The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-06-21

-A"1 "hSh bCu SiS" cShiNS ""o Va
phans plenty, Congress continued to
legislate against the poor by receiving
substitutes, and the rich bondholder
was excused, provided he could buy a
man for a thousand or fifteen hundred
dollars, to fill the grave intended for
himself.
THE BoNDHoLDER CONTROLS THE TREAS
URY, AS WELL AS CONGRESS.
The pamphlet l hold in my hands,
my fellow. citizens, is "the statement of
the public debt OF the United States" ="
by Jay Cooke, the Government agent
for the sale of its bonds. 1t is prepared
with care and is reliable. He says,
'the United States undergraduates
were issued under acts Of February 25th
and July llth, 1862, and March Sd,
1868, and are a legal tender for all
debts, public and private, except duties
on imports and the interest on the pub
lie debt" This extract from the law
is printed on the back OF every green
back; the Supreme Court has declared
the law to be constitutional and such
was the understanding between the
bondholder and taxpayer wher the
5-20s were issued. But in violation Of
the law, in breach of the contract be-
tween the bondholder and the tax
payer; in contempt of the decision Of
the Supreme Court of the United States;
since Grant became President, on the
payment Of bonds that were by law
payable at par, on little over two
hundred million dollars OF bonds, he
has caused the bondholders to be paid
TWENTY-FIVE million six hundred thou
sand dollars more than the law entitled
him to receive. This seems almost in
credible, but here is the proof.
This paper is "the statement Of the
public debt of the United States on
June lst, 1871" and is signed George
7. Boutwell,, Secretary Of the Treasury.
1t shows the amount Of bonds paid
from May, 1869, until May II, 1871.
The amount paid was 1922 ,426,2 ,2O4
The principal Of the bonds
paid was 2O6, 500, 30
Amt paid more than was
owed Zo,0l9,fot
take the figures from this official
statement They are no doubt correct.
Here it is admitted that this Republican
Administration has made a gift to the
bondholder, who is exempt from taxa
ton, of twenty-five and half millions
of money, wrung from the people in the
shape OF taxes, without one dime OF
consideration in return.
These bonds were made payable at
par, in five years, at the option of the
Government, or in twenty years upon
the demand of the bondholder. If the
Secretary wished to pay the bonds, it
was only necessary to designate them
by number and amount, and name
day for payment, and if not then pre-
sented. interest to cease. Shall this
robbery be tolerated? Are wrongs like
these against the people to be continued
by the people themselves? Boutwell,
calls this process purchasing bonds.
But why purchase bonds above par,
when you have ,he..right to pay them at
par? Why pay for an article more than
it is worth?
This is Grants plan; the bondholders S
plan; the Republican plan, for it is true,
Republicans, you will be responsible if
Won keep these men in power.
You would like to know what is the
Democratic plan? 1t is this As rap
idly as possible, consistent with the in
tere-ts of trade, we would pay the five
twentics in greenbacks at par, according
to the contract-hundred dollars for
hundred dollars, and not one hundred
and twenty for a hundred. The pay
ments would be made to suit the de-
mands Of trade. When wool and wheat
and corn and cotton had to be bought
and sent to market, money would be in
demand, and by the payment of five
twenty bonds, money would be furnish
ed for that purpose. To guard against
initiation we propose TO issue three per
cent. bonds, payable in greenbacks on
demand; the bonds to be again con-
verted into greenbacks at the will ofthe
owner. By this process the interest on
the debt would be reduced from six to
three per ceut.; the amount Of currency
would be determined by the demands
Of trade and not by the banker to suit
his own purposes. This is business
plan, and Will receive the support of
business men.
INFRINGEMENT AND REFORM
FeIlow-citizens: the real necessity OF
the times is retrenchment-reform
Your taxes are not only stolen, but are
corruptlv squandered.. And in this con-
nection | wish to read an extract from
a speech made in Congress by Mr..
Julian, a leading Republican. 1t can
be found in full it the Daily G!o5c OF
January ~, 1861:
Mr.. Julian. Mr.. Speaker, nothing
is more remarkable than the growing
tendency Of legislation in this country
10 lend itself to the service OF capital, OF
great corporations, Of monopoliea OF
every sort, while too often turning an
unfriendly eve upon the people, and
especially upon the laboring poor. The
cause Of this may fairly be traced to the
evil genius of the times. which make the
creed for sudden wealth sort Of de-
yourlng passion, and thus naturally
cluthes the machinery OF government in
the accomplishment of its purpose. This
bad spirit, which has been steadily
marching toward its alarming ascend
ency since the outbreak Of the late civil
war, writes itself down upon every
phase Of society and life 1t breeds
political corruption in the most gigantic
and frightful forms 1t whets the ape
tite for public plumber, and through the
aggregation OF capital in the hands OF
the cunning and the unscrupulous it
..,ooacas the eunal riphts of the people