Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1870-04-28
How the pebtsis Being Paid.

Extract from the speech of Mr.. Voor-
hees, at Indianapolis, Ind, March 81
But the party now in power is filing
the country with a loud and pressing
claim to its gratitude for having, as it is
alleged, reduced the public debt within the
past year about eight millions. On this,
point, Governor Morton made the follow
ing assertion
aDuring the first eleven months of
General Grants administration, the pub
lie debt has been paid off to the amount
of $S0,649,971 which has been done by
the application of the surplus revenues to
that purpose, while, during the last year
of Mr.. Johnson's administration, the debt
was only reduced $5,959,718, although the
taxation vas greater than it is now"
Even if this were true, what does it
prove to the credit of the Administration ?
Where, beneath the sun, are the people of
the earth paying such an amount of taxes
as the American people are to-day yielding
up to the Federal authorities? What other
isphere, leVies such q contribution on its
citizens, in proportion to their numbers
and resources, as the American Republic ?
Before the war, seventy millions q year
wa a heavy assessment for federal expen-
diture. Now the blighting column foots
up nearly four hundred millions a year for
the same purpose,
AnQlA bnt 1dC6 VI A6Se LdCS Tue OeH-
ator from Indiana makes a bold claim of
merit that some portion of this tremen-
dous taxation has been applied to the
payment of bonds. 1t is a boast that not
quite all of this terrible sum taken from
the people has been squandered and
wasted in reckless expenditures. 1t is an
assumption of virtue, because out of the
vast millions in their hands the Govern
ment officials used a small fraction to re-
Hnun tho nonrflo from doht EGurolU If 10
no difficult task for a man to pay q debt
If boundless treasure belonging to others
are given to him in trust for that purpose.
There is wickedness, however, here in
this connection that battles the power of
human tongue properly to denounce. 1t
is claimed that eighty millions of bonds
have been redeemed. If so, how has it
ing to law or according to the rule of rob-
beryf By the plain provisions of the
contract, as ! have demonstrated from the
most eminent Republican authorities, they
are payable in legal tender notes. In the
very teeth of this contract, the Secretary
OF the Treasury announces that he paid
them in gold at a time when gold was.
worth twenty per cent. more than the
kind of money which was legally due to
the bondholders. This Republican official,
therefore, in open violation of law, made
a present to the usurer of your money,
your sweat stained taxes as follows:
Twenty cents on every dollar; twenty
dollars on every hundred two hundred
dollars on every thousand two thousand
dollars on every million, and exactly six-
teen millions one hundred and twenty
nine thousand, nine hundred and ninety
four dollars ON the whole amount which
the Senator says has been thus redeemed
and paid of. Over sixteenmillions in this
meager transaction taken directly from
your pockets and placed in the Golfers of
the bondholder, with no more law to sup
port it than there is for an act of piracy on
b high seasI There al be no answer
to this, save a confession of guilt, and
there is no escape from it's blistering in
fanny. Over sixteen millions taken before
your very eyes and bestowed as a bare
gratuity, a naked gift, on the full mono
polist. Is this the system by which you
wish the debt to be paid? 1t is a shame
less robbery. Shall it continue? 1t is a
naked and confessed plumber of the poor,
in order to add to the stores of the rich.
1t is committed in your view, and de-
hberately avowed in your hearing. Shall
it stop, or shall it go on. VIII you uphold
an Administration that has its favorite
class, for whose benefit it seizes your taxes
in defiance of law There is no denial
that can be made. TIE sixteen millions
are in excess of the contract. They
1egalIy DeIoug W 6ne people ana SnOuiQ De
back in their hands. They are Illegally in
the hands of the bondholder, and should
be taken away. And the Administration
which placed them there should be driven
from power.
: But the strangest and most extraordi-
nary feature of financial legerdemain ever
known in this country before, remains to
be told. Though your earnings nave been
taken and more than sixteen millions of