North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-09-30
The Financial Oblegation.

Touching the financial question, Mr..
Pcndlcton said in his speech at Cincinnati,
Ohio:
"And have you been better satisfied
with the management Of the finances and
taxation? The whole scope Of the financial
policy Of the Republican party is to COM
pei the payment Of tho public debt in coin,
and SO to reduce the currency as that the
coin will be most difficult to get and most
valuable to possess. Its whole taxation
policy is to subordinate labor to capital,
aud the agricultural laborers Of the West
to the manufacturers of the East There
are outstanding to-day about Sl,70O, OO0,-
600 in fve-twenty bonds. They are pay
able in legal tender notes. The law says
so the bond says SO Thaddeus Stevens,
Chairman Of the Committee on Ways and
Means, said SO; Senator Sherman says so
Senator Morton says so; General Schenck
says so; the funding bill Of the Senate
says SO the funding bill of the House
says 80, for both choose to pay in legal
tender the bonds which are not surrend-
cred, for long bonds ut less interest the
Democratic Convention in Ohio and In
diana, Illinois and Pennsylvania, and
every other Western State says so the
National Convention which sat at New
York, by unanimous vote said so. Yet
the Republican party, in the face of this
concurrent testimony, asserts that these
bonds shall be paid in gold and thus at
present rates, add seven hundred millions
to the public debt. l know the Republi.
can Convention gave out an uncermin
sound, but their speakers and newspapers
have interpreted it and given it a meaning
here. The government said we will issue
legal tender notes; we will put them in
circulation we will take them for taxes
VIC will require everybody to take them
for debts; we can buy with them every
thing we need we will need great
many we will offer large inducements to
get them we will issue our bonds bearing
six per cent. interest in gold. Greenbacks
deprecated largely. Gold stood at $50,
200. 300. The capitalist said we will buy
these bonds at fifty cents on the dollar.
They will pay us twelve per cent. interest
in gold. They arc free from taxation.
They will not be redeemed at least than five
years. That will give sixty per cent. of
the whole amount in five years. They
will not be redeemed until the war is over,
then greenbacks will be more valuable
If gol9 stand at l4O per cent. when We
are paid, we will be very we'll content.
So the capitalist took $50 in gold, and
with it bought a 500 bond. lie received
six dollars year interest. lie held it five
years, and has received $50 in gold. If
he is paid 500 in greenbacks to-day, he
can replace his original investment of $50
with SO in gold. Twelve per cent in.
tcrest in gold and an increase of the CAPT
tai nearly 50 per cent. Is that very hard
on the bond-holder, or a very silly bar
gain? Suppose you reduce the interest to
four per cent. and extend the principle for
forty years. l. your debt should be 81
100000, 900, you would pay SlOO,OOO,OOO
year. At the end of forty years you
would have paid nearly double your debt,
and yet have the whole of your principal
yet to be discharged in gold. Why are
our sire, IS empty? Why have our public
and private improvements been curtailed
Why have rents fallen, failures taken
place, and among laborers, especially, this
cry Of hard times and difficulty in sup
porting their families? Simply because
our friends insist on curtailing the curren-
cy, and thus knocking down all prices. In
this way the gold interest is made more
and more valuable. Gentlemen, are YOU
satisfied with this policy?' Voices, mo
no!)