The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-09-28
The SPIRIT UF, DEMOCRACY.
speech Of Hon. Geo. III. gendleten,
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CONCLUDED
their places are supplied with legal.ten
der notes, and these amounts must be
added to the sic, 1000. 900, and Thus we
have contraction this year of $3S,00O,-
coo
Why, gentlemen, after the close ofthe
war IN lSe5, the country banks Of Great
Britain contracted their issues seven mil
lion pounds and the JOY produced by the
peace was turned into agony by the pros
pcct OF universal bankruptcy.
EFFECTS OF CONTRACTION.
Have you considered what contrac-
tion, brings with it? 1t brings univer.
sal fal of prices Of goods and labor,
while debts and taxes and moneyed OBJ
legations remain fixed. The mau who
. has money becomes much richer because
his money will pay for more wheat,
saore labor. But the man who owes
money becomes much poorer, because
he must sell more land, more wheat ard
perform more labor, 10 pay his debt.
1t breaks down all business, because if pri-
ces decline, the more business man does
the greater his losses. 1t produces I'M
steadincss and panic, and gives rise on
only TO illegitimate gambling transac-
tionS
And yet in the presence of these truths
in the presence Of this immense taxa
ton, and OF this crushing public debt
the Administration continues to contract
the currency. This system enhances the
value of the bonds-it enhances the val
lie of the gold interest--it enhances the
value of money, but it requirers more
wheat from the farmer, more machinery
from the manufacturer, more toll from
the laborer, to raise the money to pay
his taxes and it sweeps away the prof
its of years to pay ordinary indebted
ness.
We are trying to do what no nation
ever did or ever viii do. We are trying
TO pay 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 be
came so great that she expanded the cur
rency, and at last she funded the debt,
abandoned all idea of ever 3aying the
principal. and repealed the most onerous
taxes. The system is radically unjust
The debt contracted on our expanded
currency 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
creditor, no scheme Of the Treasury De
partment, should be permitted which
viii make the dollar which is paid worth
twice as much, and therefore be twice as
difficult for the taxpayer to earn, as the
dollar which was loaned.
This cry for speedy ''return to specie
payments" before the deht-whlch was
incurred an an immensely inflated cur
rency-has been substantially reduced,is
plan to increase the wealth of the bond
holder forty per cent, at the expense of
the taxpayer; is a device to cheat labor
and to enrich boarded capital; it is a
scheme~to despoil honest industry of its
rewards, and to heap treasures upon
:dleness; it is another instance of the
fact that in this anti -millennial world .'to
him that hath shall more be given, and
from him that hath not shall be taken
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 stimes hard or to make
times good, in other words, it has the
power to make money plenty or make
money scarce.
Who are responsible for the present
hard, and l may say 6eplorable times 7
WHY, Of course, the Administration,
which controls the Government in favor
of the bondholder, or, in other words,
the bondholders control the Government
in favor of themselves. Who are re-
sponsible for the acts of the administra-
ton? Gentlemen, it isyou, the people.
While the Admin ration has the
power to make money plenty or scarce
you have the power to make the Admin,
istration do its duty-a hint from you in
October will be sufficient. ] regard the
sudden contraction which has been
brought about-a contraction which has
ruined thousands of our best men-one
of the most heartless and cruel acts ever
perpetrated upon people by theil
rulers.
have so often expressed my opinion
as to the propriety of dispensing with
the National banks, of the substituting
legal tender notes for their circulation,
and thus saving twenty two millions OF
dollars year in gold, and as to the best
mode of paying the public debt, that
will NOT weary you here by their reeapit-
ulation
The whole policy of the Administra-
ton should be reversed. Pay the debt,
pay it honestly according to the contract
pay it in money as valuable as that which
was received for it, pay it in legal ten,
der notes, abolish the National bank sys
TEN, pay off the bonds on which they
are founded, save the yearly interest, use
every appliance of economy and manage
ment in advancing this policy. Then,
when the debt is paid, when taxes are re,
duced, when seventy-five millions suffice
for the Government, when all property is
subjected to just rule of taxation, if il
be advisable to contract the currency ano
resume specie payments.it can be effected
without great disaster and the inevitable
suffering can be borne.
The White Mans Platform
TAX TIL r B O N D S