The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-10-23
SPEECH OF
ANDREW N. BLAKE.
OF Canton, at Waynesburg, Saturday
Evening, October 4th.

oSO NAeN NLOl ~ NV "a ASS 49,
vast patronage OF the government, and Its
evenues to perpetuate their administra-
ton, insead of laboring for the whole peo-
pie without regard to party. The Repub-
lican administration was eminently sue
'cessful and is entitled to the gratitude of
posterity for abolishing slavery which Was
a curse, a blot upon free America. 1t was
inimical to Republican institutions, an
incubus upon the body polite. A con-
slant Causus Belli beLWixt the North, and
our sister republics of the South.
The men who gave birth TO and sustain
ed the Republican administration during
the dark days OF the rebellion, began to
perceive, with fear and alarm, that af:er
they had accomplished all that they had
hoped for in the adjustment of slavery,
aud the comforting of civil rights upon the
negro by the 18th, 10Th and 10th amend
ments to the constitution, that many of
the party went in Tor the spoils connected
with their success, and that instead of
decreasing the enormous public debt, went
In for augmenting it. They also seen that
corruption began to pervade every de-
partment of the general government, ana
self interest become the m~aln-sprlngof all
public action This was the reason that
Horace Greeley, Charles Sumner, Carl
Schurz, William n. Seward, Salmon P.
Chase, and fifty others whose names are
familiar to you, Joined the ranks of the op-
position. They were also alarmed at the
rapid striaes which Grant was making in
favoring a centralized government. that
controlled not only the army and navy,
but the monetary and railroad power.
The San Domingo schemes; the abolish
ing OF the writ of habeas corpus, and 9th
er overt acts followed each other in rapid
succession. In order to secure the sup
port of the banks, and the monetary pow
er,he made thepaymentof hehve-twenties
in gold a cardinal measure of hls admins
tration. Now this was wrong; because
the banks & others purchased bonds with
greenbacks when greenbacks~ We're only
worth so cts. on the dollar, and the terms
and st~ipulatious of the contract was that
they should be paid in g~reenbacks; and if
they were to be made payable in gold then
the equity of adjudIcuon upon a fair set
Element would have allowed the bondhol-
ders to have received but one-hdT Of the
entire amount of the fve-twentles IN gold,
or about in round numbers one billion
Since the bonds are untaxed, that IS GER
tainly enough interest for the farmer n
laborer to pay Jay Cooke was the conf
Dental adviser OF the government. lie
lobbied to have the full amount paid IN
gold, and it was the first bill that Grant
signed alter becoming President.
The 100 National Banks deposited
three hundred and sixty-one millions OF
these bonds at Washington as security for
their National Bank currency issue on
which they receive 6 per cent interest IN
gold from the government semi annually,
it amounting to t~wenty-four millions an
,.,l.r 80 ,vo orfar nrOfaGt The m
terest is too much; the people, the govern
ment cannot afford to pay either TO BAN
kers or bondholders a rate OF interest that
rates from Z to 8 per cent per annum.-
From 4 to 5 per cent is all we can afford
to pay on the entire debt; because the en-
tire debt has become so incorporated
amongst the rich, and is held by so many
of both parties that the fraud of their en-
tire payment in gold can hardly be pre-
vented. We agreed In the campaign OF
II that this question should be held IN
obeyance by the Democracy, and the mon
ey righted when we get into power. We
will show you in a moment why we can
not afford to pay the 6 per cent semi an
nually. After receiving their national
cLrrencu and this amount Of interest, they
loan it out over their bank counters to
manufacturer and others at from 10 to 10
per cent. So that the interest paid by the
government plus the interest from the
mercantile community amounts to 10 per
cent net per annum. Bear In mind IN the
discussion of a National Bank question,
that private bankers are placed upon the
same footing. When the national bEnk
raises its rate of interest, or lowers Its
ate of discount, the private banks does
the same. Here we enter solemn protest,
because no bank has the right to make 10
per cent. net per annum, They violate
not only United States law, but the law Of
Ohio, when they do it. They p%recipitate
a financial Crisis upon the people by so
doing; because manufacturers, n bor-
rowers cannot pay it. By what authority
do you violate statuary law? BY what
right does the Republican administration
confer on you special favors to receive a
rate of interest that neither agriculture
or labor can pay? You must remember
that agriculture determines the natural
rate of interest for all countries. If the
farmers make 10 per cent. net per annum
then the banks have a right to; but if ag-
riculture only makes 6 per cent. then the
banks should not make more than 10. TIE
Republican administration is responsible
for the present financial crisis.
The State law allows 6, and on con-
tracts 8 per cent, but the banks persist
emily violated it, and made large sums of
money each year through It's violation
with which they erected bank palaces IN
every county in the State, and sumptuous
mansions for themselves and families-a
surplus Estill remaining they invested in
railroad bonds and other stocks that were
fostered and protected by the special leg
islation of the government. There was a
fictitious value given to stocks which were
tOatered of millions beyond their intrinsic
value.
There has been i~nordinate speculation
on Wall Street on bonds and stocks, and
gold. There has been a reckless and
shameful diversion of capital from it's le-
gitimate uses for purposes of speculation.
The avaricious desire of sudden game has
outweighed all other considerations in the
employment Of their own and other mems
monies.
Let us go back a few years. In 1861
men Of all parties agreed that there was a
necessity of building a Central, or Union
Pacific Railroad TO San Francisco; that as
private enterprise was inadequate to the
undertaking, that Government should
lend a helping hand. That the Republi-
can administration being IN power should
control II; that land grants ana subsidies
should accrue to their benefit. What both
parties had determined upon in 81 was
incorporated in 80 by act of Congress-
The land grant was simply enormous, but
that not being Immediately available, the
company asked for a loan of government
bonds amounting to the cost of the enter
prise; they obtained it, and had thirteen
millions of acres of land besides. The
road was built, but before building, the
stockholders and officers not satisfied with
having a good thing, determined to have
a better. you can't fill up a man as you
fill up a pitcher. He always will have a
more gold, and never SO full that
he wouldn't be fuller" Well, money
could be made in building the road. The
incorporotars, Thomas Durant, Cornelius
S. BUSHNELL, Charles L. Leambert, Cakes
Ames, and others took the stock of this
company under the anne of the Credit
Mobilier of Amerisa, or in other words
the Credit Mobilier people were likewise
the directors of the Union Pacific. They
said we can make a profit on building the
road. We have bonds and land granted