Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1871-01-12

t began to loom up, and the
for paying the 500 bonds
N legal tenders was then consid-
cred to be-so just, that substan-
all the Republican leaders,
in Hnd out of Congress, took
strong grounds in it's favor, with
great unan. nifty. 1t was then
endorsed as a just policy, in all
conventions. both county aud
Hence, the labpring man
may now. we'll ask What has
The change?
This Is no party measure,
growing out of the war, but it ia
one of life or death to the nation.
When the bonds were purchas-
ed legal tenders were plenty,
AMI readily within the reach OF
industry and productive labor;
then wheat, corn, pork and Hour
brought remunerative prices,
which greatly encouraged all
branches of business; but expert
ence, one of the most convincing
arguments in human affairs, has
proved that just in proportion as
legal tenders have been retired,
the value of productive labor
has correspondingly declined,
and the bonds advanced in VAL
ne. Therefore, it may be fairly
assumed that the people can
much easier pay their assess
ments, incomes and taxes, and
'finally liquidate the public debt
in legal tenders, under some-
what Of ON inflated currency,
than upon a specie basis, in gold;
and if so, what injustice attach-
es to this mode OF payment The
debt WAS incurred under an in
fated currency of legal tenders,
and where is tho injustice TO the
public creditors in hquidating
the same on a similar basise-
Values would thereby be render
ed equivalent, aud equal handed
justice be main, aimed through
out the whole transaction. But
to this equitable mode OF adjust
'ment tho grasping bondholders
and their retainers, in and out
OF Congress. stand opposed; and
in this they claim an unconscion-
able advantage of the people
Originally, they made no claim
to such an unconscionable adj
vantage, but in process of time,
they quietly manipulated their
way through Congress, and
thereby inaugurated the Nations
al Banks, and the policy of retir-
ing legal tenders, for the express
purpose of putting in circulation
O different currency, which
could not be used in payment of
their bonds; and moreover, of
acquiring q further advantage in
carrying on an exclusive bank
ing business, not in coin, but on.
the Indebtedness of the people.
BY this process, the bondholders
not only killed two birds with
one stone. but IN point of fact,
overleaped the old sdage by APP
propriatiug to themselves by
this maneuver, these advantages,
which are now beginning to tell
very seriously on the communi-
ty. The retiring of legal tenders,
the enhancement. in the value OF
their bonds, and exclusive bank.
ing privileges upon mere prom
ises to pay themselves; and with
these immunities they arc ena-
bled to monopolize the circulat-
ing medium of the nation, and
thereby control the prices of pro
ductive labor at pleasure. This
is beginning to tell most
in the agricultural re-
of the West. Prices of
productive labor are daily de-
Ginning, and bonds are continu-
ally advancing in value; and the
reason of this is that the scanty
amount of circulating medium
now afloat ia monopolized by
capitalists ut great financial CEN
tiers in the New England States,
the principal amount of
are held; and consequent
ly there is not q sufficient
amount left in the W est to trans
act business, and to move the
proceeds of productive labor to
any advantage to the producer.
These unjust measures, in the in
terest of the bondholders and to
the prejudice of tho people, the
Republican leaders, in and out
of Congress, have finally adopt
ed as a financial policy, and now
on the payment Of the
in coin.
Not satisfied with retiring
noarly all the legal tenders, and
through tie Intervention of Ma
Banks, partially subst;tut-
in their stead a different cur
rency, the bondholders still fear
ing that the people might be-
come clamorous under the pres
sure inaugurated for new issues
of greenbacks, procured a fund.-
ing scheme, to be Endorsed byl
by which they might
exchange their bonds for new
ones payable in coin. In theI
Of this measure, Con-
gress evidently represented theI