The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-05-16

master will call on him.
Sir, this burden once assumed will
never be laid down. Let the capital Of
the country saddle burden on labor,
aud In ito greed Of gain IL will never con.
sent to release. All the industry of
the country must be devoted to the pay.
ment Of this semi.annual interest and
when, finally, passing years shall have
matured the whole debt and thousands Of
millions are presented at one time, can
then the taxpayer meet that demand ?
No, sir, it is beggary to present the ire.
trievable ruin in the future-both to the
taxpayers and the government.
But, sir, what is the remedy? Retrace
our steps-reverse the policy Of the past
few years. Let all men stand on an equal
footing. Inasmuch as greenbacks paid
tho government for bonds, let grcenbacks
also pay the bondholder for the same
bonds. Let him take that which he gives.
BY public declaration announce a readi-
ness to pay off bonds with greenbacks,
which constitute the money Of the gov
ernment. This public notice being equiv
alent to a tender of payment on SO much
Of tho bonds as have been outstanding
for fve years, will stop the interest on
such bonds, aud 10 that extent relieve the
people Of taxes, whether such bonds be
actually presented for payment or not.
In this last event such bonds not pre-
sented would continue to be debt against
the government, but it would be q debt
bearing no interest. and finally payable
according to the terms Of such public
notice, except where otherwise specifically
provided in the act under which they
were issued. Let US briefly trace out the
operation of this plan. The first result,
as have said, would be 10 stop the inter.
est on matured bonds, thereby saving
over n hundred millions yearly. AS a
further result, those bonds which are
now on deposit in our treasury, in ex-
change for national bank bills, and draw
ing now gold interest, would cease TO be-
come profitable as idle capital, and az a
consequence would be converted into
shape adapted to commercial and business
purposes. This withdrawal Of the bonds
could only be effected by a return of the
currency issued on them: and by the
same process all the national currency, or
as it is sometimes called "blackbacks, !"
would 90 out of circulation, and It's place
supplied by greenbacks which pay off the
bonds. So by quiet, and expeditions
means, alike just and necessary, we would
get rid of every national bank and save
to the people all the profits that these
banks make on both bonds and currency;
and in lieu Of both, furnishes a circula-
ton uniform aud equal to all classes oi
citizens. Why, sir, the question Of bank
or no bank once shook the government
to its center, and all parties to-day laud
tie independence with which jackson
crushed it out. Yet we have to-day a
national banking system exercising al.
most paramount control in political affairs,
aud under the present policy permanent
in existence. And, sir, when did the
people con 'ent to the establishment OF
this giant financial monopoly? When
did they stipulate that their material in.
terests should be controlled and their &.
nanees regulated by bankers and bond
holdersg They have never agreed, and
predict they never will agree, to bow
submissively and wear the chain of servi
tude to financial task-masters, even though
that chain be forged of gold.
But, sir, let us still further trace the
result of this plan. What will be its ef
feet on the business of the country2 TC
answer that question properly let us un
derstand what is the present condition oi
business in the Union. Trade is paralyz
cd, industry crippled, labor inadequately
rewarded, and manufactures, except such
as are protected by enormous tariffs
crushed out Of existence. And ono oI
the main reasons for this condition of af
fairs is, in my judgement, the scarcity oi
money. Commerce demands capital
not idle, dead capital in bank vaults, but
live, stirring, moving, available, capita
money. Business requires ready cir
culating medium, proper toned to the
producing and purchasing power of the
country, and that quantity is not in reach
of the people to-day. During the past
year it was with great difficulty that west.
ern produce could be moved to market
for want of means to command transpor
tation, and pay freights. In the west the
great cause Of business stagnation is lack
of money. Men owning large tracts oi
valuable real estate and possessed of much
substantial wealth are troubled to raise
even enough money to pay their enor,
nous taxes. Shippers and traders in
produce and stock--men who never be.
fore permitted a contract to overrun day
are begging for time on shipments OF
paying heavy rates of interest to national
banks for "black- backs" to pay contracts
and mortgagiug their real estate to secure
payments of such compulsory loans.
Before the war our money in circula.
tion was estimatedat I think, about $400, )
| 900, 900, which sum was required to meet
the demands of business. Ofthis very
considerable portion was coin. The ex.
penses of the general government in all
its outlaYs were inconsiderable, compared
with the estimates of the present day
The whole expense of the government
during the year 1860, under Buchanan,
for civil service, war department, and ma
Wy was less than $4,000, 0,000 The esti.
mate for the perscnt year, for the same
service, is 1882, 100000 So far, then,
as governmental affairs are concerned, 1t
reasonably requires Eve times as great a
volume of the circulating medium as it
did before the war; in other words, it
takes five times as much money for the
government to do business on now as in
1850 at IS - e.
Take every department of business,