The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-08-19
GREAT SPEECH
THOS. EWING,
rSDoRsISe TEE pHHcRLEs on rsr
LABOR UNION
Columbus Ohio, Friday, Aug. IL.
GREAT SPEECH

On Friday evening, August 18th, Gen.
Thos. Ewing, addressed the citizens of
Columbus, Ohio, on the political issues
now before the country. On the questions
Of the public debt and currency he spoke
as follows:
Among the most important questions to
be considered in this campaign are those
affecting the management of the debt and
the currency. Before the war, we had no
national currency, and comparatively no
national debt. The modes Of managing
them were not topics of immediate interest,
and therefore were little studied or discuss
ed by the journalists and statesmen of the
country, and were not in the least under
stood by the people. During the war, its
exlgencles left the government neither time
to elaborate nor freedom to adopt such per-
manent policy as would be best for the
country and when it ended, our people
were burdened with debt such rs no ma
ton but England ever created or carried
before. But the business of the country
was good, credit expanded, and production
large. If the Republican party had been
controlled in tie interest of the masses, it
would have thenceforth so shaped its legis-
lation as not to check the general business
of the country, especially rs q million and
a quarter of soldiers were just returning
from the field, and seeking occupations in
civil life: so as to deal gently with the
debtor class, which comprises the mass Of
the men of business in every community :;
and so as to Tighten, by every fair expedi>
ent and construction, the enormous public
debt resting on the masses who had borne
the heat and burden of the war.
But no such just policy was adopted
The bOndholders, the national bankers, and
all the parvenues Of the war combined,
had control of the Republican party, and
through it managed Legislation so rs to per
Petuate the power of the national banks, to
increase the value Of the 52O's by declar
ing them payable in gold, and to e1haDce
the relative value Of money and Of ali
bonds, notes, and other investments calling
for fixed sums Of money. The effect Of
this system of finance has been to increase
enormously the public burdens, cripple the
enterPrlslng debtor class, ard paralyze the
general business Of the people.
The measures by which these results have
been accomplished are three:
NATIONAL BANKS.
lst The perpetuation of the national
bank circulation.
The gift to private corporations Of the
sovereign prerogative Of making the money
of the people was extorted BY the State
banks from the government early in the war,
is founded on no consideration legal, euuit-
able, or moral, and is revocable at The pleas.
ure of the people. Had greer backs been
substituted for national bank notes when the
war ended, and $40 bonds, then at par
in greenbacks. bought with the new issue,
our bonded debt would now be $3.50, OOO,.
600 less than it is Or if the the $780,
100000 of bonds so bought in 1865 had
been set apart as a sinking fund, and in
terest paid on them and compounded at 6
. I-F -tG.- 4I.-sr1-t Al b. thHl t4a3 would Di
'.sei- ~ .ny Yel- 1926 b.vs paid IL geld
Fae rTr ,C.- ci an a. b,r--d cent An
ei4Hii1- ~ 1866, NJ ccc lsaua.--.a M Fave
saved the people s239, 100000 expended
in buying bonds 10 the last two years. If
we would now substitute greenbacks for
national bank notes, we would save Sl7,-
$4,000 in greenbacks annually. That is
exactly the sum this circulation privilege
given the banks now costs the people year
\ ly, after crediting the one per cent tax
paid on circulation. Mr.. Sherman implied
ly denies this fact, asserting that the banks
pay other large taxes, state and national.
But the fact is that, with the sole exception
of the tax on circulation, there is not one
tax levied by the general or local govern
ment, on banks or their stockholders which
does not fall on national and private banks
alike, or which would not be paid if the ma
greenbacks. l challenge Mr.. Sherman,
when be shall address the people at Toledo,
on the Path to show what these other taxes
have to do with discussion of the question
Of substituting greenbacks for greybacks,
except to darken counselor to show that
such substitution would necessarily cause
any jar to the business of the country, in
convenience to the government, or injustice
to the banks; or, in short, to render any
good reason why bis party, instead of lifting
this enormous burden from the shoulders OF
the people in 1865. have held it on, voted
down every resolution in Congress offered
, by the Democracy to remove it, and are now
adding to it by lncreare of the bank circula-
ton.
5 20 BONDS.
I'd. The law requiring the pos to be
paid in gold.
The expressed opinion Of nearly all Res
publican statesmen was that the people bad
the light to pay then 10 greenbacks. The
: Republicans so declared in their platform in
sos IN Ohio and throughout the west.
Senator Sherman, whose information and
abilities have gwen him control Of the e.
nance measures of bis party, said, in lis
letter Of March 25th, 1868, to Hon. A.
Mann, Jr., that the holders of the 5 20 g
who demand gold for their bonds ''are re.
pudiGtOrS and ertOrtiOners." Yet no
sooner was the new administration inauger>
ated than Mr. Sherman, and all the Repub.
lIcans IN Congress with the sole exception
Of Mr. Beatty Of Obio) by the act OF
March Is, 1869, prohibited redemption in
greenbacks. On the sixteen hundred mil
liens of these bonds we are paying, in effect,
per cent. lnterest-that is per cent. gold,
equai TO u greenbacks, and about q ex-
emPlion from state, county and city taxes
ne interest and exemption burden Of these
oonoS alone Is one hundred and forty-6ve
millions anuualy-is greater than the whole
annual debt burden Of Great Britain The
first measure of relief Eor ~ - [.