The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1869-05-08
FURTHER FROM SENATOR
SPRAGUE.

ers will relish tho following instalments
of another of his speeches to the Senate
Oh Mr., Schenck's bill to bolster up the
public credit. We don't mind the wealth.
or when the wind sits in that quarter:
/ do not sympathixe rith that class
NJ men ieho are holding up to the oaxe Of
The people Of The United States the sacred
ness cfthat debt. ] was opposed in your
caucus, Mr.. President, to an amendment
of the Constitution giving undue protse-
tioa to that debt, and am also now op-
pused to any reiterated protection by the
law contemplated by tho bill before the
Senate. do not think that there 10
much sacredness in the issue Of bonds for
tho Pacific Railroad, which becomes
part Of your national debt t; aud sec noth.
ing that is sacred 10 the thousand and
one unnecessary appropriations that are
constantly mado at each session Of Con-
gress.
The great bulk of tho debt Of the na.
tion has been created in pursuance OF =
necessary aud important object, she maia.
tanning of the territorial integrity Of the
United States. In Great Britain day
the profits on almost any one Of her great
industries--hcr commerce, her manuiac.
turics OF iron or of coal, or Of cotton or of
wool-are sufficient to pay the interest on
her national debt. But is il the part Of
people to drift into the condition Of
Mexican society, where tho national debt
is an oppressive burden to the communi.
,y2 II those whose business il is TO make
light Of the public burdea neglect, either
from ignorance or from any cause to pursue
policy that viii relieve, instead Of = pol
ieythat will destroy il the people Of the
country arc today, an consequence Of the
public debt bearing hedviiy upon them,
d lifting, as I verify JefieUe, into the con.
d,iion Of Spanish and Me1iean society,
would any Que demand that state OF sla-
very rather than cancellation of the
debt?
''Sir, you have provided for Wholesale
reputation of private debts, by yoDr en-.
actment at recent sessions of Congress
You can cancel debts between the citizens
of the country; but you look with holy
horror upon a suggestion that it you puF'
sue a policy of destruction this ineubWs
,OiH Be sloughed of. You look upon i.
with holy horror that any one should
touch that sacred circle :"
Mr.. Spraguo then went into details to
show the stupid or dishonest politicians
had pursued policy. the effect Of which
was to destroy trade, dcpress industry
and Overburdcn the people with taxation.
Here are some extracts
al tell the Senate and I tell the peo.
pie ofthis country that the policy pursued
from the beginning, of contraction and oi
a constant endorsing Of the public debt,
has IN eject driven capital from this
country, made that which was scarce s.ill
scarcer, ruined your commerce, your
manufacturing, aud your farming; aud
even the bankers themselves, who arc
now constantly at your bar begging for
some kelp-eyen they, eating their own
words, admit that they are losing from
day to day the business 10 which they
we're heretofore engaged. and they are
giving it up by force to such interiopers
as Fisk and Gould, and they can no; help
themselves. They arc tied hand and foot
as surely and as certainly rs they have
tied this Senate aud this country; fol
who ever heard Of . policy thai
would drive a public debt or private
debt into the hands Of the people OF other
countries? Why. sir. that absurd doe.
trinc was given up two hundred and City
years ago. In EliEabeth's time the whole
people Of Great Britain were agreed thai
the public debt was capital. and the in.
tcrest from time to time paid on that debI
should go TO increase the capital within
the Territory Of Great Britain, and by
that increase her industries became more
prosperous But, sir, on the o.her band
we have been trying to force beyond 0uI
borders to other countries the very thing
Oh which and by which alone We are able
to do our business. Bonds, currency
interest, are the capital. aud you can not
separate one FROM the other"
After showing that industry and trade
which yield profit, had nearly ceased, ht
proceeded:
"All We have to help ourselves in tht
world is cotton, which We are about t.
lose, and our tobacco, which We shall
lose.
"My friend from California (Mr. Cole
will say that We have the production O.
gold. Sir, that shares the fortune of cot
ton and wheat and everything else. Yor
find in the gentIeman's own State that tn,
high price of capital and its scarcity
made go by your acts, have driven mer
from the production of gold into farming
and wool raising. This paper that l have
before me shows and speaks and criticise.
the Immense falling off in that produc
ton.
"What, ask, are you TO rely upon t,
sustain the prices of your public deb
when there is no profitable occupation fo
your people? Will this bullying opera
ton that you have tried for the past thre,
years have any effect? What will thi
proposition of curtailing tho currency ia
order TO increase its value, effect? Th,
same old story, want of employment, ane
condition of national Indebtedness like
that of Mexico. Why not have made al
effort to restore prosperity to oil the
branches of your industry on which tt
have foated your debt and maintained 1T
price rather than by Constitutions
amendments and by the statute law tt
be constantly making an effort to pull ul