The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1870-01-21

Nearly Onc-half OF the bonded debt
to-day is q tiction-exist upon paper
for money that never lett the Golfers OF
tie capitalists. On that eight hundred
million or nine hundred million OF dol
lars OF fiction the people have paid their
annual interest in gold for the last tive
Or six years.
There are questions that will have to
he met and they will have to he adjusted
am for paving every honest cent We
owe,but for myself, 1 am for giving high
and mighty notice to these people tha.
their receipt for something i0f nothing
must draw to close, and that soon.
The Secretary of the Treasury pro-
claims himself in favor oil funding the
public debt twelve hundred millions OF
dollars divided into three parts: four
hundred millions OF dollars in twenty
years, four hundred millions OF dollars
in twenty-five years, and four hundred
millions Of dollars in thirty years, at
-four and half per cent n short calcu-
iation will show that at the end OF thirty
years the people Of this country will
have paid out thirteen hundred and fifty
millions Of dollars in gold, in interest
alone. upon the Secretary's plan. and not
one dollar, at the end OF the thirty years,
,of principal will be paid.
! ask YOU, gentlemen of the Convcn-
Iticn. TO ponder these things deeply. Car
ry them homo with you. Appeal TO your
Republican neighbors, and ask them
whether they propose to make them
selves endless slaves - like blind horses
in trcad-niill, TO work from sun to sun,
IN In
month. and from year to year, TO pay a
debt they don't owe, and for the pay
ment and fiual liquidation Of which
there is no plan at all.
Gentlemen sometimes saw that we
should present al afiirma. we issue as
well as negative one. am sometimes
charged with being good 81 tearing down
the plans Of Others. Dear with me a
few moments longer. We have now out
standing fifteen hundred million OF i've
twenty bonds, payable at the end Of five
or twenty years from The time when is
sued. The iive..years have about expired.
They can be paid at any time within the
next fifteen years. My plan is 10 draw
in one hundred million this year, one
hundred million OF dollars next year.
and as il were sprinkle it all over the
next fifteen years. issuing currency IN re-
'deeln il. thus paying the bonded debt in
better money than il was bought with. :
4 Applause. And do YOU ssy that would
initiate too much, and produce too high
price! Let me appeal tob u-incss men
here: you come up here from every avo-
cation in life. DO you want money ?
Was there ever such a cry for circulation
las there is today l have never known
such want OF circulation ~ there j.
now in the West here. We have forty
millions Of people. The cotton crop
alone this year calls for three hundred
millions of circulation to carry IL oil. |
was in New Orleans last summer, and
speak the voice Of the commission Mer-
chants there when tell you that the
cotton crop demands three hundred mill
lion Of doiisrs, the sugar product de-
nands one hundred and fifty million
more. and the rice crop fifty million
more. The poor.impovcrislied south for
their staples needs tive hundred millions
of circulation. The whole circulation oi
the country is about seven hundred mil
lion OF dollars. The opening up Of the
country West Of the Mississippi 10 the
waters Of the Pacific Ocean makes 9TH
err demands for currency. That country
alone demands. in the interests Of trade.
~ much or more circulation than all
this country together, required before
the war. We are growing, advancing
and powerful people. Instead OF seven
millions of circulation to-day, this cOun-
try could absorb twelve millions in
trade. and not feel sn undue imitation.
This isa very iinportunt question for
the people of the West. especially when
Won consider the discrimination which
the mi auitous banking system makes in
favor OF the East. The circulation there
is thiriy-six dollars per capita, while in
Indiana il is only six dollars. We are
sort Of step-childrcn to take the leavings
of other and more favord ones in the
family.
Mr.. President, l beg pardon. am be-
traycd into saving more than intended.
I Voices =" Go on" "Go on.'l trust
v hat have said will not he nlisconstru-
cd. lRencwed cries of "go on."l No
more. No more. will send the bal
ance in the Congressional Globe as soon
as get back to Washington. Laugh
ter and cheere.
sPEEcH OF MR.. HESDRrcKs.
Mr.. President and gentlemen of the
Convention-It 1t would not be proper for
me. under the circum stances that now
surround us. to ask your time while l
should make n speech. t"Ycs," Ego on"
All I shall undertake to saw is This - I