The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1868-07-25

reconstruction, and that day is not Gle 80
at hand.
England is owned by thirty thousau
families. The national debt did it. Nov
ds We must be taxed S10,000,000, 0OOt.
pay off our national debt, why not thrc
it all into the pool and show our loya
by paying it all off at once AS Nell
of the World, says, our policy is to mas5
the rich richer and the poor poorer
Our bonGholders will be prince. Tho
moncy-lenders will be divided into ~.
bobs aud nobobs.
As the debt was made so let it ..
paid--an eye for an cye--a tooth for
tooth. England paid $500, 100000 70.
S600,000,0O0 of bonds. What a shave
The Alabama destroyed about that am
cunt of American shipping. Why no
balance the books aqd pay them off in
greenbacks without interest ? Every
body will vote, except few bondhold.
ers, for placing greenbacks in the place
Of $40, 100000 national bank bonds 7
S20, 100000 saved is $40, 900, 900 gain
ed.
Insolvency is general. When [ saw
the gold brokers buying and selling
$70,G00,O00 a day, asked what it was
for! What do they do with it L
found only two outlet5--one to pay the
interest on iye-twenties, the other for
export, both amounts only 100000
day, or 100000 week. then came
to the conclusion that somebody was
behind this action-that the foreign
exchange brokers, the importers aud the
English manufacturers were all combin-
cd to hold up war prices in time of
peace. Hence they sold gold short in
order to hedge against high priced i'm
ports.
Ifgold goes up, they save loss by rise
in goods. If gold goes down, they
make on gold what they would lose on
goods. But this holding three balls in
the air is fatigueing. Did you ever sec
the Ravels roll that big ball up an in
clincd plane? He stopped to take
breath and the wheel went over him
crushing him as flat as pancake. So
with lnsolvent merchants holding goods
or if solvent banks holding up bogus
stock. They had hard work rolling
that big wheel up hill, until McCulloch
came to their assistance and backed
down from his specie paying policy of
contraction. Public credit can only be
Lased on industrial prosperity. A war,
pestilencc, a famine, always places
Taxpayers and bondholders face to face.
Universal suffrage is our great hobby.
An American Astor has but one vote.
An American sweep is equally rich
Hence some day the pit may vote out
the dress circle.
McCulloch will never forget that Lead
er in the Times calling him the Ameri-
can Neckor Of Finance. How can he
get another Simply by paying the
$500, 100000 bonds abroad at par-by
specie payments. Now we have to ex-
port SGO,00O,000 year in hard gold to
pay the interest thereof.
We we're one hundred years in accu-
what, Commodore Stebbins
calls the pabulum Of capital.
Say in railways, Sl,000,OOO,OOO
Factories, canals, foun-
dries, telegraphs, aud
other industrial work 1,O00,OOO,000
City, county, State, and
other securities, 100000. 900
Then came a new customer-the war,
and this $4,000, 100000 was absorbed
as with sponge by the government.
So 600, 900 day our treasury checked
for, so that in five years VIC wiped out
he labcrs Of a century.
Nc Culloch's whole policy was his
Fort Nayne speech. Specie payments
lext July, 1868. lie would make En-
gland and Germany, aud break Amori--
"a. That has been our financial policy.
That would make our debt blessing to
Europe, aud az everlasting curse to A
neIica.
Why will you persist in forgetting
hat | am acting the part of demagogue
0 your request, so that you can always
'e on your guard.
In conclusion Mr.. Train stated that
he great political questions of the fu.
ure were women voting, labor better
aid and greenbacIs. That none Of tho
audidatcs for the presidency now be-
ore the people can be elected unless en-
orscd by the most powerful of all se-
ret associations "The Council Of the
Eagles"
Mr.. Train was loudly applauded, and
'ou!d have been much more severely
issed had he not continually assured
he audience that he was acting the part
a dsmagoguC for this night only.
'ut when it is remembered that tae
udience was composed of representa-
yes, men from all parts of the country,
IostIy Radicals and Radical clergymen,
10 occasion and the speech are siguif.
mt,
Among tho Democrats at DR.. Fosters
ere Mr. Brush of Cauandiagua, Judge
aige, of Schenectady, Professor Evans
Buffalo, aud three Catholic fathers
Mr. CbcruCn Mt the close. offers an