Urbana union. [volume] (Urbana, Ohio) 1862-1872, 1869-09-22

unstcadiness and panic, and gives rise
only to illegitimate gambling transac-
tiOns.
And yet i'm the presence Of these
truths-in the presence of this immense
taxation, and of this crushing public
debt-the Administration continues 10
contract the currency. This system en-
hances the value Of the bonds-it enhan-
Ces the value Of the gold interest-it en-
hances the value of money, but it re-
quires more wheat from the farmer,
more machinery from the manufacturer,
more toll from the labOreT, to raise the
money to pay his taxes; and it sweeps
away the profits of years 10 pay ordinary
Indebtedness.
We are trying to do what no nation
ever did, or ever willdO We are trying
to pay a war debt and war taxes with a
peace currency. Great Britain made
the attempt for ten years after the wars
Of Napoleon, but three times in ten
years the distress became 50 great that
she expanded the currency; and at last
she funded the debt, abandoned all idea
Of ever paying the principal, andrePeal-
ed the most OnerOus taxes.
The system is radically unjust. The
debt contracted on our expanded cur
rency should be paid in the same cur
rency. The dollar which is paid should
be Of the same value as the dollar which
was loaned. No device Of the public
creditors, no scheme Ofthe Treasury De-
partment should be permitted which
will make the dollar which Is paidwOrth
twice as much, and therefore be twice as
difficult for the taxpayer to earn as the
dollar which was loaned.
This cry for a speedy ''return to specie
1. r1.1nk fF.H nc
incurred on an immensely inflated cur
rency-has been substantially reduced,
is a plan to increase the wealth Of the
bondhOlder forty per cent. at the eX-
pense of the taxpayer; is device to
cheat labor and enrich boarded capital;
it is a scheme to despOil honest industry
Of its rewards, and to heap treasures
upon idleness; it is another instance Of
the fact that i'm this anti-millenial world
"tO him that hath more shall be given,
and from him that hath not shall be ta-
ken away, even that which he seemeth
to have"
The Administration for the first time
in the history of the Republic, has the
power to make times hard, or make
times good; in other words, it has the
power to make money plenty, OF make
money scarce. Who are responsible for
Tic llESEuE l4tAAAAF anu may say AlE-
plOrable times? Why, Of course, the
Administration, which controls the Gov
ernment in favor Of the bOndhOlder; or,
i'm other words, the bOndhOlders control
the Government in favor Of themselves.
Who are responsible for the acts Of the
Administration Gentlemen, it is YOU,
the people. While the Administration
has the power to make money plenty or
scarce, you have the power to make the
Administration do its dUty-a hint from
you in October will be sufficient. re-
gard the sudden contraction which has
ruined thousands of our best men-One
of the most heartless and cruel acts ever
perpetrated upon a people by their Tu-
leTs.
have so often expressed my opinion
as to the prOpriety Of dispensing with
the National Banks, Ofthe substitution of
legal-tendeT notes for their circulation,
and thus saving twenty-five millions Of
dollars year in gold, and as to the best
mode of paying the public debt, that I
will not weary you here by their recap
itulatiOn.
The whole policy Of the Administra-
tiOn should be reversed. Pay the debt,
pay it honestly, according to the con-
tract, pay it it money as valuable as that
which was received for it; pay it in le-
gal-tendeT notes; abolish the National
Bank system; pay off the bonds on
which they are founded; save the yearly
interest; use every appliance Of econo-
my and management in advancing this
policy Then, when the debt is paid,
when taxes are reduced, when seventy
five millions suffice for the Government,
when all property is subjected to a just
rule of taxation, if it be advisable to
contract the currency and resume specie
payments, it can be effected without di-
saster, and the inevitable suffering can ,
be borne