The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1874-09-10
TIE r M s.
THE PEOPLEFANFsD BY THE REPUB-
LICAE PARTY 40 UPHOLD THE Ma
TIoNAL BANK AND BOND SYSTEMS

4
LICAE PARTY 40 UPHOLD THE Ma
} TIoNAL BANK AND BOND SYSTEMS
From a recent speech in. Congress
) by the Hon. Hester Clymer. the Berks
/ county Pa.) Roman, we take the fol-
lowing pithy and forcible extract:
"Never, Mr.. Speaker, in the history
of any nation has great party, en-
J throned in every department of the
Government, with the executive and
more than two thirds iE both branches
of the, legislature stood so utterly
pewerless and helpless before whole
people, who had right to demand a
wise and benificent legislation. They
indeed, asked for bread, and you pro-
pose, in scorn, and utter disregard, to
offer them a stone. What does this
bill mean? First, and chiefiy-in-
deed, had almost said only-to fas-
ten on the nation banking system
whose benefits are exclusively for the
rich and the few, by which absolutely
and forever, the industry, the labor,
the enterprise, of the whole land is to
be mortgaged to the money-lending
interests OF the country. The bank
ing interest is to be enlarged, extend.
/ ed, and forever perpetuated-it is to
y
sustained and defined by all the pow
ers of the Federal Government, COW
ering every State, infesting every To-
oality, its spoWer promeating every
transaction ofbusiness and controlling
every election, State and National,
and becoming a hundred fold more
dangerous to the rights and liberties
OF the people than was ever the Bank
of the United States in its days of
greatest power. Jackson made HIM
self immortal by destroying the latter.
There may be even greater glory for
him who may free the country of the
former It is not to be denied that
the exising national banking system
is purely an outgroWth of the necessi-
ties of the times through which we
have lately passed-that it was an ex-
pedient, temporary in its nature, to be
changed when the nation resumed its
normal condition, but by this bill it is
desig he'd to make it general and per-
petuaI, and to wipe out every trace of
that which marked it as temporary.
What the people demanded was
that the laws should be SO framed and
the resources or the country so hns-
banded that the greenbacE currency
should be made equal to gold, and the
holders of it should be thereby placed
upon footing with the specializing
hondholdefs-the men who sold their
gold at an enormous price in the hour
of our country's direst need, invested
the proceeds in its securities. and
called it blending to the Government"
aud not content with this specuIatiop,
required Congress subsequently to
change the contract. thereby enhance
h0 Of ho dc hn
laborer was called upon to pay the
additional taxation necessary for the
purpose, while he. in his squalor and
impotency, must rest content with the
ever-present curse of an irredeemable
paper currency, which increases near
ly twice the cost of every thing he
eats, drinks and wears, making him
and his children after him, the balk-
horse and slave of a system conceived
in necessity and continued in fraud.
But, sir, it is plainly evident that the
majority IN Congress VIII DO noGnIhg
in the true interests of labor or the
people generally. They stubbornly
refuse to provide to pay the green
backs in gold, but propose to retire
and substitute nationol bank curren-
cy for $4,000 600 of them, and to fund
and redeem the remaining S300,000,000
by the issue of gold interest bearing
bonds for the interest on which the
people must be taxed, thus continuing
a practice, which, under the Republi-
can rule has prevailed for years for
the benefit and enrichment of capital
to the prejudice and impoverishment
of labor, and to secure the final and
perpetual ascendency of the monied
Sir, taxation is the shibboleth of the
party in power: it is the alpha and
Omega, of their creed, By it the ma
Lional bank system is upheld and sup
by it labor is burdened and
oppressed; by it extravagance and
waste are maintained in every deRart-
ment of the Governments, by the
means of it Presidential and other
salaries are increased, and the products
Of industry and labor are decreased,
and by it the ruling dynasty defies
the will and mocks at the necessities
Of the people. In 1860 the expenses
of the Government, exclusive of the
interest on the public debt and pen-
sions, were $58, ,956, ,052.39. In 1873,
he expenses of the Government, ex-
elusive of interest on the public debt
md pensions, were $l67, ,4S0, ,299.3S.
Z ct the bill proposes still greater tax
ltion for the benefit of class who Of
Ill others are least entitled to legisla-
i've favor or protection, and it is to
)e passed by a party whose chief rail-
wing cry is Protection to labor"
Well may labor everywhere, in the
hop, the field, the mine, exclaim,
Save me from my friends" assert,
ir, that it was within the power of
he majority of this Congress to have
conferred lasting fame upon them
elves and enduring benefits upon la
,or, to have lighted the fires in every
urnace and forge; to have started the
wheels of industry in every shop and
Mill, to haye fostered and promoted
he building of thousands of miles of
ron highways, and to have caused ev-
ry sea to be whitened with the sails
# our ships, bearing our productions
0 other lands, had they needed the
irst demands of the people; but TO
hem the opportunity has been lost,
nd they must give way 10 those who
7ill be equal to the emergency. a
vise, honest. stateSmaniike policy
would have done it, but in its stead a
aost oppressive and destructive one
Z 10 he aGOpted