The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-17


who are confined there pIear hear, lie reviewed
my t.y 1885, to July !, 1888, showing tnat
the democratic administrations had been
ask why was it that the amount realized
lrom taxes for 1869 would be less than the amount
realized IN Is6e considering that the rate OF
was SUBSTANTIALLY the same It Is time that TINS re-
publican Congress had diminished in part or in whole
the tax on the manufactures in New England or on
the aggregate. Payment was more dnicult
than previously. Labor found no occupation. energy
republican administration curaiied the The currency.
distributing all values, checking all enterprise,
e ns V work Of Is Steadily
at YoS wit IF n the
in gold is increased. You win ind that every dollar
that bears interest at all or that bears IN
bonds which pay interest in gold; and why is thiss
Is there too much currency IN the countryi ID tlere
10 P %sn win Of aaps srm it. snd yet this
work Of contraction still goes on and
value is coined the bondholder out Of the sweat
iaboring man. and when we ask the reason we are
answered by the declaration Of the republican con
y0n o. Sncas sa1 Of the
tract l deny that it is according to either
the spirit or letter Of the contract under wnica
neither the spirit nor the letter of the law
under which these bonds were issued, nor good faitl
That they should be- paid in gold
They are payable in legal tender, and In
this opinion am sustained BY the De emo; ,nc
amount Of Indebtedness under the system OF the
republican party would be he could not say;
certainly win not be. The interest upon that It
sum will be $780, 1000 in gold, and this amount ~
the t. be Country auans a T sa @ OsS s the
lives Of your youngest children, in order, to
carry out the dogmas Of the republican ns1t9
were opposed to extension and desired the 1mmedl-
ate payment Of the debt. qiear.) 1t declared that
squandered but applied to the payment of the debt
interest. It declares that the fve-twenty bonds
saa be ps sa be Subjected to the same rae Of
taxation as all property 1t declares there shall be
one currency for the government ana tne people,
and the soldier, the producer ana the Dondholder.
tCheers.) And how Is 1t practicable to pay thus
debt-three hundred and thirty miliions-f BONDS are
held in the Treasury Department as security for the
national bank circulation. Redeem them the very
moment YOU have the option to do so with legal
bank paper This measure alone with very ll'tie IN
ation OF the currency and without any addition 10 tne
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 redeinp
ton with legal tender notes OF the nVe nundreu
millions OF the first issue of the fvewenes payable
this year at the option OF the government. lie
urged that such measures wouiI stop Tue cO.raUnoa
and give stability TO the money MARKET lie stroneiy
advocated the expansion OF the currency, ana
pointed the folly and uselessness OF contraction
citing many instances in favor OF his arguments for
the reduction OF the national debt. The accruing
revenues would enable you, without iuI-
due due. Of Np the iilye-twentes as they mature
and then to diminish still further the amount Of in
erest consequently the taxes. If then the currency
found redundant gradual contraction c0uid De
effected and as it would come when the DEBT n n
sums Of money on the part of the govern.
ment had ceased, when taxes were low, II
and disaster which now attend II. j have been re-
presented as universal to the bondholder Gentle
you shall Judge me- am 1%s ssrs 70 no cass or
just to the bondholder. just to the people, would
live up with scrupulous fidelity to the terms
OF our contracts. ! would pay the interest
or the ve-twenties In gold because the government
promised to do So would pay principal and inte-
of the ten-foties in gold because the govern.
ment promised to do so. would pay the principal
OF the ve-twentes In legal tender notes. because the
bond holders agreed to receive them in payment,
to make money for the people. so will not repudate
honest bargain to make money for the public Gre
dtors. (Cheers.) He did not think that policy
would give us depreciatory currency, put,
on the contrary was Of opinion that just just
the certainty OF its ultimate redemption be more
apparent and its value be rapidly and steadily IN
creased These bonds operate as mortgage upon
the properly and labor OF the country. There are
| two Thousand millions of them Pay OFF these two
thousand millions and will not the legal tenders be
first in the proportion more valuablef
rency. would not aid IN deyrecatne
our currency. fought against 1t when 1t was pro-
posed by the Legal Tender act, but since 1t was &C
compshed-since the debt was contracted in legal
tendersince may be lawfully and honestly paid in
legal tender-I am in favor Of continuing IL until we
can secure the people who have already suffered all
the evils whatever good may be expected from the
system But gentlemen detain you too long.
have sought bring in sharp contrast the two par
ties and their respective principles. Choose between
them. (Cheers.)
Several other speakers having delivered addresses,
the Convention adjourned at eight O'Clock.