The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1868-10-08
The People VS.. The BondhoIders.
Letter from Judge Blake, Of Goshen, Ind
-What late Republican thinks Of the
Financial Question.
From the Goshen Democrat. !

Blake, ESD, of this place, who frankly
arrays himself on the side of the people,
and against the bondholders. Mr.. Blake
is well known in our community as law
yer of eminent ability, and highly re-
spected citizen. While he has never been
mere politician, yet he has heretofore
given consistent support to the Republi-
can party. Now, however, upon tue new
issues that divide the parties, relating to
the finances and the usurpations of Con-
gress, he, with thousands of the best Re
publicans in the land-the honest and in
telligent portion of the party-can no long
er support its destructive and unlawful
policies, but is constrained by sense of
Justice to the people. and by his own con-
victions of right, TO cooperate with the
peoples party in the endeavor to over
throw the cormorants in power who are
seeking to drain the very life-b blood of the
nation.
EDITOR GOSHEN Dem aCRAT: In your is
sue Of the 18th instant notice the use made
of my name as probable candidate for the
Office of State Senator from this county, SUBJ
ject, of course, to the decision of the Demo-
cratic convention to be held on the 25th of
the present month. In order to avoid any
misunderstanding, l wish to say to you, and
through your paper to those Who may have
mentioned my name in that connection, that
both you and they are too kind to subserve
the interests of the Democracy, or benefit me
materially, for the attaining of that position
is an honor so expensive is not to justify me,
at present, in permitting myself to become
candidate for the suffrages of the people.
AS to the merits of the issues between the
two great parties of the country. as deter,
mined by their platforms and standard bear
ers, and thus presented for the decision of
| the people in this campaign, there should be,
in my opinion, no doubt or uncertainty in
mind of any candid, honest and thinking
citizen.
The most important of these issues, if
not the sole one of great interest to the peo-
pie, is the financial one-the best method of
tightening the burdens of the Government,
| and SO equalizing them as that capital should
not be exempt, as it is now under Radical
rule, from paying his share towards defray-
ing tie expenses of the Government.
The present exemption of capital from
taxation, and the consequently heavy and
increased burdens thereby necessarily i'm
posed upon the farmer, the mechanic, and
| the laboring man, and, indeed, the poor
people of the country, no matter what their
calling, can but tend to the Capitalization of
the wealth of the nation in the hands of the
few, thus building up monopoles at the ex-
pense OF the country, and make the rich
richer. and the poor poorer-a policy which,
IT long continued, must soon build up an
aristocracy in this country more powerful
and exactiug than any yet produced in the
old world. while the laboring man will be
forced to become but the abject slave of the
bloated bondholders of the nation.
We have collected from the hard-working
people-the laboring millions of the land
since the 1st cf July, 1865, the enormous
sum of 81 200 .000, ,00O and yet not one dol
lar of that sum has been applied by the
party in power toward the payment of the
public debt. Nearly the whole of this sum
has been wrung out of, aud collected from
| the toiling poor men of this country, while
the capitalists-the rich bondhoders-by
Republican policy, have been exempted from
| paying any portion of the same. l have
| always been Republican, and helped to
| elevate that party in power but cannot
see any reason for longer continuing in pow
er party that can adopt and carry out
| financial policy so disastrous to the Interests
| OF the laboring poor men of our land, and
calculated to involve the country in bank
ruptcy and ruin. And when we take into
consideration the fact that nearly one-third
of this sum, or nearly 100000, 900, has
been paid to the bondholders, as interest on
the capital held by them, while they have
| been exempted from bearing the burdens of
the Government, the injustice of such
| policy. and the necessity of hurting from
power tie men and the party who favor the
same, is made most apparent.
Why, Mr.. Editor, Just look az the results
of such policy this Republican party,
to which have belonged, has inaugurated
and proposes to continue.
| 1t takes about $3.50, ZOO, 900 in gold, or
about $219,00O,0O0 in greenbacks. to pay
| the interest on the bonds. The burden upon
the industry, this drain upon the resources
of the working people, the Republican party
proposes to continue without any change for
several generations, fol they say in their
| platform ''The national debt, contracted
as it has been for the national salvation,
should be extended over fair period for re-
| demption." Why2 Because they have not
the courage and manliness to grapple with
| the question as able statesmen should, and
because they are working in the interests of
the bondholders, and not for the interests of
the producing classes.
There are about $500, ,00O, 900 in bonds,
all of which are held by the capitalists of
| the country. The interest on them amounts
to say $3.50, 900 900 a year. As this inter-
est has to be paid yearly, we are entitled to
compound it in our calculation. By com>
pounding this interest alone, in the short
space of twenty-five years. will amount to
| the enormous sum of Sc, ,000, 100000. or
nearly three times the amount of the princi-
pal of the debt, and yet not dollar of this
debt will be paid. Within forty-four years
the compounded interest will have reached
the fearfully great sum of $4,000, ,00O, 900
in gold, a sum probably equal to three times
the amount in gold value of all the property
In the country.
Thus, by following out and adopting the
policy upon which the Republican party ask
for our suffrages to secure the election of
Grant, we shall draw from the resources of
i IL .oln, ;r,4n. af