The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-04-14

controls political affairs. l propos
to try that pernicious construction b,
the correct law of the case.
There are four different plans 70
the payment of the public debt nov
in the minds of men. The first an,
prime favorite with the bondholdin,
capitalist is the present system. ii,
wishes no change at all..i His exac
views were reflected in the inaugura
of the executive on the 4th, day o
last March. The payment of the deb
IN coin, with no reduction of interes
or departure from the policy 'hitheFtt
prevailing, was then declared th'
chief corner stone of the administra
tration. The president spoke under
the inspiration and IN the powerful
interest of unscrunalous wealth anG
against the lowly and the poor. III,
reared the banner. of extortion, .ovel
all the realms of industry. He de
clared himself the advocate of those
who gather in from the people what
they never paid out to the govern.
ment. He knew, or should; have
known, that the government had re,
ceived less Than fourteen hundred
millions for the sale of its bonds, as
have shown. In the interest of fraud
and usury he announced o plan by
which, if adhered to, the toiling tax
payers will be compelled to pay for
that less than fourteen hundred mil.
lions, the almost incalculable sum OF
$4,470,9l8,930, and amount more than
three times as large by actual ccompu-
tation as the advancement made. by
the purchasers of bonds when the ma
ton was bowed down in despair for
the want of money. This illimitable
scheme of plumber proclaimed by the
executive is destitute of the. slightest
support either in equity or in law.
Is it equitable to compel a patriotic,
self-sacrifcing people to pay the ma
tional debt nearly four times over to
a privileged class who never sacrifice
ed one drop of blood, one dollar in
money, or one moments ease to hold
fast the unbroken boundaries of the
republic 2? That it is not legal, I will
presently demonstrate. eIiI .a
The second plan in the order of my
consideration is of more recent ori-
gin. At the opening of the present
session of Congress the Secretary of
the treasury laid his report on our ta-
bles. 1t announces a small deviation
from the present system. There is an
to lead the laborer into the
belief that something at last is to be
done for his benefit. The principle of
funding is troduced and strongly
urged. 1t is gilded over with the
proposition to place the rate of inter-
est at four and one-half per cent. He
says; sssie -.
"Ihe five-twenty bonds, amounting
in the aggregate to $1,602,6H, 100, are
either payable or will soon become
payable"
This constitutes over three-fourths
of our bonded debt, even at its ficti-
tious face. The Importance, there
fore, of its payment is at-once appa-
rent. The plan of the Secretary
reaches only. I,200,O00,000 of i this
amount, and for the remainder he ad-
vances no theory. Let us examine,
howeyer, heWszfhe taxpayer will be
effected ny what he does suggest
The provision which he asks is that
new bonds be issued payable in coin !;
S400, 100000 due in twenty-five years..
S400, ,000,000 due in thirty years that
these bonds shall be exchanged for
those now outstanding, and that they
bear interest at four and q half per
cent. in gold.
This is what is known as funding
the debt at a lower rate Of interest,"
call upon each one who hears me to
make calculation. By this plan, at
the end of thirty years, when the last
falls due, the people will
have paid in gold interest the sum of
81, $780, 100000 more than the principal
which is thus funded, without reduc-
ing the principal a single farthing or,
having single cent for their hard
applied to its payment. This
policy signifies the repeated satisfac-
ion of the debt without ever effect
ng release from lis unending de-
nands. After bondage of thirty
years, the labor of the country will be
10 nearer land of liberty and rest
han it is now. After thirty years of
,easeless exert1on, the people will
'till be in wilderness of taxation as
A4SAA ehhNA NlSAlSO 90 LA1etl III w A1CAI lACy
wander and mourn to-day. The
mortgage of the bondholder on all
heir homes and farms, and focks, and
nerds will yet remain exactly as heavy
Is it is at this time. Their children
ind their children's children will grow
Up around them subject to the same
lndiminished burdens; their estates
will descend to their posterity loaded
~ the same incqmbrances that now
est upon them. The debt win be-
'ome permanency as lasting invest
nent for idle capital pensioned on the
industry of the nation. Its final liqui-
latlon IS not contemplated nor de-
1red by those who own our bonds
nd control the policy of the present
administration. Interest, interest,
With its ceaseless, silent, frightful ac-
umulation, will compel the tax-pay-
+ to pay it over again, and yet it will
ever be Cancelled. The principle of
nnding establishes an inexhaustible
nine of gold for the bondholder and
n eternity of hopeless toil for the
eople. 1t is the doom of slavery as
bsolute and perfect as ever wrung
Hpa1u, IGiuCCdllt laDOE- 1fOlA AkIyrdCo |
+ any color or kindred. 1t is the |
Vhip, the scourge with which cruel |
nd unrelenting taskmasters from |
ear to year and from age to age will
rive the American labofer to his dali
7 serVitpde. It has long been known
n England, and there enslaves the
multitude and supports the nobility
a Incidence and luxury. 1t is as fixed
nd permanent, too, as the British I
itself, and will come to no
peedier end. Its introduction into
ur laws viii create a rank of Amer
,an nobility, founded ppan wealth,
nd fix the badge Of seffdom upon
ne industrious citizen. 1t will total
Y subvert the entire spirit, meaning,
nd purposes of our institutions
hey were made by the people for
he people in the hfoadest selise and
OF to enrich and elevate the favored
,w. The funding system, therefore,
hold to be the worst known in tinan-
ial history. 1t will never receive my
upPpoFt'
/ come next, however, to present q
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