The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1870-01-13

this country, but these men might a.
we'll have notice served upon them that
there are duties for them TO perform, and
obi cations that they should abide by as
we'll as upon the farmer the mechanic,
and the laborer, who wor kand pay tax
ess Let them understand that, and then
xewill have what I demand for the peo-
pie, and intend to insist upon on the
floor ef CONGRESSMAN honest settlement
OF the public debt-a payment OF what
we owe and not what we do not owe.
GCheers7 AS the armies moved forward
the head of the household was taken,
the mothers son was torn away from the
endcarmcnts of home and pushed into
the smoke and fame of battle. These
bondholders patriotieally advanced their
money from patriotic motives, while
shrinking behind their counters [ shall
demonstrate from figures which can't
lie-it skall be shown as clearly as Il
demonstration upon the blackboard
that for every dollar they advanced to
pay the services of the soldiery, they
took obligations to be repaid by the peo-
pie two dollars for every one advanced.
Since the world began and govern
ments were organized amongst men, /
say in this convention Of the democracy
of Indiana. that no such enormous spec
ulation-no such swindlc, was ever inn
posed upon the laboring people by amy
government Such a thing has never
before been known.
Nearly one-half of the bonded debt
to-day is tiction-exists upon paper
for money that never left the Golfers of
the capitalists. On that eight hundred
millions or nine hundred millions of
dollars of fiction the people have paid
their annual interest il gold for the last
five or six years. p
There are questions that will have to
be met and they will have to be adjust
ed. lam for paying every honest cent
we owe, but for myself. | am for giving
high and mighty notice to these people
that their receipt for something for
nothing must draw to Il close, and that
soon.
The secretary of the treasury pro-
claims himsclfin favor of funding the
public dcbt-twelye 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 ofdollars in thirty years, at
four and half per cent. A short
calculation will show that at the end OF
thirty years the people IF this country
will have paid out thirteen hundred and
fifty millions of dollars in gold, in inter
est alone, upon the secretary's plan, and
not olc dollar Of the principal paid.
ask you, gentlemen of the conven-
ton, to ponder these things deeply.
Garry them home with you. Appeal
to your republican neighbors, and ask
them whether they propose to make
themselves endless slaves-likc blind
horses in tread mill, to work from sun
to sun, from week to week, from month
to month, and from year to year, to pay
debt they don't owe, and for the pay
ment and final liquidation Of which
there is no plan at all.
GcntleMcn sometimes say that we
should present an affirmative issue as
well as negative one. l am some
times charged with being good at tear
ing down the plans of others. Bear
with me few moments longer We
have now outstanding fifteen hundred
million of five-twenty bonds, payable at
the end of 5 or 90 years; ) have
about expired. They can be paid al
any time within the next fifteen years
Ny plan is 70 draw in one hundred
million this year, one hundred million
OF dollars next year, and as it were
sprinkle it all over the next fifteen
years, issuing currency to redeem it
thus paying the bonded debt in better
money than it was bought with. Zap
plause.] And do you say that would
initiate too much, and produce too high
prices? Let me appeal to business men
here; you come up here from every av-
ocation in life. Do you want money!
Was there ever such cry for circulat-
ton as there is to-day? | have never
known such want of circulation
as there is 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 it off. | was in New Orleans
last summer and [ speak the voice of
the commission merchants there when |
te II you that the cotton crop demands
three hundred million of dollars. the
sugar product demands one hundred and
fifty million more, and tho rice crop fifty
million more, The poor, impoverished
south for their staples needs five hun
dred millions of circulation. The whole
circulation Of the country is about
seven hundred million of dollars. The
opening up of the country west of the
Mississippi to the waters of the Pacific
Ocean makes other demands for cur
rency. That country alone demands.
in the interests of trade, as much or
more circulation than all this country
together, required before the war We
are a growing advancing and powerful
people. Instead OF seven millions of
circulation to-day, this country could
absorb twf}dessnillions in trade, and not
feel an uutIIe imitation
This is a very important question for
the people of the west especially when
You consider the discrimination which
the Ubiquitous banking system makes in
favor Of the east. The circulation there
is thirty-six dollars per capita, while in
Indiana it is only six dollars We are
sort of step children to take the lcav-
a.