The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1870-09-28
THE DEMOCRATICCAMPAIGN
Speech of Hon. A. G. Thurman,
AT CINCINNATI, SEPTEMBER
10th 1870.
An Able Discussion of the Issues.
HON. A. G. THURMAN's SPEECH
CONTINUED.
MONEY MAKING LEGISLATION.

MONEY MAKING LEGISLATION.
For ten years nearly, the Republican
party has been supreme in the FEEDER
al Government. During all this time
it has had an uncomfortable majority
in both branches of Congress, and,
for the greater portion of the time, a
President in full sympathy with that
majority. And when the man Of Its
own choice, Andrew johnson, becom-
ing President, and having, in the
language of Thaddeus Stevens, some
splinters of the Constitution sticking
in his heart, undertook to pay de-
cent respect to the provisions of that
instrument, q two-thirds majority In
both Houses of Congress rendered him
as impotent as the Constitution itself,
and, impeaching him for the high
crime and inisdemeanor of regarding
+thatinstrument, only failed to depose
htin by the want of one vote. All
Federal Legislation, then, for nearly
ten years, has been in the hands of men
chosen by the Republican Cor Radical)
party, and now the question is, how
have they exercised their power. A
review of their legislation will show
thar, with an audacity and persistency
never before equaled, they have en-
ployed the law-making power to legis-
late money into the hands of them
selves or their friends. Taking adj
vantage of the necessity to raise means
to carry on the war, they resorted to a
system of loans, by the sale of Govern
ment bonds, the effect of which was
that. for every dollar it received, the
Government gave its promise to pay
nearly two. That the necessary funds
could have been raised without such
an enormous sacrifice, / believe that
every we'll informed and candid man
will now admit but the sacrifice was
made and the purchasers of the bonds,
and the Government agents who ne
gotiated their sale, made such profits
as never before were seen in this or
any other country.
Under the pretense of raising re-
venue for the same purpose, the Gus
toms duties, or tariff, were increased
no less than three times in less than
three years, and to degree never be-
tore know n or thought of; and the acts
SO framed that it is perhaps, safe to
say that for every dollar they put in
to the Federal Treasury, they put three
dollars into the pockets of the manu-
featuring monopolists.
To provide, as was said, a forced
market for the sale of the United
States bonds, they taxed the State
Banks out of existence and created
over 1900 National Banks, with pow
ers and privileges SO vast, that their
annual profit range, according to SEN
ator Sherman, from 15 to 20 per cent.
And the currency authorized by the
Banking Act was so distributed as to
give $2S.67 per capital to New Eng
land, only Sl2.57 to the Middle States,
but S4.O8 to the Western States and
to the Southern States only 81 cents. AT
this very time Massachusetts, Rhode
Island and Connecticut, with popula-
ton of about two millions, is $50, 967,.
sos; while Ohio, with two and half
millions of people, has but SIS, ,405,-
385. In other words. these three States
have about S44 per head for every
man, woman and child in them, while
Ohio has less than So.
By sudden changes in the Internal
Revenue laws, knowing spectators
have been enabled to acquire more
than princely fortunes-the profits of
the Whisky Ring for instance, result
ing from single alteration in the
whisky tax. having amounted to not
less than $50, 900, 600, according to an
official report.
Then look at the astounding sub
sides to railroad companies-mere
private corporations. To say nothing
of the fifty-eight millions acres granted
to States for purposes of internal i'm
provement, most Of which have gone
into the hands of railroad companies,
there had been granted by Congress
before its last session directly to four
railroad companies-the Union Pacific
and branches. Central Pacifc-124,-
O0O, 900 acres more land than is con-
tained in the Middle States, stretching
from the Atlantic ocean to the Mis-
sissippi river-that is to say, the
seven States of New Jersey, Delaware,
Pennsylvania, West Virginia, Ohio,
Indiana and Illinois. Besides this, a
subsidy of over $780,, 900, 600 in bonds
was granted to the roads-every dol
lar OF which, though in name loan,
will. it can hardly be doubted, have