The New York herald., 1868-03-12


held the bonds, which had the most wealth and made
the most money out Of the war; were allowed to alb
so sSrp tas IN woe wce oi ey say we're med ws
the States which most needed currency in
their transactions were cut on. Let me give
one instance to show upon what rule the spoils
OF victory and the burdens OF the war were dis
tributed. The State Of Massachusetts, has OF
the banking privilege n nys'x n, m,,ions' nr no,s
State and to send its produce to market needs more
currency than any State In the Union. But when
men must be had to I'LL the ranks OF our armies, then
each State must give its quota Now we have ever
had plain rule to get at the just share OF taxes and
burdens Taxation ana representation , must go 10 70.
quota. They were based upon the enrolment OF able
bodied men. Under this rule there were endless
questions a. to liability to be enrolled and construc
tions Of law Orders and counter orders -expan-
atory orders were put forth by the Provost Marshal
Generasun every one was bewldered But under
the following results-In democratic districts In this
State the held to be vigorous and robust and
ut to bear arms in republican districts they were loyal
but weakly In Massachusetts, men as a class were
80 feeble that Congressional district could only
send 2ls7 In Illinois districts had TO send end 4oOi
dividedf We find that bank stock was given to Mas
sachusetts at the rate OF fftytwo dollars to each In
habtan and to Illinois at the rate OF six dollars to
each. The record win show how earnestly in this
place and elsewhere we protested against this mad
ness and folly Alarmed at this new source OF danger
to our country, as 1t was period OF great dstresss
at the West in my message Of 1854 urged the Legis
lature to reduce the tolls on western produce or to
GRITTY OTueT CHeCk HOSIe feelings
growing against the Atlantic States But urged In
vain. Our canals were in the hands OF thieves
and robbers, who would not let these
The shadow of this sectional question now falls upon
us. It has made confusion in the republican ranks
bonds in gold, which was confidently brought for
ward at the beginning OF the session. sleeps In the
committee rooms and will never see the light again.
foremost In Measures which viii meet the feelings Of
that section. It has been proposed to pay most Of
these bonds In the paper money called greenbacks,
hundred millions without doing injustice to their
holders, as II was alleged It was the contract they
s oe s nas asnea s and
only as to the mode of payment, but to growing
feeling In favor Of repudiating the whole debit
empted the bondholders from taxation, which
lowered the price of the bond, 1t made from the
beginning distrust that measure so odous would
endanger their payment. The next cause Of this feel
ing is the fact that the party in power to shield them
selves from the odum OF crushing taxation gave out
two-thirds Of the money wrung from the people is
wasted In corruption, or avished upon officials, or
spent In uphoding the enormous cost OF our govern
ment under Its policy Of keeping One-third of the
States out Of the Onion by military force. The whole
Odum Of this taxation they throw upon the debt and
the bOndhOlders. The last and perhaps the greatest
peril to the public credit and honor is the fact which
meets us at every turn and annoys wherever met,
that the bondholder is paid in coin while
This state OF affairs alarms every thoughtful man.
How are these pers to be avertedf We boldly and
honestly met these questions at the last election
in this State and we won triumph that ast0nished
the country and terrified our opponents. We Will
meet them in the same spirit in national councils
the national capital. We will show that return to
economy, honesty and constitutional order is de-
manded alike by the interest res Of the taxpayer and md
abOrer This sectional division of country into
debtor and creditor states has caused much anxiety
in the minds of thoughtful men, lest 1t should dis
tract the cOuQgelS OF party. While on the one
hand the oppressive legislation which burdens the
West with high tariffs, together with the fact
that the revenues drawn from all sections are
mainly paid out to one, excies deep feelng while
on the other hand the bonds so unwisely and
wastefully issued have gone into the hands Of inn0
cent holders, who to q vast amount are compulsory
owners. It Is mistake to suppose that they are
mostly held by capitalists. Large sums belonging to
children and widows under the order Of courts or
the action Of trustees have been invested in govern
ment bonds. The vast amount held by life and fire
insurance companies and savings banks are in fact
held in trust for and are the reliance Of the great
body of active business and aboring men women
or OF widows and orphans. The savings banks Of
Of persons Of limited means hold about sixty million
dollars OF government bonds The whole amount
Of IN ne win q ,ne
shall sSsii see s, that only small .I share ,o .,
as capitalists. But they belong in fact, not in form
to the business, the active and aboring members o.
society. The destruction of these securities would
make q widespread ruin and distress which would
reach into every workshop and every home, however
we are not Influenced ne @ IN our Views @ eth either
sole purpose to do right. For that class Of men
called capitalists have no peculiar respect for they
have shown but little respect for themselves. They
have never risen up to o sense OF the truth that
wealth and power carry with them duties and re-
To se % s
violence unknown at our elections, our men Of wealth
In the city Of New York feel they have not enough
Of character to carry out the duties Of citizenship.
They labor under sense Of uncertainty OF position,
which must be bolstered up by careful avoidance Of
the rougher duties Of life. do not complain that
when political duty Is to be done. Absorbed
in their greed for gain, they have, without one
was the pride and glory Of our nation, swept from
the seas by selfish and sectional legislation One
hour OF the honest pride OF the grand old COM
mercial cities OF Europe would have saved US
from this humiliation. I can never forget when
cruel and wicked wrong was done to the poor and
laborng classes Of their fellow citizens by those who
sweed their incomes by their toll. These men
looked on with cold indifference when, chief
magistrate Of this State, struggled to right the
of them looked to see II there justice in
my charges; nay, most Of them, with selfish cow
ardice, sweled the chorus Of defamation. SO gross
were the outrages Of which l complained that even
their authors forced by the proof to let their
hold upon the throats Of their victims In this strug
districts where the poorer classes lived that this
cruelty was levelled there was no word Of sympathy
or inquiry from the capitalists, who should have
shielded the laborers II gives me great pleasure at
this point to do justice to my political opponents.
At q time when party passions were envenomed
and personal prejudice against myself at their
height, republican Assembly Of this State gave me
q unanimous vote OF thanks for my efforts to cor
rect these errors when they saw was In the right
and they had been In the wrong. IL q noble act
Of courtesy and justice. deem 1t my duty to spe ak
frankly this subject Of the debt. We owe it to our
friends In other States to let them know posi-.
tion that we may not fall into the fatal OF
making sectional questions part Of our national
platform. They would with justice reproach us II
we suffered them to hinder us I'm our battle in this
lost. We have issues enough with the party In
power upon which we think as one man to over.
whelm II with disgrace and defeat We must not
distract our counses with questions however i'm.
portant they may be, upon which there IL much OF
doubt and which cannot be settled In many years "a
come We must not thus turn away the public mind
from the dangers which threaten the immediate de-
stiuction Of the fabric OF our government and the
liberties OF our people. Even now the hand Of
patton IL stretched out to rob of our rights and Il
NM he drafo of oil IN,