The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-01-13

UT 10, 1905.
We give herewith rather some choice
extracts from the recent speech on repu
diation, made by Hon. William Mungen,
member of Congress from Ohio. After
reviewing the financial situation of the
country, and reciting many instances Of
reputation recorded in history, he pro
ceeds in regard to the continental curren-
cy of America:
CONTINENTAL CURRENCY RKPUDIATED.
1 have in my possession one of those old
continental notes, which presented 20 Cen
eral Spinner. the Treasurer of the United
States. aud also of Mr.. McCulloch. when Sec
rotary of the Treasury. for redemption /;
both of these gentlemen Informed me Ia a
very pleasant manner there was an act of
Congress forbidding the redemption of that
kind of paper. That act was repudiation.-
But the Reputation of the continental cur
cency did not retard the growth of this
country; nor did any of the regulations
mentioned do serious injury to the prosper
ity of the nations and countries so repudiat-
ing. These POPULATIONS affected few of
| the citizens of those countries; perhaps one
| in fifty thousand, just as reputation here
| would; but they relieved the masses Of the
people of the burdens of taxation, which
out of them they knocked the letters from
their wrist aud babe them hope; for the eff
| feet was that they might be freemen. not
4 slaves, and enjoy the fruits and rewards of
their own toll and energy. They gave new
| life and buoyancy TO the nations and coun-
tries. There Will be some bondholders and
| bankers. men who have not gained their
| wealth by industry and honesty in most
cases, who will be cut of somewhat in their
| surplus wealth by reputation. Phleboto-
| my and cathartics sometimes are veIy bene-
| fetal to surcharged systems; reputation
| would have the same effect on the purses of
| some individuals, and might even be of per-
| sonai benefit both here and hereafter, for
the Lord hates the naughty spirit and they
would doubtless become more humble. L e
| nations pulse would beat livelier, labor
| would breathe more freely, and the national
| health would be greatly improved ifthe bur-
den of $l46.0OO,OOO of gold Interest annually
was taken off. and then as much more which
goes to the officers who collect it 5000
600 in gold is a heavy load.
BONDS DISHONESTY OBTAINED
But am in favor of repudating the bonds
| issued for this depth, because they were In
nine cases cut of ten dishonesty obuainea;
got through fraudulent contracts. shOddy
contracts, &c; becau they were mostly
| bought tor from thirty-five to fifty cents on
the dollar, and were bought by capitalists
at this reduced rate by systematized and
| unpatriotic- course Of what | denominate
swindling. The capitalists of the country
! did not advance a dollar to the Government
| until 1t was at its last extremity. Permit me
TO repeat words spoken by me on this floor
in January last;
Government struggling for its life =
Wall street brokers looking calmly on as it
is getting weaker from loss of blood and the
enormous drain upon its energies. Wall
street brokers say to Uncle Sam Il will let
YOU have 100000 on one or two trifling con-
ditions.' Uncle Sam wishes to ascertain the
conditions. when he Is coolly informed that
Mr.. Broker must have Government bonds to
the amount of $l,000,OO0 for his 100000:
must have six per cent. interest in gold, pay
able semi-annuaty, on the 81 100000, and
must be exempt from the payment of all 10
cal and municipal taxes. and then the notes
may be payable in from five to twenty wears
Government must have money or die, and il
forced to accept the swindling propositions
JEFF. Davis d Co.. looking on. say "A Gov
eminent forced to that condition, forced to
accept such terms. cannot stand long. Let
us hope. Her capitalists are doing more to
breaE their Government down than the Con-
federate forces can do by fighting"
They were thus encouraged. and I feel
safe In saying that ifthe capitalists had come
manfuliy up and advanced their funds tO
aid the Government to put down the rebel |
lion as freely as the soldiers in the field, and
nave ~ 1rI si.e''
LOYAL HYPocRTTEs.
The capitalists had the money to give, |
and as much as was necessary, at first. but |
would not give it until they got two or three |
hundred per cent. profit. Out upon the hy- |
pocritical cry ofloyalty now raised by such |
men, to eXtort more money from the toiling |
and laboring masses of the country! The |
capitalists, with one or tTO honorable ex- |
ceptions- are fairly chargeable with half |
the lives lost in the war.
The claim that they bought the bonds |
from loyal motives is without foundatIon-l
The same motive prompted the Englishman |
to buy them which actuated the Wall street |
swindler when he purchased. Who will |
claim that the Englishman purchased bonds |
because he loved this Government! He was |
as loyal when he was fitting out the pratt |
cal Tallahassee and Alabama as when he |
bought the bonds. They were all purchased |
on speculation. If these bondhclders had |
never received a cent from Government |
their patriotism would have been fully paid
They have no patronism. We should not
tax the soldiers and sailors who fought nor
their widows and orphans, on the pittance
left to them after their great bereavement. to
pay those unjust debts. Let us wipe them
out.
BONDS ALREADY PAID.
It is not unjust to repUdiate those bonds
because the holders have, in a large maiori-
ty of eases, had more money in gold from
the Government in the shape of interest.
than they originally invested in the purchase
of the bonds, including interest on the in
vestment.
To illustrate seven years ago a Wall street
capitalist purchased a Government bond
calling for $1,000; for this he gave to the
Government forty per cent, or 800. Dur
in these seven years he has received inter-
est regularly at six per cent. per annum on
LOCO the face OF the bond. payable every
six months. Compound interest on $1,000
| at six per cent. will in seven years amount
| ty S5I256 in gold. which would be $76S.S4
| in currency. He has been exempted from
all local and municipal taxes. which at a rea-
| sonable rate, saves him two and one half per
cent. per annum, and which, in the time
| mentioned amounts on the face OF the bond
TO $175. Franklin said that penny saved
is as good as a penny earned. Add these
| items together and they amount 10 S6S7. Sc
/ in gold. or, in currency. $943,4. Now.
| compound interest on $40. the amount in
vested, amounts to $2ol.44 in gold. or. in
currency. $302,17, which added to the 800,
/ equals $60l.45 in gold or $702.l7 in currency
/ leaving a difference in favor of the bond
| holder over the man who invests his money
honestly Of $50, IL in gold, or S22l67 in cur
rency- If we deduct from this two and one
half per cent for taxation. 1t still leaves
$l6.ll in gold or $l79.67 in currency IN favor
| of the bOndholder. liz there anything wrong
| or unjust in repudiating such debt? The
people have paid the bonds, and are entitled
| TO have them Cancelled just as much a. a
| person is entitled TO have his BIomissory
note cancelled when he pays it up in full
with interest. 1t is gross injustice TO grind
the laborer. the merchant the mechanic, the
| widow, and the crippled soldier TO the earth
| to pay these bonds second time, and this,
too, for the sole purpose OF keeping up a
bloated and insolent bondholding and bank
ing aristocracy.
A Georgia fnancier writes a letter to
the Secretary of the Treasury, enclosing
genuine ten dollar legal-tender note,
which he declares to be one Of the worst