The Republican journal. [volume] (Belfast, Me.) 1829-current, 1869-09-30
THE FINANCES.

which was last week published. II is seldom
that document is laid before the people so
! full of food for reflection, Of matter that
| touches almost their nearest and dearest in
terests, as pervades that able speech. 1t is
not couched in the language of passion-for
more temperate, guarded andcourtcous words
never fell from the lips of Il public man. 1t
is not speculative, abstract or obscurc-but
is made up OF plain, straight forward asscr-
tlon sustained by extracts from Official docu-
ments, with deductions and conclusions of
oycrpoWerlng force.
| There is no wonder that this speech eXcitcs
the ire of the radical party, and is the special
object of attack from their presses The
financial condition and prospects of the
country is the one subject of all others from
which they wish attention to be diverted. II
is the weakest of all their weak points to be
defended. But it is also the one subject upon
which the people most need light and infor-
nation, and which we mean to afford in such
degree as our humble means will admit Of.
We have devoted considerable space to this
matter and propose to invite public attention
to it to a greater extent in the future. Not
outstanding the apparent public apathy in
respect to the wrongs of the financial policy
ofthe administration, we by no means despair
Of an awakening in the future. 1t cannot be
otherwise in the nature of things and in human
nature
When the real history of the creation of the
debt is considered and its present relation to
the people of the country, the unbiased spec
tator cannot fail to be filled with amazcment
1t was created mainly by the sale of bonds
expressed in dollars for a greatly deprecated
paper currency. The interest has been paid
in gold. The property has been exempt from
taxation. And the bonds, as they fall due,
are to be paid in gold, if the declarations and
pledges of the leaders of the radical party,
including the President, arc to be relied up
on. The profits reapcd have been astound-
ing. The holders of the bonds have become
moneycd power that sits triumphant on the
necks of the people, controls Congress- and
is lord of the ascendant in the nation.
The power welded by this moneyed arts
tocracy is enormous and alarming 1t con-
trolls Congress and shapes the laws for its
own benefit No less eminent and authorita-
tive republican than Gen. Butler has dcclar-
ed that he has ascertained the truth of the
declaration that majority Of the republican
members Of the House, who of course shape
all ehe Legislation, are either officers, stock
holders OF salaricd attorneys Of the National
Banks. These banks have their whole capt.
tai in the national debt. 1t underlics them
entirely, and is the very pedestal on which
they rest. The National Banks and the bond
holders are in reality Congress-
The people of this country owca debt of two
and half billions. 1t is really one-sixth of
all the property of the country. The men
who hold the bonds, which is the debt, have
so cunningly contrived matters that by help
OF the republican party, they control the GOV
eminent, and manage the finances to suit
Themselves When the House of Representa-
tivcs votes an appropriation OF passes a law
to pay OF regulate the paying of interest, it is
really the bondholders paying themselves.
The Chicago resolution was the declaration
OF the bondholdcrs that they should be paid
in gold. Grants declaration in his inaugural
tor gold payments was only the words and
wishes of the National Banks and bondholdcrs
put into his mouth. This permeates all the
strata of the party and Of government Of
ficials
Let any man reflect how this would work
in the private affairs of life Suppose man
owed debt equal to one-siXth of his estate.
with notes and bonds out, drawing usurious
interest. Would he allow the creditor to take
possession of his estate, his household and
all his effects, control them Us be pleased, and
pay himself as much as he pleased? Would
any sane man permit such course? Then
why consent to it in public affairs There is
no difference save in the magnitude of the
task, between the management of a nations
and an individuals affairs. The principles are
the same. Sloth, wastefulness and dishonesty
are as fatal to one rs to the other.
The ideas now adopted and acted upon
by the republican party in respect to the pub
lie debt are SO glaringly unjust that when
first advanced many prominent men of the
party secuted the belief that they could ever
beseriously advocated, and made haste to take
ground against them. Several leading men
Of this state privately assured us that the no.
ton of gold payments was preposterous and
absurd. Hon. Lewis Barker, late Speaker of
thn FiOusa donouncod tha ccbapoa in a ooafb |
ing letter. Even the Prog. Age of this city
took bold and open ground in opposition. 1t
is to us significant hint of the power of the
association that these voices have
all been silenced. They uttered few brief
words, and then suddenly became us still as
the grave! Was it done by persuasion, or
threats, or saint-seducing gold? Was GOV
eminent bond, redeemable in gold plastered