The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1875-07-02
BOOK AND JOB OFFICE.

the laws regulating the traffic In intexicat-
ing liquors by modifying feature, the un-
reasonable harshncss Of which tended only
to make the law imperative, and by making
the right to engage in the traffic, under the
same prohibitions and penalties, equal
throughout the State. In short, II accom-
plished more needed legislation and ad-
journed after shorter session than any Leg
islature for many years past. II the
/ approaching canvass were TO be determined
on State issues, we would not have needed
the momentum Of great convention 10 start
III ball.
But interesting ~ are these matters Of
State concern, they will scarcely show in the
front Of the fight this fall. In this grand as
semblage to-day, full Of fire and force, we but
/ grid our loins for the great National contest
4 in which Ohio is the strategic point Let us
hold our own this year, aud the Presidential
| fight is already won. We can and will hold
Ohio. We shall have to fight for II against
all the force and tact the Republican party
and the Administration can command, against
the vast party machinery and glut Of wealth,
which fifteen years Of uninterrupted and
unrestrained power have given them.
But these will not avail them. The signs
all portend change. The masses OF the
people are profoundly disgusted with
Grants administration, which the Ohio Re-
publicans indorse without qualification ss
tration which will live in history rs having
dene more than all its predecessors, and for
mere party ends, to main that wondrously
perfect form OF government which is the
pride Of every true American, as having
sought to destroy the reserved rights Of the
States which are the bulwarks OF our liber-
ties, to absorb all authority in the General
Government whose powers are as jealously
limited by our forefathers, and to make
the privilege Of the writ Of habers corpus de-
pendent on executive judgment or caprice,
thus attacking the very foundation OF the
temple Of freedom laid in the blood Of our
forefathers five hundred years before Bun
ker Hill. II has striven TO perpetuate its
power in the Nation by tearing down State
Governments established by the people, and
| fostering on them usurpations Of strangers
and robbers II has debauched the regular
army to the lowest uses Of partisanship and
degraded the civil service by making II not
mere party property, but the mere Presi-
dents property. A party policy so vicious
might be redeemed IL IL were due 10 the ex.
cesses OF Its less responsible members there
might be hope of the better things from the
steady influences Of a good hand in
moderating and controlling 1t. But un-
fortunately the head OF the party
is worse than its body and members. The
most monstrous usurpations and mischiefs
| ever proposed TO the American Congress
were supported strongly by the Administra-
ton, and were only defeated by the Democ-
racy, aided by handful Of independents.
But fragrant as are the vices and maladmin.
istration Of the Republican party which
have referred to, its finance policy rises high
above them in present popular interest. IL
is because the people are being deeply in
| jured by this policy that there Is that vague
unrest among the masses, which displays
| itself in organizations of all classes OF labor.
The rebellion broke on people ignorant
equally Of war and Of the yoke Of public
debt. The sacrifices of the war were enor-
nous, but are being surpassed by the evils
it entailed. The debt has built up and con.
solidated a money power stronger and
greater than the slave power. BY its feat in
1869, after the Republicans Of Ohio and In
diana elected Grant ON State platforms de-
claring the bonds should be paid in green
backs. They were payable in gold, and thus
several hundred millions were added to the
burden Of the debt without dollar Of equiv
alent. BY its command the currency has
been reduced since the war from forty dol
lars per capita to sixteen dollars per capita,
thus doubling the burdens of all debts and
taxes payable in currency, by shrinking the
value of labor and its products with which
the debts and taxes are paid. The aggregate
of these currency debts, public, corporate
and personal, is computed at six billions OF
dollars, which rests as a mighty burden on
the productive industries OF the country.
This enormous burden was doubled by
the contraction Of the currency, and
under this added weight the industries
of the nation are being crushed, the
laborer brought TO poverty, the producing
capitalist to bankruptcy, while the holders
of office and money securities are gathering
all the vast wealth the productive classes
lose. The results Of this policy are signally
Al ~. l..
gate Of commercial failures in the United
States during the war and before the con-
traction of currency was but about si4, 600.
900 annually, the failures in 1873 aggregated
S22s, 900, 900, and in 1874 over S30O,OOO,OOO.
Great Britain attempted to jump to specie
payment when her industries were flourish
ing, in 1919, when gold was but three per
cent premium, and where the balance OF
trade was in her favor, the precious metals
steadily pouring into her vaults. The at
tempt produced panic, and was therefore
for the time abandoned, and we are being
led blindhold to specie payment, with gold
at seventeen per cent. premium and rising,
with industries already bankrupt, with the
balance Of trade steadily against us, and
with less gold than we ever had before, and
less power to keep it. The pelicy OF specie
payment necessarily involves preliminary
measure openly avowed by the Republican
leaders, to-wit the retirement OF four hun
dred millions of greenbacks, and the adding
of thst sum to our bonded debt This will
necessarily reduce the paper currency TO
greatly less than half its present value, for
we never kept ahoat but two hundred and
fifty millions of bank paper redeemable in
gold before the war. when the condition Tor
specie payment was far more favorable than
now.
The policy means general and inevitable
bankruptcy and ruin. Ii will build up AN
aristoeracy of wealth for whom the Ameri.
can people will be but hewers Of wood aud
drawers Of water. Bring on specie pay
ments in 1879 as proposed, and the interest
ON the present aggregate ofpublic debts and
railway bonds, which are in effect public
debt, added TO customs excises, and the
taxes about equal in amount the net annual
increase Of wealth in the United States.
When that point j. reached the holders OF
such debts are the masters, and the payers Of
interest their slaves. Ii will be a refined
slavery, but while il lasts thoroughly effect
i've In checking the heretofore rapid growth
Of independence and culture among the
masses.
viii the Democratic party be the instru-
ment or the passive spectator OF this policy
Shall we cry out against petty wrongs anu
see this giant robbery aud enslavement
done? Shall We swallow as a bait on the
]
OF paper money aud laudation OF hard
money, forgetting that the vigorous foe OF
monopoly and friend Of equality was then
assailing the special privileges OF the United
States Bank, when we were out OF debt and
had millions of surplus revenue. shall We
ignore Jeflerson's example when he cried
out in behalf OF debtridden people In lslt
for the suppression OF bank paper aud th'
issue OF legal-tender convertible int
] bondss Shall NE ignore the whole traditiOni
aud spirit of our party and refuse at tins
hour of supreme peril TO strike for the
rights OF the many against the privileges Of
the few The money power holds the ne
publican party in QUE fist. Shall II hold ths
Democratic party in the otherf
The Democracy of Ohio have spoken OF
the question. Let the Democracy OF othel
States, south aud West of New York answer
A WOMAN entered crowded street