The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1868-09-03

/ ii skins the rich niuvium of our fertile |
! valleys to make the sterile rocks and bar |
/ rem coasts OF Massachusetts 70 smile, It |
destroys your shipping and palsies your |
/ industry that her manufacturers may be |
protected.
81 have stated to you that the las: off,
/ cial report of the Secretary of the Treasury
shows the debt to be 8, ,633, ,5S8, 75G of
this amount 81, ,583, 10000 are in five
twenty bonds. l maintain that these
bonds are payable in legal-tendcr notes
The law under which they aro issued
expressly declares that the legal tenders
are payable for every debt due from the
! Government except interest on the public
debt. The bonds say they are payable in
lega>tender notes. Senator Sherman says
so. Senator Morton says 50. Thaddous
Stevens says so. The Funding bill says
So. The Democratic conventions of Peun-
sylvania, Ohio, Indiana, Illinois, Nilsson
ri, Wisconsin, Iowa, Minnesota, and
Michigan say so. The d ,mocratic Con-
vention of Maine says go. The great
council Of the Democratic party at New
York says so. A year ago, when 1 as
serted this theory, had opposition enough
to justify an argument, Now have not
l do not know how it is with your Repub
licans in Maine, but in Ohio and Indiana
there the people are so anxious to get on
that they threaten 10 jostle me of my own
platform. (Great laughter and applause. }
A year ago the leading men called Us cop
perheads and traitors. Now they politely
say the theory is true, bnt altogether i'm
practicable. Not at all, my friends. -
Pay the bonds as they become due. Save
The interest. Save the premium on gold.
How a? The national banks have out
circulation of 100000, 600, secured by
bonds. Yon understand this operation
very well. Three men buy one hundred
thousand dollars wcrth of bonds They
5 deposit them in the Treasury. Thsy get
their six per cent. interest in gold They
get 90 per cent. in bank notes, and this
they come home here to loan at o or Is
or % per cent, as they may be able to
exact from the purse Of the borrowers.
The Government pays 6 per cent. in gold
r to these gentlemen for the burden of lend
ing at 20. Break up this system. Call
} in that circulation. Issue greenbacks in
! its stead. Take up $1,000 900 of
bonds and save SIS, 100000 in gold an
nually by way of interest. This will re-
duce your debt, reduce your interest, and
enable you either to reduce your taxes or
to increase your payment the next year.
Your income is at least $500, 900, 900 a
year. BE honest. BE economical Let
the thefts be stopped. Let robbery be
punished. Expend one hundred and fifty
millions of dollars year-twice as much
as President Buchanan expended, far more
than General jackson expended in any
J four years of his administration. Add
one hundred and fifty millions tor interest.
and yet you have more than two hundred
) millions Of dollars year, and that sum
constantly increasing by large amount,
! with which to pay off the public debt. =
In this way it can be paid, every dollar Of
principal and interest, by the time it be-
comes due, without adding one cent to the
tax or one cent TO the circulation. II it
is thought advisable, the taxes can be re-
duced and the payment be prolonged for
ten years.
! Il hear it stated that this is unjust to
} the public creditor. Not at all. You
2 pay him back all he gave, you pay him
high interest, you pay him all you prom>
, ised. Show me a single bondholdsr who, /,
5 if you pay him to day in legal tenders with
, gold at 40 per cent. will not replace his
? outlay, l viii show you fifty, who, in adj
J dition to twelve per cent. interest, have
added in five years forty per cent. to their
, principal. The question is not whether
l you will pay the bondhoIders what you
owe, but whether you will rob the people
: H. L.
owe. (Applause.) l hear it stated this
is unjust to the people. When this Legal
Tender law was passed, it confscated two
thirds Of all the indebtedness of the coun-
: try The man who had a note for one
, thousand in gold was compelled to take
one thousand in paper. The man who
had leased house for five hundred in
: gold could pay his rent with FIVE hundred
In paper l knew an instance in New
York City. A man sold his neighbor a
lot for twenty thousand dollars. The pur-
chaser was a thrifty trader who could
: make more than 6 per cent. from his
money. The seller was thriftless trader
who could not make so much. They
agreed that the purchaser should pay
: when he pleased, but in the meantime
should pay 6 per cent. interest. lie
} waited til gold was two hundred and fifty.
He took his twenty thousand in gold and
bought fifty thousand in legal-tender, paid
r twenty thousand to the seller, invested
thirty thousand in Five-twenty bonds, has
drawn one thousand eight hundred in gold
! a year interest, and now is the most loyal
: patriot and the loudest clamorer for pay
ment of The bonds in gold, of all my ac-
quaintances. (Applause.) lie is rea~
sonably good man, they say. He is a
e Christian man, and they say that every
| night as he goes to bed he prays God that
l he may do to other men as he would have
, other men do to him, and when he raises
! his hand in prayer, that God may deliver
| him from all his enemies, he prays espe>