Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-21
The Impending Contest Between
the People and the
Money Power.
Republican Responsibility for the
Depressed Condition of
the Country.
Forced Resumption Means Gen.
eral Ruin and Disaster.

have We come together under circum-
stances so profoundly interesting 10 the
American people as on this occasion, when
forty millions Of people inhabating one Of
the largest AMI most fertile portions of the
globe feel that something Expresses them
deeply and seriously. Every government
whatever may be its form, makes itself re.
spOnsible for the condition of its people Ia
a very large extent. In a free government
based upon popular suffrage, and acting
through the representative principle, the
action Of the government upon the people
in their dearest rights becomes matter of
the most serious import % the people Fol-
more than fifteen years one class of meI
have had absolute and unrestrained con.
troll of the Federal Government, ant
during all that period the control o.
almost all Of our State Governments
Whatever there is Of happiness, Of pros
perity, dependent upon the action of the
government; whatever there Is of suffer
ing or misery, dependent upon the action
Of the government, is ascribable TO thai
party, for good OF for i'll. They had It all.
The great Democracy Of the Union had nC
function but that Of paving taxes. Zap
plause.l The other party had all the pow
er, all the taxes, and all the profits that
necessarily grew out of them. Applause.
Now, if the condition Of the American
people is prosperous and happy; if no man
is DISCONTINUED; if no man is dissatisfied,
if there is no clique Or ring usurping the
public authority and consuming the public
taxes; if every man who wants To work is
employed and well paid; if every factory
is running, with its blazing fires through
out the entire day; if the farmers, without
being Overburdened by taxes, are reapina
the full rewards of their hard labor IN the
long summer sunshine, Gad have enough
TO Subsist and educate their families; il
every farmer finds his farm without mort
gage, himself without debt, ready % ex-
tend the hand Of fraternity TO an unfOrtu-
nate neighbOr; if this be the condition of
Affairs, then we ought 10 thank the Re
publicans for bringing this state of things
about. Laughter and applause With
these long years of absolute rule-the war
did not last all these fifteen years; the wal
is not 20 be used as an excuse for what
happened after peace was restOred-if,
when the war closed, and when this party
took the entire mass Of the Southern States
into their own hands, and said, ave will
govern as we please; We will reconstruct, =
If the operation Of their reconstruction
has restored the Southern people to their
wOuted prosperity; if il has established
peace without disCOrd, they are entitled TO
The appreciation Of the country. That
the Congress Of the United States was re-
spGnsihle for the government Of the South
and its turbulence and discOrd is manifest
from the fact that the party dominant In
that body was the only political power that
had any efficiency there. If they could
not rule the Southern States after the re
belliOn had been diSamed, how fit are they
10 rule forty millions Of people throughout
this whole continent? IAppIause.l
They spread a banefuI blight over the
entire South; they promised peace and
prosperity, and they gave them the sword
and have fulfilled their promise by pro-
ducing anarchy and pauperism. Applause.
They were loading down the people Of the
United States with taxes every day, and at
the very time they were piling up the taxes
on the people OF the North, they had 50
desOlated the Southern States that they had
40 taxes TO contribute, and all that the
southern STATES were unable 10 contribute
was added 10 the taxes Of the Northern
States. That is part Of their dOings.
Now, there are some curious facts that
arise in the history of politics, and We have
a singular eXemplItlcatiOn Of the statement
at this time. We hear It said by all Of the
newspapers in that iuterest-and the most
Of them in this State are conducted by post
masters-we hear il said tina the Demo
cratic party at Columbus, at its State con-
yeution, hOisted the flag Of drag money!
I a g IL.
made IT,? Where did it come from? Every
cent Of il was made by your press gang al
Washington City, ran by the Treasury De
partment. Every dollar Of this ''rag
money" from the beginning to end, was
made by you, gentlemen, who are now
against rag money" Laugh
Ter. How came IL in circulation Did the
Democrats circulate it, Oh, no. a Dem
oCratic voice was not heard in the councils
Of the country when that immense volume
of paper was issued, and when the same
Congress that issued 10 wrote upon the
back IF il, "Ihis e q legal tender for all
debts, and you must take il, except la
paying interest 10 the bOndhOlders and in
the Custom house. by this they made a
in their own currency: they
impaired one faculty 10 IL ard denied il
another. They paid their debts with it
and paid the farmers with il when they
bought anything from them during the
wal; they paid the soldiers with il; they
paid pensions with il; but they won't pay
with it, although it was spe-
cially provided that one class Of bonds was
10 be paid in il. WHY is this3
The bOndhOldeTs have a great advantage
in holding this immense amount of pop
arty, and at the same time paying no taxes
and getting their interest paid in coin on
il. But whatever the currency is in quail
iy and volume, it is their work, not ours.
If they call the issues Of the government
rag money! whose "rag money" is Il2
Didn't YOU make it, lLauglter.1 You
made the ''rag money Not one dollar Of
PAPER money in the United States was
10y Democrats. And yet
heSp fellows are making a ClamOr as
.hough We had imposed upon the country
All This ''rag money" They are repudiat-
ng their own bantling. They are trying
% bling their own spawn into contempt,
md in doing that they are doing a good
Teal more than they think they are doing.
Now, rag money" as they call il, is a
promise Of the United States 10 pay. That
: all it is. A bond Of the United States
s a promise 10 pay; a bond of the State of
ohio or the city of Cincinnati IS promise
% paw; all the railroad bonds Of the Re
,ubIic are promises TO pay. They all stand
anon The same foundation Of credit, and
he man who undertakes 10 diScreait the
notes of his government discredits the en-
ire amount of on private and corporation
Indebtedness as well; the individual notes
If people who will rot pay their public
Indebtedness viii be worth but little in
he money markets Of the world.
There are in the United States, including
Ill the bonded Indebtedness Of the Union |
IF States, cities, towns and railroads. about !
en- thousand millions Of dollars. and all |
his vast sum hangs upon The precise thread
hat Sustains the greenhacks and all the |
lank circulation of the country. They are |
iased upon the idea Of credit and that credit |
s alone to be expressed in fidelity to the |
Institution that issues that note or bond
which it promises 10 pay. They are all |
notes; they are all inteTtwined |
With each other; they form an immense |
Tedit system in the United States, and in
very country in the world tl.at is civilized |
Tou would be surprised, / presume, if / |
were 10 tell YOU that the whole trade Of the |
British Empire from Canada TO India-a |
anger commerce than any country i'm the |
world, old or Young, ever had befure-is |
upon credit, every dollar of il. |
Whenever these Peopi" commence an as
aulJ upon the credit Of the country, called /
reenbacks, they al the same time COM