, you will find
that every month the debt thst bears in
tsrest in gold il increased; you will find
thss every dollar which bears No interest,"
at al, Or which bears interest In currency,
10 converted - rapidly = possible iste the
bonds which pay interest il geld. And
Why IL this? IL there too much currency
in tho eeuntrys IL thsrs . plethora Of
money! 10 speculation rifes No one will
dare affirm 30 much, and yet this work Of
contraction still goes 90, and value ID eoia-
ed for the bondholder out Of the sweat, and
team, the blood, and bones. and muscles Of
the laboring nan.
UNITED STATES BONDS.
And when W ask the reason. W are %.
swsrsd By the declaration Of the republi-
can convention ct Chicago, that Tie beudo
must be paid in gold, according to t4S
spirit and letter Of the contract; By . Dc.
claration Of its president that the debt Of
the bondholder 10 % sacred - the grave Of
the soldier.
PAYMENT IN LOCAL fsND9R.
deny that it IL according either 70 The
spirit or the letter Of the contract under
which the $50 bonds were sold. say that
neither the spirit nor the letter Of the Law
under which those bonds we're issued, nor
good faith, nor good morals, nor exact jus
tiee to the bondholdsS, require that they
should Be paid in gold. They are PAYABLE
in legal tender, and 10 this opinion am
sustained by the resolution Of the Demo
cratic Convention in New York, which L.
ciasss "thss, where the obligations Of The
fovesn0ent do not expressly state upon
their face. Or the law under which they
Wsrs Issued does net provide, that they
shall BE- paid In coin, they ought, in right
and justice. 10 b paid in Ne lawful money
| Of the United States. "
When the legal tender act VAS passed,
| the private indebtedness Of the country
amounted TO very largo SUN. twas con.
tvsctsd 10 be paid in gold, but vas, in fact
discharged In paper. The public necessity
was alleged to DO Of sufficient reasen fol
this Wholesale confiscation. 70 there nj
public necessity now to demand the pay
ment Of the bonds in the money which va,
paid for thome
POLICY OF THE REPuBLIcAx PARTY on rnI
QUESTION.
The policy Of tho Republican party is I,
pay all these bonds in gold 10 convert al
the currency now outstanding. and I'll tn
iudsbt sdnsss Of the United Suites int,
these bonds; 10 pay interest in gold 70
this enormous sum, whatsves it may be
and to extend the time within which th
bonds shall be paid. In the meantime tn
bonds are 10 be exempt from taxation, an,
the interest is to BE- paid, semi annually. IL
gold. What the amount Of indebtedness
under that system can finally be shown I,
be, cannot say !; t2,6o0,ooO We know i
IS now. Less than that it certainly viii
not b.. The interest upon that sum vii
be $3.50, 900, 200 in gold, and this amount Il
to be drawn annually from the people o
the country, during all your lives, and tn,
lives of your youngest children, in order Il
carry out the dogmas Of the Republican
party.
THE DEMOCRATIC POSITION.
The nomncrat;< cs etv ana, AZ. o...x:>.
has given forth no uncertain sound 1t de
clarss that the debt shall not b extended
but must be paid IS rapidly as possible
all the money collected from the psopl,
shall not be sQuandsred on frsedmsn's bu
reaus aud standing armies. but shall DO ap
piled TO the payment Of this debt and of tn,
reduction OF the interest. II declares thai
the $50 bonds shall be paid in legal tender
and until they be paid. they shall be sub
jected to the same rate Of taxation % oil
other property. IL declares there shall b
one currency for the government and the
people for the laborer and the office hold
| err; the pensiOner and the soldier: the
freedman and the bondholdsr.
ras DEMOCRATIC PLAN DEMONSTRATED.
Aud hsw seou 10 u pr6GgaeUsls ID nav
4 WIZ VVUSs AUHVO U0045VO 0UO t0lfSy
0illions Of bonds are held IN The Treasury
Department % security for The national
bsuk circulation. Redeem them, the very
instant you have the option 10 do %, with
legal tender notes, and let then supply the
place Of the bsnk pspsr. This 1eoours
| alsoss With very little imitation Of he cur
rsney. and without any addition 70 The tax
alton, will reduce the debt md ssvs the
10000. 900, In gold, annually, which are
noW paid - bonus 70 the naiioual hanks.
I, Five hundred millions (e5eo, COX, oOol Of
The 6rst Issue Of b-2o's are alscaay. o. viii
THE year b payable at the ept;e. Of the
government. Redeem these, also, n loyal
tender neese. Whsss will then ncoee eeue
ffems asks ssoe friend. Stsp THE Trans.
sstioa q The Treasury Dspcstnest 70
verse its whsls psliey give Stability y
the msusy 0arkss lst e - undeeslocl
that fsstsneo - net hsld 1t The vhin 4
any soussle4y, - trade viii rsvivs ana b.
slee9e ~ heoomo Aplive. Invssenen1u
wtN D - ~ ~ Of tAxatioa ws3101l