The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-03-16
ceived by these pretcnses. Theymay qui-

y
"thc question Of Suffrage in all loyal
STATES property and righbuly belonged
TO those States respectively" Here,
again, the people have been deceived, for
the very men on this floor who received
their votes; on this assurance, now pro
pose that negro suffrage shall be forced
upon 4 loyal State against the will of its
people. l rejoice, Sir, that neither of
these fragrant abuses of public confidence
are without remedy.
The passage of this bill may tempo
rarily enhance the price Of Government
securities, and give the "bulls' an ad
vantage over the "bcars," but it docs
not follow that the bonds will be paid
in coin. This law can be repealed by 4
subsequent Congress without in the
slightest measure affecting the good
faith of the Nation. The laws under
which the debt was contracted are to be
interpreted according to their own terms,
without regard to the opinion of q ma
jority of this Congress. Our constitu-
ents will have something to say about
the proper Interpretation of these laws
and bonds, before the bond holder gets
his gold.
| warn gentlemen not to presume too
much upon the forbearance of = betray-
ed, an overtaxed and al unequally-taNed
people.
The maintenance Of the public faith,
the sacredncss Of the Nations honor,
are patriotic themes, and will induce the
producers OF wealth-,the payers
to endure much and suffer long, but en-
durance and long suffering have their
limits, and 1 mistake the character of
the American people il there will not be
. limit to the taxing power Of this Gov
crnment. The people have been and
they still arc patriotic. They cheerfully
poured out their blood to preserve the
integrity Of the Union, and there is no
reasonable sacrifice which they will not
make to preserve the public faith and
pay the debts of the war. But no gov
ernment under Heaven ever paid such
q war debt in coin! With our immense
resources Te can pay this debt accord
ing to the fair construction of law, be
magnanimous to the bondholder, and
just to the tax payer.
The Shylocks took every advantage
of the Governments extremity when it
was struggling for life. They demand
ed exorbitant rates of interest for their
money, and now ask the payment of
currency bonds ir gold at more than
twice their cost price. TO make this
swindle upon the people effective, every
effort has been made by the Secretary
of the Treasury, and bankers and bond
holders, to contract the circulation, call
in and cancel the legal tenders, that there
might be no lawful money except golc
and silver. There has been studied,
persistent and combined effort to deprive
the people Of the only means they had
Io, making exchanges and payments
They have been insulted by the misera-
bic pretense that there was q plethora of
money when they have scarcely had
enough to satisfy the ineXorable de
nands of the tax gatherer, much less to
supply the necessary wants Of their fam
lies.
l concede that the money lender, when
le gave fifty per cent. in gold for his
bond, believed that at its maturity he
would receive one hundred per cent. in
gold; that then there would be no law
tul money but coin. 1t was with him
with honorable exceptions matter OF
pure speculation, and this bill proposes
that his hopes shall be realized. Green
backs are still the money of the people,
and although insufficient in quantity to
answer the legitimate requirements OF
business, they are satisfied with them as
safe and reliable measure of Value
The people comprehend the situation.-
They perfectly understand that if gold
payment of bonds is assured, the COM
nercial value of all other property de-
0reciates; that labor and its products
iall in price; that their taxes are in
creased, while their ability to pay them
diminished The only persons to be
benefited by the passage OF this bill
ire bondholders, bankers and brokers,
while every other man, woman and
child must suffer. am aware, sir, that
The National Banks are. fully and ably
represented by some seventy stockhold-
srs, directors and presidents, and that
the money power is q terrible one to
resist, but appeal from its despotlc
tdicts to the people.
The interest of the people requires
that the National Bank notes should be
called in and canceled-their. places sup
Piled with legal tenders, and that the
amount should be increased sufficiently
to pay off the five hundred and sixteen
millions of five twenty bonds now re-
deemable. This action would only re
quire two hundred millions more OF cur
rency than we now have, and we should
then have one hundred millions less
than we had when the insane and wick
ed policy of contraction was inaugurated
in the interest of bondholders and Ma
tional bankers. This would not only
furnish money for the transaction OF
business, but would relieve the people
from more than thirty millions annually
of taxes. This policy would oper. a
way out of our difficulties, give relief to
an over-taxed people, encourage manu-
factures, develop our agricultural and min
eral resources, give full and remunera-
tive employment to labor, enable q desc
lated and impoverished South to CON
tribute her share toward the payment. OF
the public debt.
Give the people an absolute paper
money sufficient in volume to answer
all the requirement of business; make it
a legal tender for all payments; prohibit
all banks of issue; let gold and silver
remain, as now, commercial commodi-
ties, and your war debt can be paid
When other bends are redeemable,
pay them in the same manner or, ii pre-
ferred, let the holders give them other
bonds at three per cent. interest, con
vcrtible into lawful money. Then let
the Government borrow all surplus mon
ey at three per cent, and there never