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

10 Violate their part Of the contract and to
| plunder the people 10 an nDbearable ex-
tent. There are two contracting parties
on the subject. implore you who on
this floor repre- gent the boodhoIdcr's vast
| pretensions 10 advise him to stay within
the bound4 ofthc law. Tell him that the
| advantages which the law actually gives
him are so stupcndous that the people
will net suffer him to break over it in or
der TO obtain moro. Tell him TO keep
his part Of the compact with scrupulous
| faith. Tell him that if be releases him.
self from its obligations he also releases
the other party. Say to him that this is
settled rule Of lay in all the courts of
the world. Say to him that they who
enforce contracts must first fulfill con-
tracts that If he rcpudiates the restraints
OF the law it will not then be reputation
for the tax.p payer to refuse obedience
that his default will cure the defaIcation
Of the other party and that if be contin-
ucs to o.erleap the barriers which sur
round him the people viii at last arise
and drive him cut as they would mar
arding wolf from amid their folds and
aocks Tell him all these things IN order
that he may do his duty in sustaining the
public credit and in ayertiDg this cslami-
ty. Cease your lectures to this side Of
the chamber and turn your labors to that
quarter where reputation has already
commenced. The people are true it is
capital that is faithless. The people are
sincere and generous; it is privileged
wealth that is selfish and unscruplous.
The honor of the country may be presery-
ed, but it must be done by both parties to-
The covenant and not by one alone.
Sir. holding as | do that the people
are willing TO abide by their actual obi
cations to make an honest settlement with
their creditors. and 10 pay every dollar
that they justly owe. it is very obvious
| that there remains still great and fun
damental question to be considered 1t
remains, for the purpose Of my argument.
to ascertain c'early and distinctly what
the contract is and where its true inter-
| pre,ation places the rights of parties under
| it. There are great evils connected with
| it when justly interpreted, bu. the worst
of those which [ have pointed out arise
| from its false construction by tha: politi-
cal party which now controls public af-
fairs. propose to try that pernicious
construction by the correct law of the
case.
| Their. are four ffc-cnt plans for the
payment of the u u debt now in tho
minis Of men. The first and prime IA
vor with IT, bondholding capitalist Is
the p.e<ent system. lie wishes no change
a; all. His exact views were reflected In
1 E.t II Il
day of last March. The payment Of the-
debt in coin with no reduction of interest
or departure from the policy hitherto pre-
vailing, was thus declared to DC the chief
corner stone Of the new Administration.
/ The President spokc under the inspiration
and in the powerful interest Of uDserupu-
| lous wealth. and against the equality and
| the rights of labor. He ranged himself
Oh tie side of feartiess monopoly and
agains; the iuwly aud The poor. He
reared The banner of extortion over all
| the realm of industry. lie declared him
self the advocate of those who gather In
from the people what they never paid
ot to Tic government. lie knew, or
should have known, that the Government
| h d received less than fourteen hundred
|
shown. In the interest of fraud and usu-
~ he ammo unced y plan by which. if ad--
hcred TO the toling taxpayers will be
compelled TO pay for that less than four
teen hundred millions the almost incalcu-
| liable sum OF S4,47u,9lS ,930-an amount
| equal to one-ffth of the entire property of
the United States; an amount more than
three times as large as that paid by the
pu ch :se,s of bonds when the nation was
b ,we down in despair for the want of mon
~. This iliimitabie scheme of plunder
proclaimed by the Executive is destitute of
| the slightest support either in equity or
in law. Is it equitable to compel patri-
ot;c, selisacrifieinS people to pay the ma
| tional debt nearly four times over to
privileged class who never sacrificed one
drop of blood one dollar of money, or one
moments ease to hold fast the unbroken
boundaries of the Republic? That it is
not eg,l will presently demonstrate.
The -econd plan in the order of my
consideration is of more recent origin.
At the opening of the present session
OF Congress the Secretary of the Treas
ury laid his report on our tables. It
announces a small deviation from the
present system. There is an attempt
to lead the laborer into the belief
that something at last is to be done
for his benefit The principle of fund
ing i introduced and strongly urged.
It is gilded over with the proposition
to place the rate of interest at four and
one-half per cent. He says
"rhc five tneaty bonds. amounting in the ag-
agresa t. 81 500, ,67l 100. either payable
will s., become pay abe"
This constitutes over three-fourths
of our bonded debt, even at its ficti-
tiousf face. The Importance, therefore,
of its payment is at once apparent
The plan of the Secretary reaches only
| 81 200, 900, 900 of this amount, and for
the remainder he advances no theory.
Let US examine, however, how the tax
payer will be affected by what he does
suggest. The provision which he asks
is that new bonds be issued payable in
coin $400 900 600 due in twenty
years, SI00, ,000, 900 due in twenty-five
years, and s4O0, ,00O, 900 due in thirty
years !, that these bonds shall be ex-
changed for those now outstanding,
and that they bear interest at four and
q half per cent. in gold.
This is whit is known as f.lnline