Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1870-07-28

drawal Of United States notes from circu-
lation that the people had without cost
that the National Bonds might supply
them at a high rate of interest. The ez-
elusive right to furnish forty million OF
people, scattered on ssaoutinent. with the
money that was necessary to effect all
their exchange, was certainly a great priv
ilege to extend by public law to a small
class of citizens to the exclusion of all 9TH
ers.
And while would condemn the enact
ment Of such law, the people must mold
as still more odious the conduct of pub
lie officer charged with the execution Of
the law. who would assume to set at
naught the plain provisions Of the law,
in order that the monopoly might be
made more complete. oppressive and dan
geroUs. But this course pursued by the
Honorable Secretary of the Treasury was
in full accord with his declaration OF war
against the peoples money which he at-
terw ard favored Us with in his Fort Wayne
speech, aud which was during his whole
term of Office 50 strictly adhered to- Ii
was war waged on the part Of the chief
Of our Finance Department against the on
ly money that the people had free Of inter
est. Strange conduit IN a public servant
1t was work prosecuted in the interest
of this monopoly. The effect of the Sec
retary's course was to drain from circula-
ton the United States notes that the peO-
pie might become more dependent on this
monopoly for money, thus doing for 1t
what 1t would not have done for itself
force the people to abandon the use Of the
United States notes which they hold with
out interest and take its notes at a high
rate of interest. This was. and Is con-
test between capital and labor. The ex-
perience Of the past has taught us that
such q contest Is inevitable IN all organ
lied governments. The representative of
capital and labor are each striving for the
supremacy. In the success Of the one Is
anarchy. oppression and ruin, while in the
success of the other there Is peace. pros
perity. and general happiness secured to
all the people This follows from the fact
that labor Is satisfied if left to work out
its own course e: while On the other hand,
capital if left to itself Is protitiess-it must
feed on labor and the more oppressive it
becomes the greater are its gains. Money
like every other product Of mems labor
increases in value as the demand for 1t be-
comes more general and urgent and de-
mand becomes more general just in pro-
portion as the supply Is reduced below the
maximum actually required by the peo-
plc-hcnce we hear coming from the great
d. d -
trade, and strangely enough, from our
chief Finance Minister the demand iOr
-.contraction. That this demand was
much in the interest of this monopoly and
not for the benefit Of the people. Is too
Lain to admit of doubt. Now then we
have presented the @lcplorable spectacle
of a giant monopoly backed by high gov
ernment officials. crushing the very life
ont of the nation and apprQpuating to it.
salfthe hard earnings or the great body
of the people. At the present time 1t
holds the mastery 0f the eoyergmcnt and
thcToficcrS 5achcd.by the powerof the gov
erument are but 50 many servants for it.
gathering from the people millions of dol
lars annually. to fill the pockets Of the
National Bank crew and the bondholders.
This Is in contrayention of the fundamen-
tai principle of the Republican Party,
equal rights for all men" As | said in
in the outset the success of the party de-
pcnds on q strict adherence to this fun
dameutal principle. II the body of the
Republican party would preserve the par
ty organization and hold the control Of the
government. they must come to the res
cue. and set the party right before the
whole country. thatall good men viii unite
with US to secure to eve-y American cit
izen equal rights and a.7ance the interest
of the whole people.
In another letter | will examine other
public measures. W. p.