The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-04-08

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rules of arithmetic, into tho immense
sum OF S2l0, ,0O0, 900. This amount,
therefore, may also be added to that
long and heavy column of clear gain
and profit on the purchase Of the
bonds which / have already portrayed.
When property is withdrawn from the
support of the Government which af-
fords it protection it's value is increas-
ed exactly to the extent of the burdens
which it escapes. Thus the bondhold-
er widens the margin Of his riches by
every dollar Of taxes which he ought
to pay but which ID given to him by
an iniquitous and unrighteous law.
/ / know not how much will be borne
by the laboring interest of this country:
but If this dark and oyershadowinp
crime embraced in our present finan-
cial policy shall long be tolerated, then
let the labcring man of America vel
come his slavery in name as he will
have already done in reality.
Int there is yet one more provision Of
law closely incident to the creation Of the
public debt which claims q conspicuous
place in This review Of wrongs and evils.
The bonus, the usury, the free1Gm from
taxation were no: content With their p,w.
erful triumvira,c Of unholy SPECULATION
until they added TO it the privilege Of
banking By the bondholder on his bonds
Bonds for which fifty cents on the dollar
has been paid. which bear usurious in.
tcrcst ofsix per cent. in gold. and escape
all burdens. are male the basis Of n cir.
culating medium, which again in turn
pours lis deep and swift streams Of naked
profit into the laps of their owners. There
are nj this moment living in the varlts Of
the Treasury IN this city $3.50 .4s0. 100
worth Of ,fe bondholders' cheaply procur-
ell possessions. They are there as secur-
ty for the circulation Of little more than
three hundred millions of currency. They
pay no taxes. and yield an annual golden
Interest Of 320. .3G8, sos, which are taken
dirctty from the pockets If he people
and placed directly in the pockets of the
Of the banking bondholdcrs Upon the
1890. .O00. GOO circulation issued on these
bonds bankers realize n: The loves. cs:i
mate ten per cent in gold on their loans.
Their deposits may safely be reckoued
equal to their issues and the profits on
them a; least six per cent in gold. The
account, therefore, OF the bondholding
banker with TIE people Of Tie United
States, a, lis best face, may be stated as
| follows:
The cost Of s339 $50 Ia0 of bonds now
! on li. IN the Treasury Department;
NJ fiiiy cents on The dollar. 40, $50
On til. actual investment Lc IS ar
iharired t1 issue circulation ....... 30a 900 0Go
Tea Ie. csnt proGi crcua:iyn...... 80 n01. .Goc
am1uu; Of deposits 3sU ng0 gGn
SIX FER cent profits deposiis...-... ls.Gos.CC0
Annual Interest on the bonds in the
Treasrr; ........... 2a.:6s.sc
An2ual exempt o. fron taxes.......... 67S9.6e2
Add together the profits on circulation
and deposi The interest on tie bonds.
aud the taxes saved, and the plainest mind
IN the land will perceive that The bar k
ing wealth of the country is realizing the
enormous annual gain Of SIS, l5S, ,40S
upon an original investment Of less than
! oae hundred and seventy moiilion dollars.
his - the crushing payment made by
The people 10 privileged class in order
10 obtain a circulating medium from their
Government with which TO carry on the
ir~dc AMI business OF lie.
call upon the people Of Ill parties aud
crecds TO sii and weigh my sttcments
| assail system. not indiyuals. | atteck
the principle aud not the men engaged in
banking. Ifany page ofthe worlds fnan-
ciai history has hitherto been blurred aud
stained by an Outrage of such hidcous
prop' r,ions as this my eyes have failed TO
discover it and my ears have not heard its
damuing story. Nor has any monarchy
of TO day, in all The four quarters of the
earth, a rank Of nobility, It's haughtiest
and its loftcst, which so want My preys
their workshops, their vineyard. and
their corn fiel S us this privi eyed class
whose daily doin-s are in our milst. There
is not a Dukcdom in England whose
grants from the Crown are so rich as the
donations made by the present American
policy to the bondhollcrs There Is not
an earldom whose franchises are as great
as the American bankers The new no
bles OF France under the present empire
acquired unbounded fortunes from the
ruins OF the Bourbons not so easily nor SO
suddenly as the favorites of legislation
have here achieved by the oppression of
labor
Sir, I have thus far carried and con-
sisered the manner in which the debt of
the nation was created and the system If
wonderful and amazing injustice which
has sprung up from the laws upon which
tits founded. The painting has been
but feeble and unworthy of the great
theme, but the picture is nevertheless re-
pulsive aud revolving, because it has been
drawn with fidelity to the fac's. 1t pres
ents sinister and shocking aspect to the
taxpayer. 1t stands revealed as a bale
ful monster. The sight of it extorts
desperate cry for relief. 1t cannot aud
will not be borne; but shall! we therefore
attempt to build the city of our refuge
from this distress upon the shifting quick
sands of reputation Mighty wrongs
and the Calling sense of extreme injustice
have driven many honest minds to en-
brace this fearful doctrine, aud much
more may yet follow with the same disas-
trous tendency. 1he issue is in the
hands of the party in power. I am not
for repudiation. see in 1t neither safe
ty or honor. The praty of which am
member has always glored in its obedi.
ence to constitutions, to laws, anl to con-
tracts. We were not in favor of Tepudia-
ting one-half Of the pay of the soldier
4 and sailor, when it was done during the