The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1871-07-04
dier has to help to pay the bondholders


an insult to every man who bore arms
in defense of the Union? If this thing
is to be, ought we not in common de.
cency to blot the words justice and graf
} itude from our language? We are a
patient people, citizens, or these wrongs
: would not have been SO long endured.
}, There are something's l would like to
5 forget but cannot AT the very moment
the war was at its heat, Republican
Congress fixed three hundred dollars as
the value of the life of husband, son
or father. If the rich man fell under
the draft, he was released for a paltry
three hundred, while some poor fellow
who could not take that sum from the
support of his family, was taken out TO
be shot in place of the nabob whose
skin was of two fine texture to be
pupctured by a piece of lead. And
when men grew scarce and orphans
plenty, Congress continued to legislate
against the poor, by receiving substitu-
tes, and the riyh bondholder was e*cus-
ed, provided he could buy man for .
thousand or fifteen hundred dollars, to
fill the grave intended for himself.
THE BoNDHoLDER CONTROLS THE TREASURY
AS WELL AS CONGRESS.
| The pamphlet hold in my hands, my
fellow citizens, is ''the Statement Of the
Public Debt of the United States" by
Jay Coole,t the government agent for the
sale of its bonds. 1t is prepared with
care, and is reliable. He says, "the Uni
ted States notes. -greenbacks-were is
sued under acts of February % and July
| IL, 1862, and March 3, 1868, and are a
legal tender for all debts, public and pri-
vate, except duties on imports, and the
interest on the public debt" This ex-
tract from the law is printed on the back
of every greenback; the Supreme Court
has declared the law to be constitu-
tional; and such was the understanding
between the bondholder and taxpayer
when the 5-20s were issued. But in vi
olation of the law, in breach of the con-
tract between the bondholder and the
taxpayer; 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 hun
dred million dollars of bonds, he has
caused the bondholders to be paid twen-
.tty-fve millions six hundred thousand
dollars more than the law entitled them
to receive. This seems almost incredi-
BILE, but here is the proof. This paper is
''the statement of the public debt of the
United States on June l, 1871" and is
signed George T. Boutwell,, Secretary of
the Treasury IT shows the a,ti6unt. of
bonds paid from May, 1869, to May II,
|1S71:
The amount paid was, s232 2,426, ,2O4
The principal Of the bonds
i paid was, 206,S06, $50
Amt p'd more than owed, S25,519,354
l take tie figures from the official
statement. They are no doubt correct
Here it is admitted that this Republican
Administration has made q gift to the
bondholder, who is exempt from taxa
tipn, of twenty five and a half millions
of money, wrung from the people in the
shape of taxes, without one dime of con.
sideration 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 Sec
retary 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 presented, inter-
est to cease. Shall this robbery be tol-
Grated? 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 phi, when you have the
right to pay them at par? Why pay for
an article more than it is worth?
This is Grants plan the bondholders'
plan; the Republican plan, for it is true,
Republicans, you will be responsible if
you keep these men in power.
You would like to know what is the
Democratic plan? 1t is this: AS rapid
ly as possible, consistent with the inter-
ests of trade, we would pay the five
twenties in greenbacks at par, according
to the contract-hundred dollars for
hundred dollars, and not one hundred
and twenty for 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.
cd for that purpose. To guard against
imitation 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 of the
owner. BY this process the interest on
the debt would be reduced from six to
three pei cent; the amount of currency
would be determined by the demand of
trade, and lot by the banker to suit his
own purposes. This is business plan,
and will receive the support of business
men,
kETRENCHMENT kNb REFORM.
Fellow. citizens: the real necessity of
the times is retfenchment-ref
Your taxes are not only stolen, but are
corruptly 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 in 1.-The Daily Globe" of January
%, 1861:
Mr.. JULIAN-Mr Speaker. nothing is
more remarkable than the growing ten
dency Of legislation in this country to
lend itself TO the service of capital, of
great corporations, of monopolies Of
every sort, while too often turning an
unfrien6ly' eye upon the people, and es
Ipecially upon the laboring poor. The
cause of this may fairly be traced to the
evil genius of the times, which makes
the greed for sudden wealth sort OF
devouring passion, and thus naturally
clutches The machinery of government in
the accomplishment of its ptirpases.-
This bad spirit, which has been steadily
l@..