The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-05-06

aooNe cap1lon. IL argues, ana WITH
apparent force and fairness, that
either the platform asserts what is
false when it states that the debt was
increased more than two-fold by the
venal, illegal and unjustifiable terms
of its contraction" or that Equita-
BILE adjustment" means ropudiation of
more than half the debt, rs asserted
James d. Fay, et al. Now, let us see
if this be true. The Sth resolution of
the Democratic Platform is divided
into three parts. The first is -
That as tho annual payment of the semi annual
interest on tho bonded debt of the United States,
without abatement together with other enormous
expenses for which tho people are taxed. make
a burden too intolerable to be borne without an
effort to End some speedy means of relief.
This Language is plain and unmis-
taxable. It commits the Democratic
party to the doctrine that the people of
the United States are being ground in
to powder between the upper and Meth
er millstones of semi-annual interest
and other enormous expenses Incl
dent to Radical mal-administration
Can any one. will any one deny the
truth of so much Of this resolution p
Is it reputation to groan beneath the
mountain weight of unnecessary taxa
ton? Or will the Oregonian announce
to the people that national tax is
n national blessing, and therefore that
the tax payers hare no right to COM
lplain? :? We pause for reply
The second part of this resolution
Iis:-
That the bonded debt was increased noro than
two,f fold. by the yenai. Illegal and upjustiaabie
terms ofits contraction that there is neither justice
nor wisdom in the repeated payment Of the prin-
eipai by the continued payment Of the interest.
Now, what does this mean? 1t
means that because the bonded debt
was contracted in part by horde of
public plunderers who were " coming
the life-blood of the nation into filthy
dollars with which to line their pock-
cts, that therefore there is neither
Justice nor wisdom in tho repeated
payment of the principle by the con-
finued payment of the interest, in 9TH
er words that the bonds should be
paid, just so soon as by the terms of
their issuance they fall due an order
that The interest-H,c senai-annuni gold
coin imterest-that goes SO far to make
''a burden too intolerable too be borne"
without IN effort to find some speedy
means of relief-should be stopped
and siopped -forerer. Is this rcpudia-
ton of the larger part of the debt p
Has not the government risht-nay,
is it not bound in justice to itself, and
to the poor laboring millions to pay
this debt and thereby stop this inter
est just so soon rs il becomes due and
payable Does the Oreyonidn see the
'tpoint" to which We are " coming -
And now to the third part of this res
olution:-
Tha; is no part of good policy good govern
nent to embarrass the energies Of labor. and all
business enterprise by excessive aud oppressive
taxation for tbs exclusive benefit Of a combina.
Of untaxed capital. tha, to relieve the country
and to restore prosperity. favor an equiiablc
adjustment Of tbs bonded debt Of tho United
States.
And what does that mean? II
means that because the nation il over
burdened by the enormous taxation
that results chiefly from the contin-
ued payment Of the semi-annual gold
coin interest on the bonded debt
on which the bondholder pays no tax
(Uide 1st part of the resolution), and
that because that debt has been con.
tracted (as most government liabilities
are) by -speculators-that therefore
there is neither justice nor wisdom
in the repeated payment of the princi
pal by the continued payment of Tho
, interest" and for these reasons th,
4 Democratic party stands pledged by
its Sth resolution to the speedy pay
! ment of the bonded debt according 4
The terms Of The contract. It seems t.
q us that no language could have beer
: chosen that is more unambiguous
p Ineligible, or comprehensive. 1
: seems to us that no conclusions coult
: be more logical.
!, Equitable adjustment then doe
q not mean reputation of any part O
q portion of the public debt. 1t doe
! not signify Mr.. Fay's disgorgemen
theory 1t does not proclaim false
J. hood 1t lays down two proposition
and then deduces from them O third
to-wit: That the Bonded debt shoul.
II be paid, not by buying up the bond
q at premium averaging sixteen pc
+ cent, as Mr.. Boutwell, has been doin
II for year past; not by the indefnit
postponement of the redemption G
;c the bond until the principal has bee
"a many times paid by the continue
y payment of the interest, but as speed
G. lily as it becomes due, according to th
le terms of the contract. And fhis