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

ever efTectiog release from its unend-
ing demands. After bondage of thirty
years the labor of the country will be no
nearer a land of liberty and rest than it
is now. After thirty years Of ccaseless
exertion the people will still be iu a
wilderness of taxation as thick aud dense
rs thati which they wander and mourn
to-day. The mortgage of the bondholder
on all their homes aud farms and Hooks
aud herds will yet remain exactly as
heavy as it is this hour. Their children
and their childrcn's children will grow
up around them subject to the same
uudimiuished burdens; their estates will
descend to their posterity loaded by the
same membranes that now rest upon
them. The debt will become a perman.
cncy as a lasting investment for idle cap
i,al pens;oued on the industry of the
nation. Its final liquidation is not con-
templated nor desired by those who
own our bonds and control the policy of
the PRESENT Administration. Interest,
interest, with its ceaseless, silent, frightful
accommodations, will compel the taxpayer
to pay it over and over again, aud yet 1t
III never be cancelled. The principle
of funding establishes an iuexhaustible
mine of gold for the bondholder and an
e.erniiy of hopeless toll for the people
1t is the doom of slavery as absolute and
perfect as ever wrung unpaid, reluctant
libor OF any race of any color or kindred.
1t is the VIII p, tle ours", with vii h
crue. and UNI enting task masters from
year to year and from age to ege will
drive the Am ,rican laborer to his daily
servitudc 1t las long been known in
England. aud there enslaves the mul
titude and supports the nobility in indo
lence aud luxury. 1t is as fixed and
permanent, too. as the British monarchy
itself, and will come to no speedier end.
Its introduction into our laws will create
a rank of American nobility founded up
on wealth ana fix The badge of serfdom
upon the industrious citizen. 1t VIII
totally subvest the entire spirit, meaning
and purposes of cur institutions. They
were made by the people and for the
people in the broadest sense and not TO
enrich aud elevate the favored few.
The funding system, tn r.fore, h Id
to be the wo known in fn sncial history.
1t will never rscoiv, my ipport.
l come next however, to present third
way In which many minds pow concur in
thinking that the national debt might with
entire justice be met. ap; ro :ch now
the ideas of al and honest people who
believe that The capitalist VIII, mide no
sacrifices for his country shoull receive
no more than his own; that he should
have 40 vast and swelling speculation upon
what he ady4neei to his Government,
when every other class advanced so much
more than he did; hit he is not a
proper subject for public charity; that
the mighty bouniies which [ have pointed
out should not be bestowed upon him;
that he has no claims to be fed as a
pensioucr, and that if he was paid back
exactly what his bonds cost him, with
lawful interest on that amount, he should
be fully and amply content. This would
be thorough aud absolute equity, and
might lawfully be done uader the con
tract
On the chancery side of;he court there
is always relief to be found against an ex-
tortionate transaction. There is we'll
known principle between private indigid-
uals 1t will hold good also in behalf Of
whole people. They have been imposed
upon and defrauded in the creation Of the
debt, and they may justly and without
breach Of the contract appeal to the grea:
equities of the case. BY the adoption OF
this principle the debt dininlshes aud
shriyels away at once to comparatively
narrow proportions SIy calculations al
ready made demonstrate how much Of il
is fiction. existipgon paper alone and di
titute of consideration. TIE day uay
now draw near when the usurer will gladly
accept this prop Fo;ition-take what alone
is his due in the sight Of God and man
and ask leave to Withdraw from the great
high court Of public opinion, where [ lodge
this arrangement, aud where | plead for
Justice to all.
But now take my stand on the fourth
and last plan, which | shall discuss. Il
embraces the payment of the debt, the re-
lief of tie people, the fulfllment of the
C c,ntrlct, and the preservation of our na-
tioDal honor 1t is contained in the fol
lowing upright and noble resolution alop
ted by the Democracy Of Indiana assem-
bled in State Convention on the 9Th day
Of this month:
THAT we are wiiIing to pay national debt il
strict compliance with our contracts whether i
made payable in gold greenbaeks, but W.
a=c unwilling do more than that and we declar
that the fYe-twenty bonds payablc>in green
backs or their equivalent; and we condemn th,
policy of the Admin. .tration. which is squaDder
ing millions of money by buying such bonds at .
high rate of premium when the Government hac
the clear right to redeem them at par
On this doctrine plant myself with al
absolute faith in its legality and justice
The law which authorizes the issue. of tn,
national currency here mentioned says il
very plain and simple words that it i
illegal tender for all debts, public ant
private, except duties on imports and in
ferest on the public debt" IF the peo
pie, therefore, owe anything else beside
duties on imports and interest on the pub
lie debt the currency named in this reso
luton is legal tender for its payment
This is inevitable and conclusive logi
and calls for no elaboration. It is unan
swerable Itrises at once by bare state
1nent to the full force Of a demonstration
The bonds themselves contain no stipuatio
on their face for gold. They appear a
any other contract to be satisfied by tn
payment of lawful money.
This view Of the law was not confne
until recently to .he party whose standar
follow. 1t was very common among til
leaders and in the ranks of the majorit