The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-09-24
THE FUNDING SYSTEM.
Extent of the Swindle.
A Wagon Train I4.22 Miles
Long. ..
Extract from q speech, Delivered
by Hon. l.. ID. Campbell, Mt Della.
ware. Ohio. September 9Th, 1870.


the Democratic party for voting agains
the funding bill which he had Genera
Schcnck get up last session. They die
right, and will receive the applause o.
the whole party, and thousands Of hon
est Republicans, for their opposition
What is this funding system? Mr.
Sherman seems to regard it as another
strengtheningprocess. Theys clearly
from the signs Of the times, that ere
long the people will drive thespecula
tors and swindlers out Of powar. The
Democratic party are coming in. Cap
plause.) Hence the representatives OF
the bondholders are in hot haste to gel
the old bombs taken up through new
issue They think that if the j,20S con
thus he retired and destroyed they can
say to the Democrats in power, "true,
the 5-20s were TO be paid in greenbacks
but then there are none of them out
and these new bonds, under the funding
process, are to be paid in gold" This
is the nature oil the stupenduous fraud
that is sought to he perpetrated under
the strengthening process No. 2, Of
Sherman and Schenck, under the name
of funding. 7 know the Senator
friends consider him a great financier.
Without intending disrespect to him, l
must say II can't see ii" True, it is
reported that through long service in
Congress, he has acquired great wealth.
1t is to lie presumed that his success is
no impeachment of his integrity, and
would not cast the slightest imputa-
ton upon it. All ! know about it is
that | grew poor instead of rich by go
ing to Congress. | presume it was
because / din't know much about
finance. But what we have right to
complain of is that he has not been as
successful in managing the nations
finances as he has been in his individual
operations. Whilst he is growing rich
the nation is growing poor, and he is
working up plans by which the people
are to be made TO pay twice as much as
they honestly owe. In regard to his
funding bill, we give him fair warning
if he mixes up the honest portion of
the national debt with the dishonest, he
will invite reputation Of the whole.
He knows, as all lawyers do, that when
a transaction is tainted with fraud,
when the dishonest is inseparably
mixed with the honest debt, the whole
affair must be treated as nullity.
Therefore if his funding process is car
ried out the Democracy may be com
PEELED to throw the entire transaction
overheard (Applause.)
THE EXTENT OF THE swINDLE.
There are outstanding sixteen hun
dred millions of these fivetwenties.
which cost the holders probably less
than eight hundred millions in gold.
These strengthening and funding
schemes therefore propose to bind the
people to pay eight hundred millions in
gold. which they never received, and,
according to Senator Shermans letter,
which have Just read, they never con,
tracted to pay.
THE SPECIE WAGON TRAIN.
Fellow-citizens, you are plain men
and won't recollect these dry statistics.
Allow me, therefore, to repeat a plan |
sometimes adopt to impress my hearers
with the enormity of this swindle. In
thus stigmatizing this funding or
strengthening scheme of Sherman and
Schenck, | but borrow the language OF
old Thad. Stevens, the "old commoner
and. their leader | knew him we'll.
He had an intense dislike Of the Demo,
cratic party, get when he was dying
when he stood lettering over his grave
among his last words in the House Of
REPRESENTATIVES, July II, 1868, were
these: al would vote for no such a
swindle on the tax payers OF the
country: if knew there was such a
platform and such determination on
the part of my own party, / would, with
Frank Blair and all, vote for the other
party. -. r.,
This eight hundred millions Of dol
lars silver reduced to weight would
make twenty-five thousand and forty
one tons. Loaded into wagons, giving
each team one ton to haul and one hun
dred. wards to move liz to prevent coils
ions, and YOU would have train Of
wagons hauling specie ont of youl
rockets fourteen hundred and twenty
two miles long! (Applause.) Reflect
on that picture if you forget the figures
The train would be long enough te
reach from Boston to St Louis. And
should YOU desire to see the whole tram
pass through Delaware, you would only
have to stand on the street serenty-twc
DAYS. allowing il to travel at the rate o.
twenty miles per day. 1t is stern
reality demonstrating the amount o.
money which Sherman, Schenck, anc
the balance of the Republican party
propose to grind out Of your labor tc
nav the bondholders sum you never
borrowed and never agreed to pay
THE NATIONAL BANKS.
But the magnitude of the bondhold
ers' speculations off your earnings does
not stop with the payment of this vas
sum. They have been banking on the II
bonds and lending you money as lndl
yiduals at heavy rates of interest. Nov
am not warning against capital con
fined to its honest and legitimate pur
suits, nor against the men who are en-
gagged in banking. 1t is this outrage
ous system of banking the Republican,
have fastened on the country that | OF
pose. .-.. .-,.r.,8 ttsyt
In the DAYS Of jackson the creates
triumph of the Democratic party wa
when he throttled and slew the Unite
States Bank, called the great monste
that might, with the power Of its money
overthrow the liberties of. the people
That bank had only a capital of thirt
millions, and it wasrequired by law t
have at least one dollar in gold or 81
yer for every three dollars of paper pu
~ circulation The country was the