The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-04-08

nounced here in this presence that any
other construction was swindle and a
robbery? The distinguished gentleman
from Massachusetts, Mr. Butler1 is here
and can answer If his views have chang
ed into harmony with the Administration.
Sir, am not supported by ample testi-
mony aud many competent witnesses
Though they now fall off and abandon
the cause of the people and follow the
banner Of extortion at the command of
the Executive, yet the record still sur
wives to show what was their free, unbi-
assd construction of the contract.
Though this House in March last enact
ol the wretched farce of attempting to in.
iect new meaning into law then seven
years old by declaring, under the guid-
auce of the chairman of the committee on
Ways and Means, Mr.. Sehenek that
the whole debt as it appears on paper was
payable dollar for dollar in gold, yet there
stands the law. and there stands its inter.
probation us given by him, who, as the
then chairman of the committee on Ways
and Means, drafted and defended it, Mr..
Stevens.
Mr.. Woodward If my friend from
indiana will excuse the interruption,
would suggest that he does not do exact
Justice to the gold bill 1t exccpts from
its operation all debts where the law of
their creation provided Tor payment in
currency. 1t did not change the question
US to the fve-twenties an iota.
Mr.. Voorhees,. Its attempt then failcd.
The law stands Us it did before. The
distinguished gentleman from Pcnnsylva.
MIA, whose opinion as jurist is so valda-
bic, am glad to know intends to add the
great weight of his opinion to the position
which | maintain. / thank him for doing
so.
The law, then, being plain and beyond
doubt, what are the results which would
! flow from it's enlor cement The five
twenty bonds, amounting to over sixteen
hundred million dollars, are falling due
now and will continue to do SO during the
next fifteen years. An issue OF currency
for their payment, according to the de-
mands of trade and business from year to
year, would brighten the face OF the whole
country with joy and relief, and at the
end OF that period the debt would be re-
duccd to less than FIVE hundred million
dollars An annual interest of over a
| hundred million dollars III gold will
cease to drain and impoverish the peo-
pie. ree-four,hs of the debt would be
paid, and the balance can be encountered
with hope and without systematic opppres-
sion.
Am met By tne cry of imitation 7
| There Is not a business man in the land
who does not know that contraction is now
running and crushing every active and
legitimate interest, The voice of distress
IS heard in every quarter. From the
West there comes an appeal for an in
crease of the circulating medium, strop.
aud universal, aud rising high above the
confres of party organizations. The peo-
| pie are oppressed. borne to the earth, aud
| there is tlamor for relief. The wants
| of the country, the demands of trade, will
carry 81 600, 900, 900 Of circulation, o;
only without injury but with positive
blessings to all classes Of business and in
dustry This is an increase of $500 900.
900 over the present volume. Let the
people have this increase By issuing cur
r.ncy for that amount Of bonds, and their
| taxes will commence diminishing aod the
| prices of ;heir commodities will 20 up
The necessity for this large volume oI
circulation is apparent in our growing
and swelling population. The vast enter
priscs which are opening up and redeem
ing tie mighty realm which lie between
the waters of the Mississippi and the Pa
cifc ocean; the great and valuable staple
products of the West and South, gigantic
commerce Of the northern lakes and the
sea boards Of the East; the corn, tho
! wheat. the cotton, the rice, the sugar
the tobacco, the hogs, the mules, and the
cattle on thrice ten thousand hills, and
ali the other myriad productions of agri
cultural labor will absorb In the coming
fifteen years an issue Of currency suffi
Glen, TO liquidate the fvc-twenty bonds
Railroads and Steamboats, will lift vi
their giant heads to welcome the refresh
ing stream. Employment would flow il
upon those who nov seek labor in vain
Households would smile with plenty wbicl
are nov pining in want. The toiling mil
lions would have money as well as the un
taxed masters of opulence, idlencss and i'll
gotten treasure. The States that lie il
the embraces Of the Mississippi and its trib
utaries from the far of upper regions O
snow down to the yellow groves of orange
would have circulating medium 70
their people so well as the more favorcc
Stat that lie on the northern coast O
the Atlantic. And above all other bless
ings, the people would emerge from tn
shackles of debt no part of which is nov
being paid. The loud pretensions of til
Administration On the point can best b
met by single statement which is pro
ven by the record The interest bearin.
debt when the last Administration close,
was s2,049, ,975,700. The Secretary 0
the Treasury stated it few days ago t
be now 50, 100 100000; an increase 0
$50, ,024, 800. This is a stubborn fact
While taxation is mountain high tn
debt is actually rising higher.
Sir, plead today for plan to chang
all this. | plead for it as the law of TIL
contract, and as even more than jus
remuneration to the bondholdcr for hi
advanccments. plead for it in the in
terest of the laborer, whose debt it vii
pay and whose appalling taxes it will a
, once reduce. | plead for i. in the nam
of every MANNED and wounded soldier O
E your pension rolls, the price of who's
| flesh and blood you nav in currency