The Placer herald., 1868-10-03
curacy which was the most expensive Of the

two.
This system Of class legislation has contn-
ued until it has absorbed all The moneyed
capital Of the country, and until it is COM
biued into one great body and forms the
soul Of the Republican party. Each money
ed interest, thus legisated for, plays into the
hand Of the other moneyed interest, until all
combined makes one powerful organization.
You cannot, for instance, attack the manu-.
fscturer without bringing upon yourself the
bondholder and the banker, nor assail the
bondhoIder without experiencing defense
from the manufacturer. Indeed, l believe
now they may be estimated as one body, for
as the manufacturer realized his profits he
invested 10 bis bonds, that escaping taxation
formed tempting investment, while the
banking system, the most oppressive of all
the impositions, is based upon the public
securities.
NATIONAL BANks.
Inseperable instruction, The operators
form one class Of bondholders, from, which
they gather The gold interest, and on which
they issue their own Indebtedness and draw
interest on that. Thus with ten per cent
as the interest exacted on both, they draw
from their actual capital the neat sum Of
twenty per cent, and in return they get their
actual capital back, and in five years double
the amount Now when we remember that
this capital was purchased of the Govern.
ment in deprecated paper, so that its actual
cost would not he more than fifty cents on
the dollar in gold, we see what precious
system we have built up to our own ruin
The legislation defeated by Mr.. johnson, but
which received the sanction of the party in
Congress, "Sherman's Funding Bill. passed
us, bound neck and heel, into the power of
the banker, for it made the face Of the bonds
purchased, as / told you, gold.
Now, to bring this matter home; you 90
to the nearest National bank for the accom-.
Of loan. and they were created
for your accommodation, and you are charg'
ed, will say one per cent: a month, and you
take home your accommodation, and you
find the so.caled money TO be your own notes
issued by the Government who taxes you to
pay this banker for his kindness to use your
credit. Small wonder that while we get
poorer these men get rich and own islands
and build palaces. A voice-"We've been
cooked enough that way."] 1t is the duty
of the Democratic party to call 10 the circu-
laion Of the National banks and put an end
to their extortion.
PAYMENT or BONDS.
We have lost more through this mon
strous system OF banking, through bounties
paid manufacturers, through deprecated
paper than we have from gold-bearng bonds
about which 80 much excitement prevails.
Now, am in favor of meeting our obi
cations honestly and fairly. Reputation in
any form, direct or indirect, is abhorent to
ne. l believe it is to the great mass Of hon
sst, hard'working sons OF the Democracy.
But let US not be alarmed by hard names nor
from the right path by loud cries
And first of all let Us clear away some of the
rubbish that has accumulated about it,
Whenever you approach this subject, the
bondhoder or his dependent assumes high
moral ground, and asks US to hold sacred
he obligation to repay those who, in our
1our of peril, gave their means to sustain the
Government.
Now, this obligation is just as sacred as
hat entered into with the people to make
rood the promises that in shape of paper
money was issued to them. 1t is just as ga
,red as that made the soldier who volun
eered, to pay him regularly III gold. 1t is
bat and no more. Every promise made by
! Government should be held sacred, and
ulfilled to the letter ofthe law. [Appause.
But your talk about this money being paid
n the hour Of our Governments peril is not
rue. When the war waged at its height,
when the result was doubtful, capital, that is
'ver timid and cautious, held back. Very
ew Investments we're made when it was un-
certain whether Washington would be the
capital Of Nation or capital OF the Con.
Then it was the Government
'ested on the faith Of the people, and issued
hat other Indebtedness called greenback.
But when Richmond fell and the war was at
an end, these securities we're seized upon as
IN Investment. II was a pure business
transaction, and had about as much patriot
SIN in il as any other business transaction,
when the capitalist seeks to get the highest
.ate of interest for bis money.
This is no reasen why we should not live
up to our obligations; but it clears the ques-
ion Of much feeling that is apt to mislead
he judgement. This sensitiveuess in regard
% the sound character Of National obliga'
ions is very fine indeed but it comes lit
lie late. remember law that promised
% pay US soldiers during the war in gold.
For awhile we had the precious metal. Then
he paymaster brought gresnbacks and gold,
md gave us our choice, and then be brought
,nly greenbacks. never heard any iudig
nation expressed over this violation of sacred
contract.
But let it 60. We are bound to pay these
people, and they claim in gold. Very well,
We will pay them in gold. That is we will
give them in gold what they paid in gold.
No more, no less. Their proposition is for
% to pay in gold for wha. they purchased
10 green backs. This is not the contract, nor
10 it just. We do not intend to have one
for tho people, and another for the
bondbolder. If any Congress so far forget
"a IL