The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-02-11
REPUDIATIoN-
GREAT SPEECH OF Mr.. MUNGEN, OF ONE.
LFrom tho Daily Globe. Washington, D. @, Do
cembcr l7th.l
[Coneluded .frou, iast Week.l

which to my mind is entirely sufficient
1t is a dcplorable, startling fact, thai
the Secretary of tho Treasury has more
power over the fortunes of men and over
their earnings than Seward had over the
lives aud liberties of the people of the
North when he shook that infamous bell
the mere sound of which immured mon il
bastiles without charge or trial, aud from
which few men came away alive. When
tho late great financial excitement wa'
culminating in Wall street, Mr. Boutwell,
was quietly sitting, not exactly in Cab,
met meeting, but nearly so, watching
the progress Of events and reading tele.
graphic dispatches. Bankruptcy and
ruin were staring the people in the face
Under this bond and bank system he wa,
the observed of all observers Every eye
was turnod toward him, every appeal wa.
sent to him, for ho was tho only one who
under our worthy President, had the
power to save" nc could create aud he
could destroy" He held the gold, the
peoples gold, aud as soon as duty or in.
terest prompted, he could, with stroke
of his pen, or by "click" of tho tclc
graph stop the infamous proceedings. II
the Secretary of tho Treasury and oul
worthy President and all their relations
aud friends, direct, collateral aud official
had not been honest under the circum
stances alluded TO, how easy il would have
been for the bulls of Wall street to have
an arrangement by by which the Secretary
could have controlled tho gold until all Of
them had amassed colossal fortunes p
Let US wipe out the bonds lest dishonest
men succeed our officials and play such .
game as they might have played.
Gentlemen may and do talk about The
faith of the Government being pledged IL
the payment Of the bonds, and the sa.
credness of that plightea faith. The TO
ceipts and vouchers given by our army
officers to loyal men under the sanction
and by the authority of our Government
! for hundreds Of millions OF dollars worth
of property taken and used or destroyed
by the army during the war are certainly
as sacred as any bonds signed by the
Treasurer and Register Of the Treasury
This plighted faith Of the Government Is
totally disregarded by the party in power
[ regard the rights Of the masses as par.
mount to the rights of capitalists.
The wisdom of Ulysses is highly ex-
trolled by old Homer In the Iliad
but he never dreamed in oil his phil
osophy of reducing the circulating me.
dunn at a time like tho present, and
thus bringing utter ruin and bankrupt
| cy on the West and South. This sug-
Igestion of our Secretary is backed and
indorsed by our worthy President and
the bondholders. This scheme viii
force men TO pay debts in gold which
were contracted to be paid in nm infia.
ted paper currency and ruin the debt
or for the benefit of the creditor. Lei
us repudiate the bonds and stop such
ubiquitous and, unjust proceedings.
But am In favor of reputation as
setof to the Reputation of 81 ,000,.
000, 600 of the claims filed by Loyal
men against this Government for loss
es and damages sustained by the war
and property furnished for and used
and taken by our Government for wal
purposes.
On the 25th day of April, 1866, Mr.
Delano nsed the following language OF
this floor:
'.The nation now groans with tho weight Of pub
lIIc debt and taxation. 1 know there are nov
floating claims against this nation not lcss II
amount than 1000, 900 COO; and these, if admit
ted at sl Will meyer be settled with less than s.,
100000 ,00O."
In colloquy at the time betwecr
Mr.. Boutwell,, now the Secretary o
tho Treasury, and Mr. Delano in re
Igard to the payment of these Claims
dy. Boutwell, said che would as lie
spend the money on the n gara ship
canal" He always opposed that prof
ect, and openly declared his unwilling
mess to pay these claims, although Mr.
IDelaro said they were the claims o
Iloyal persons.
/ Why will not this Government pa,
the losses of those loyal southern mel
land women WHO periIIcd everything
lost everything, endured everything
flor this Government; who Travelled
lover mountains and across valleys
lwaded through streams in the dead o
winter, those who, with naked ant
bleeding feet, weak and exhausted
with hunger and cold, sought refugl
Iunder tho starry flag far from thei
lhomes2 ? Those who ct the peril ofthei
lives fed and sheltered and secrete,
the Union soldiers who had escapee
from the prison pens of the South
/ those poor women whose husband
land sons were cruelty butchered be
fore their eyes because those men an,
! women loved the Union-why not Da
them? No, no; the bondholder is th
lonlY person worth looking after. Th
lparty or the Congress who can disre
Igard the appeals of those loyalists G
the South such as ] have mentione
need not abuse me because / will "a
vor the payment of the bonds twice.
: The Republican party have praC
: ltically repudiated 81, ,0O0, ,O0O, 900 {
: honest debts. Secretary BoutweI
Z would as soon spend it In what
: thinks O useless project as to pay it t
thonest claimants. The estimate
land his party place on these claims an
on the bondholders' claims exhibit
o lmost striking contrast.
4 The iniquitious distribution of wealth
and particularly of power, the powe
: Iof wealth, which accrues to the con
lparatively few from the present franc
lulent bondholding and banking system
r Twill be destroyed by repudiating thes
d lbonds, and thenceforth these ariste
cratic gentlemen viii have to compel
ION equal terms with those who hay