Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-14

| "" icSdlueu as currency
ana not as gold bonds. They must have
seen the acts OF Congress, showing that
| they were payable in currency. =
Col Colyar then took up the Witnesses and
quoted from Gov Morton, Senator Sner-
man, Ben. Butler and the fran,ar oftbe
law, old Thad. Stevens, TO shJ that the
cotemporaneous construction and the
subsequent construction until viihin the
past two years established his constfuc-
ton of the law to be correct.
| NATIONAL BANKS.
The bondholders' ring got Congress to
pass laws breaking down all the banks in
the country, and to give them exclusive
banking privileges.
The State banks are all taxed out of
existence, and for wantl Manifestly for
tie benefit of the bOndholders alone. This
national bank note system is the most
open, barefaced case of taking from the
poor and giving to the rich by the Gov
eminent yet recorded. ~
The system is simply iniquitous-
Government as trustee for the people,
goes into partnership with the banker,
furnishes all the capital, takes all the risk
N~--N 5A'So eAO DohnCA oil buC 5IUlItSs
To prove this will state the facts of
case that came out in debate in Con-
gress two years ago. Some gentlemen
from New England came to Washington
with $S00,0O0 in greenbacks, on which
they wanted to go to banking. For these
$500, 900 the Government furnished them
$500, 900 in $40 bonds, and $270, 900 in
national bank currency, they depositing,
of course, the bonds with the Govern
ment. They now had $500, 900 on de-
post, and on which the Government paid
them 6 per cent. interest in gold, making
SIS, 600 In one year. Ia 7.
AS soon as they got to work they had
their bank made Government depository.
and they directly found that the Govern
ment officers kept in their bank about
81 900, 600 in currency. They to ok this
money and loaEed it to the Government
for 81 ,000, 900 of five-twenty bonds, on
which the Government paid them 6 per
cent. in gold-$60, 900. Thus, in one
year, the net profits on an outlay Of $3O,-
600, besides the value of the charter, and
banking privileges on the credit of the
Government, was SIS, 900. This was
done without hazarding cent and by
lending To the Government its own money.
The credit on which the National
Banks DO business is furnished by the
Government, the amount being $500, OOO,-
600, and the people annually pay bonus
of $4,000, 00s to furnish .circula.
ton. -7 -
There can be but one explanation about
this scheme, and that is to be found in
the power of money. --. -
EXACTIONs OF BONDHoLDRRs.
The question am discussing is one of
law and fact, and may be understood by
briefly stating that the ive-twenty bonds |
are now due-they are payable in green
backs and it should be done.
But few people appreciate the burden |
which this violation of law imposes on |
them. II is difficult to comprehend the |
debt and realize its magnitude. The
mind is slow to grasp it. The whole
debt of the Government is about 81, 5OO,-
900, 900. The debt bearing interest in
cnin is 81, log, 939, $50. The five-twenty
bonds, and which is the only debt we are
improperly paying interest on Gas the ten
forty bonds are by the statute payable in
gold, and not due), is 81, 697, 1913, 40.
This last item of debt is the great burden as
well as the great wrong.
said it was difficult to realize its mag
nitude.
Suppose it was in silver and loaded in |
wagons TO be transported from one bank |
70 another, what do you suppose would
be the length of the train when stretched
out along the road 2 Allowing each wa
gOn to haul two thousand pounds, and |
twenty rods to the wagon, it would make |
train of wagons stretching from New |
York city to New Orleans, and then back |
to New York, with one hundred miles of |
wagons left. ."...
And when driven up to the bank to be |
unloaded, unloading one wagon each half |
hour, 1t would take four years and two
months to unload the train. ~
This is the debt the bOndholders say
the people shall pay them in gold. The
money they loaned was currency-nOt
near so good as it now is-the gold inter-
est already drawn, with accumulated in
terest thereon, will over pay their actual
outlay, but still they demand the gold for
the principal, when the law only gives
them currency. Demand the gold be-
cause it can never be paid, and then the |
mortgage is to them and their children. |
For all time, the toiling masses must sup |
port them-support them simply as a |
bonded aristocracy, an aristocracy that
has neither pedigree nor precedent, an |
aristocracy without regal associations and !
without wisdom, except the wisdom of |
the Shylock; an aristOcracy purely shOd- |
dy, and whose only merit is money. 4
The demand for the principal in gold,
backed by Congressional sanction, wrirgs |
annually the $lO1, 900, 900 from the peO-
pie. This immense burden on the people |
comes with the seasons, and from it no |
man is free, not even after death, for it |
attaches to his coffin.
TINE FOR DISCUSSION.
/ have started into this canvass since |
other gentlemen, as candidates, have |
travelled over the State. l want time to |
travel over the State myself, and to confer |
with the people in public meetings instead |
of few men that l might chance to find |
at the towns. IhaYe not now time to do |
so between this and the time fixed. | am |
in the canvass to discuss great questions |
before the people, and shall earnestly |
appeal to the other gentlemen, who are |
candidates, to extend the time of the con-
ventiOn to some time in October.
l have been not q little surprised to
hear from many quarters since | became
a candidate, that was third party man.
l have simply to say that Igenerally speak
out when am for a thing. When get
to be for third party, shall certainly
say so.
The only trouble with me, as things
now stand in Tennessee is, L don't know
my name; but if some body will name
me, and am not choice about what it
shall be, l viii be all right.
know exactly where | stand, and | do
not intend to be driven from my position,
unless more force is brought against mo
than l now see. My fight is side by side
with the Democratic party of the North,
for constitutional liberty and the over
throw of the fUe-t,Oeaty shOddy aristOc-
racy.
SanguinRry.
Last night party of gentlemen, while
J,oo h., nF