The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-02-11

ton of Government, favored through
unjust legislation, has SO materially
destroyed. The $4,000, 900, 900 now
represented by bonds will yield no
more to its possessors than does that
value in tho broad acres Of the West
to tho hardy sons of toll. Repudi-
alton of this debt will FREQ the nation
from nn incubus and make tho capital
of tho rich come on the tho same foot
ing rs the poor-the rich still, how
ever, holding tho advantage in pro-
portion to their wealth or capital, but
a fair relative proportion and no more.
This is simple Justice; and this ] am
In favor of, and that Immediately.
The best writer's on political econo-
my and financial matters agree that
the everage rate of profit ON capital,
money excepted, does not amount, af-
ter taxation and other necessary Incl
dental exepenses, to moro than two
per cent, and this, too, with tho con,
slant labor, caro-, and watchfulness oi
the owners. Tho bondholder and
banker make about thirty per cont.
counted in currency, and this without
any particular labor; for the Govern
ment kindly hires and pays men tc
gather up their gold interest and to
hand IL over TO them. But these bonds
ought to be repudiated, because the
contract by and through which they
were obtained was usurious and con.
trary to public policy. The same NOR.
al rules will apply to q government
that applies to person. A govern
ment may make promises, like an in
dividual, which ought not TO be kept.
1t may "pledge its faith in such
manner and for such purposes as "a
be void of all moral obligation. A
man under pressing circumstances
may borrow s1O0 from another, give
his note for it, and promise 10 pay
500 interest or 800 for it's usc in one
day thereafter. In this case there il
no moral obligation to fulfill sucl
n contract, nor is there n law on any
staute book of any governmental com
pei him so to do. No right-minded
man will claim that such n contract,
such an amount, should be required
by the lender; nor viii my fair man
say that the borrower could or should
be- either legally or morally bound tc
fulfill its terms.
A government may do wrong in
slch matters Just as individuals may
do wrong, but tho laws Of God and
man alike release both men and gov.
ernInents from snch obligations, nj.
though yoluntarially assumed. The
Bible, in the twcnty-ffth chapter oi
Leviticus, says:
sAnd II thy brother be waxen and poor nnd
fallcu In decay with thee, thou shait relieve bin
yea. though he be q stranger. sojnurncr
Tate tL0m no asary Of hin. Thoa shalt not give
him by money Hf'on HsHry, nor lend him Thy vie.
uals upon increase
Again. in tho eighteenth chapter oi
Ezekiel, we find these words:
'Iie that hath not given forth uron usuFy'
hath executed true judg
mont between man and man" al,
that hath given forth upon usury and hath iakcr
increase. be shall not live"
Gle that hath not received usury shall rurc-
~ IisO."
According to this what shall become
of the bondholders and bankers?
Under tho Jewish law all debtors
and slaves were FREQ in the year of iu.
bilee. When this bonded debt shal
be wiped out the American people
will he free; it will be truly the year
of Jubilee to them. Another reason
for the reputation of this bonded
debt is that the mon who contracted
it, and through whose agency the laws
were enacted authorizing such unox
ampled swindling. did not assume *
bind themselves, but to bind the pco
ple, and that, too, without their con
sent. The people had not been con
suited on the subject; the whole sys
tenn was tho creation Of capitalists ant
got up to rob the people. On th'
principle that ono Congress can re
peal any oct passed by a preceding
ono, why not repeal this whole system
OF fraud and peculation
said that the contract between thu
Government and bondholders wa
usurious and ought to DO abrogated
Every State in the Union and ever
civilized nation nearly have their law
regulating usury. These laws or,
made to protect tho weak against th'
strong, the poor against the rich. HUI
man wisdom, embodied IN statutor,
enactments, expressed in every form
in the Bible, in the play of the "Mer
chant of Venice" in everyday lifo, i
against the bondholders and bankers
They arc tho enemies of progress, th'
vampires who are daily drawing tn
|life-blood from the toiling millions Il
feed and pamper themselves and thei
naughty families.
Another reason for the repudiatiol
of these bonds is that it would restor
society to q ahealthy condition, do awa.
with those useless and unjust distinc
tions which havo lately grown N
among the people.
TIE we repudiate this debt we go YER
far towards bringing tho Governmen
back to It's true standard in o socia
point of view, when merit, not NOR
wealth, shall constitute tho standar
by which persona can ovor hecom
great and prosperous.
Another reason is that labor has Tia
power and the moral right to So
whether or not these bonds shall b
paid twice; whether or not this con
tinual drain In gold interests shall G
on; whether or not the people shal
continue to be slaves, in the sens
Professor Walker uses the word.
j have said that all wealth is the re
suit or product of labor, and
lmay add that capital of It's produce
nothing. What would a thousand c
a million dollars IN gold locked up j
Ifhkl eafa1 of SOME han Ixnr m, hondhoIde