The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1868-10-16
The National Debt.

The National Debt.
From George II. Pendleton's speech at Hart
ford.
Now say that the true policy of the
United States is to pay the bondholder ex-
actly what we promised. This is the only
way to relieve the burdens of the country;
to make it easier for the people TO pay their
tax to make it easier for them to gain
a living. Do this and prosperity will again
be fertile, your industry will flourish. The
Republican party is opposed to this whole
system. They are in favor not of paying
off, but of funding the bonds. According
to their plan the funding debt would have
forty years to run at four and half per
cent. interest-payable both principal and
interest in gold and the bonds shall not
be subject to taxation neither by the State
gentlemen, l object with gold standing at
l4O--rerhaps l45 If you convert these
bonds into gold bonds now, you will add
$780, 900 to the amount of the debt
you make it impossible to pay the debt in
five years. If it amounts to 81, 500 000,-
900 and you pay four per cent. only it will
amount to 500, 900, 900 year in gold for
interest. If you pay this sum for forty
years, you will, at the end Of forty years,
have paid $4,000, 900, 900, and at the end
will still have the debt of s., 600, 900, 900,
besides the forty years. Why, how many
of you will live that time? How many,
even of your children, will be alive at the
end of forty years7 Year by year you will
have to go on paying this enormous
amount. Year by year it will come out of
the blood and bones, toll and sweat OF your
children. Do you know what national
debt means? 1t means that the rich shall
be richer, and the poor poorer. 1t means
that capital shall be exempted from taxa
ton, and the laborer bear all the burden.
1t means for those who labor for their daily
bread, scant clothing, brown bread and no
meat. 1t means that capital shall pamper
ideness in luxury, but the squalor shall
presi lie over the cabins of the poor :; and
that his daily struggles for daily bread shall
make his life constant death. l see be-
fore me tO-night many young man, and
can see in his beaming eye All intelligent
face the hope that lies at the bottom of his
heart. He is willing to labor on for few
years, and to hope that he will trade on
the capital which his industry and frugality
have saved He has his day dream and
his night dream. He sees a snug home
lighted up with the smile of love, and noisy
with the prastle of infant tongues made
sacred by the presence OF a wife and mo-
ther-surrouuded within and without by
these rays OF contentmcnt which plenty and
prosperity shed. Young men, are you
ready to give up those cherished hopes of
the future, and to consent for all your lives
that taxation shall take from you all ex>
lcept what is necessary for your food and
clothing? No, gentlemen, do not yield to
this syren voice, that which persuades you
to extend the debt and reduce the interest.
That Will answer your purpose. That will
insure your future. But, gentlemen, pass
ing away from this subject of the material
Interests of the country, on which | have
dwelt longer than | intended, let me again
call your attention to this fact-that the
great pole stare Of the Democratic party is
the Constitution of the United States Do
not, my fellow citizens, in the heat of this
arduous contest, do not forget that great
lesson. The Republican party believe they
can amend 1t; that they can change it and
make it better Constitution than our ia
theirs made it in the days of DID, | charge
lit upon you, Democrats who are here to-
night, never to consent either to its aban-
donment or its degradation. Do not seek
to amend 1t; do not seek to evade it.
Obey it. 1t was good enough for our ia
theirs. 1t is good enough for you If you
obey it, it will be good enough for your
children for hundred years to como.
Study it. Carry it about with you as liv-
ing presence in all the walks of your daily
lite. Take it to your home read it to
your wife teach it to your children put
it ON your family altar, that when you bow
your head In supplcating prayer it may be
there next to the image of God Himself.
Do this, and in His own good time you
will be able to raise it up to that place and
power to which the brazen serpent in the
wilderness was raised in order that the
plague might be stayed. Do this, and you
will be able to rear up to that high place of
honor to which the Ark of the Covenant
was reared, round which the unseen legions
of the Almighty kept ward and guard. that
he who touched it with impious hands
| should die. Remember, fellow. citizens,
that the Constitution contains within itself
all that is gooG in the experiences of the
past, and all that is hopeful In the pros
pect OF the future. 1t is the ark of safety
in the midst of the food which is upon us.
1t may be tossed in the blackness of dark
ness upon the weary waters for many days,
but it will rest upon the mountain top at
last the sun will shine, the dove will leave
it never to return, and now, as then, en-
biem OF purity and liberty and peace she
will seek to build her inhabitations amidst
the scenes of her former life. do not de-
spair. [ have hope In the aspiration of
men. | have faith in the Providence of
God | know that the pathway of history
is strewn with the wrecks of pires and i
peoples, and constitutions, and it may be |
in the Providence of God that this country
of ours will 70 low in the wake of all nations
that have gone before. If it shall be so, let
it not be owing to the faults or misfortunes |
of the Democratic party. If it must be so,
let it be known that it vas the party of our
love that stood to the last, with heroic vir-
tue, To the principles of civil liberty II If