The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-07-20
a;tors 1 nnta,,ael when NAPOLEON Mas

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First Consul and master Of the French
people. How grand the theory which the
Democratic party opposes to this whole sys-
tenn of the Republicans! read from the
declaration of principles:
Frst.-Immediate restoration of all the
States to their rights in the Union and under
the Constitution, and of civil government
to American people.
Second.--Amnesty for MI past political
offences and the regulation of the elective
franchise in the States by their citizens.
The Republican party is the party Of
usurpation. 1t is also the party Of corrup-
ton. Read the report of the Commissioner
of Revenue. Count the number Of clerks
who are seeking in vain to discover the
amount of peculation in the Treasury De-
partment. Go to the War Department and
see the mutilated archives, and ask why
they were destroyed. Visit the penitentia-
ries, and count the public plunderers who
are confined there. Hear, hear.l He re-
viewed the expenditures of the Federal
Government from July ], 1865, to July !,
1868, showing that the Democratic admins
trations had been much more economical.
Moreover, he would ask why was it that the
amount realized from taxes for 1869 would
be less than the amount realized in 1866,
considering that the rate Of taxation was
substantially the same. 1t is time that this
Republican Congress had diminished, in
part or in whole, the tax on the manufac-
lures in New England or on whiskey
but they would not materially change
the aggregate. Payment was more diff
cult than previously. Labor found no
occupation, energy and enterprise were
psralyzed, and all because Repub.
!ican administration curtailed the cur
rency, distributing all values, checking
al enterprise, throwing out of employment
all labor. In the mean time the work OF
contraction is steadily pushed. Look at
! every monthly report of the Secretary OF
! the Treasury. You will find that every
| month the debt that bears interest in gold
is increased. You will find that every dol
lar that bears no interest at all, or that bears
interest in currency, is converted as rapidly
as possible into the bonds which pay inte-
rest in gold ; and why is this Is there
100 much currency in the country Is there
4 plethora of money! Is speculation rife !?
No man will dare affirm it, and yet this
work Of contraction still goes on, and value
is coined for the hond-holder out Of the sweat
and tears, the blood and bones and muscles
Of the laboring man; and when we ask the
reason we are answered by the declaration
of the Republican Convention of Chicago,
that the bonds must be paid in gold, accord
ing to the spirit and letter Of the contract.
deny that it is according to either the
-pirit or letter Of the contract under which
Il dc I
that neither the spirit nor the letter of the
law under which these bonds were issued,
nor good faith, nor good morals, nor exact
justice to the bond-holder, require that they
should be paid in gold. They are payable
in legal tender; and in this opinion am
sustained by the Democratic Convention Of
New York. [Applause.I What the amount
If Indebtedness under the system OF the
Republican party would be he could not
say. S2,50OO0O,O0O we know it is now.
Less than that it certainly will not be. The
interest upon that sum will be $50, 900, 900
in gold and this amount is to be drawn an
nually from the people of the country during
all your lives, and the lives of your young
est children, in order to carry out the
logmas of the Republican party. On the
other hand, the Democratic party were op-
noged to extension, and desired the imme-
late payment of the debt. Hear.l 1t
declared that the money collected from
he people should not be squandered, but
implied to the payment of the debt inte-
rest. 1t declares that the tive-twenty bonds
shall be paid in legal tender, and until they
l;e paid they shall be subjected to the same
rate of taxation as all property. 1t de-
~ lnn hn WYNN Ynf hn
Government and the people, for the lahorer
nd the otfice-holder, the pensioner and the
older, the producer and the bond-holder
Bheers.] And how is it practicable to pa.
this debt-three hundred and thirty mil
ons-if bonds are held in the Treasury
Department as security for the national
pnnk circulation. Redeem them the very
moment you have the option to do so with
csal-tender notes, and let them supply the
lace of the bank paper. This measure
lone, with very little initiation of the cur
.ency, and without any addition to the taxa
ion, will redeem the debt and save the
twenty millions in gold which are now PAID
Is o bonus to national banks. He also re-
Commended the redemption with legal-ten-
}er notes Of the five hundred millions
# the first issue of the fve.twenties, pay
bile this year, at the option of the
government. He urged that such mea-
ures would stop the contraction and reverse
he policy of the Treasury Department
nd give stability to the money market. He
,trongly advocated the expansion Of the
currency, and pointed out the folly aud
uselessness Of contraction, citing many in
stances in favor Of his arguments for the
reduction of the national debt. The ac-
cruing revenues would enable you, without
further expansion, to pay off the residue OF
the 6ve-twenties as they mature, and then
70 diminish still further the amount of in
;erest, consequently the taxes. If, then, the
currency were found redundant, gradual
contraction could be effected; and as ii
would come when the debt had been paid,
when the necessity for large sums of money
on the part Of the Government had ceased,
when taxes were low, it could be accomplish
ed without the oppression and disaster which
now attend it. i have been represented as
opposed to the bondholder. Gentlemen,
YOU shall judge me. l am hostile to no
class or interest in the country. | simply
lesire to be just-just to the bond-holder,
Just to the people. / would live up
wish scrupulous fidelity to the terms of
our contracts. I would pay the interest
of the fve-twenties in gold, because the
Government promised to do so. j would
pay principal and interest of the ten-for-
ties in gold, because the Government pro-
missed to do 30. l would pay the principal
Of fve-twenties in the legal-tender notes,
because the bond-holders agreed to receive
them in payment and as would not repu-
diate an honest bargain to make money for
the people, SO will not repudiate an honest
bargain to make money for the public Gre