The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1875-07-22
KEEP IT BEFORE THE PEOPLE.

party, Is now run IN the interest OF
the bondholders, bankers and Wall
street brokers, and Just as these mon
led monopolies dictate the line ofpol-
cy, the Republican party pursues. A
slave to the monied aristocracy, it is
no longer a party in the interest of
the people. 1t has had control ofthe
national government for more than
fourteen years, and the time was, in
its past history, that it was governed
in its policy, in accordance with the
welfare of the people. Under a public
necessity, it inaugurated the policy
of issuing legal tenders, the best ma
tional currency the people ever pos
sessed. The present bondholders
then having boarded away vast a
mounts of gold, at a propitious hour
when the currency was most redun-
dant and coin drew the highest pre-
MUM, converted their gold into legal
tenders at more than fifty per cent.
discount, and with these they pur-
chased the bonds, dollar for dollar,
under the expressed contract and I'M
derstanding at the time that they
were payable and redeemable by the
government in legal tenders. In this
transaction the bondholders obtained
the national securities for less than
fifty cents on the dollar, upon q gold
basis, and that too, free from future
assessment and taxation, for either
State or municipal purposes. This
was an unconscionable advantage in
the start, but not being satisfied with
so large a grab at the expense of the
people, who in the end have all to
pay from their productive labor, the
bondholders combined and confede-
rated together to render their bonds
more than equal with gold, in point
of value, and for this purpose they
began to purchas members of Con
gross to adopt such measures as
would secure it in the end, and while
the people we're busy in their fields
and workshops, these monied sharks
secured the executive and Legislative
departments of the government in
their own interest. In all probabili.
ty it may never be developed who
they bought, or how much they paid
but it is a self-evident fact that about
this time the minds Of many Con
gressmen underwent a very sudder
change, from that which they hat
expressed on the passage of the ac'
authorizing the sale of the bonds
and for years subsequently affirmed
by the Republican party in the mos
solemn terms, in all its National
State and County platforms. Thes'
facts have passed into history ant
now stand uncontrovertably true, a
all fair minded men must admit.
Having thus secured the Republi
can party, by purchase, which thel
controlled the government, the frs
step taken by the bondholders was t.
suggest the retiring of outstandin!
legal tenders, for they well knew
this was done their bonds woult
thereby be rendered more valuable
and consequently more onerous Of
the people. This measure was adopt
ed by their representatives in Con
gress, not the representatives of tn
people; and when the volume of le
gal tenders became diminished an
finances began to tighten, the bond
holders feared that the people woul
clamor for a reissue of legal tender
and fall back on the original ide
that the bonds should be paid in tina
currency, and therefore for the pun
pose of heading off this claim, on tn
part of the people, the bondholdel
suggested to their representatives
l Congress the National Bank Charte
which was passed solely and excl
observation-disclosures. This me:
| sure gives the bondholders the e,
elusive right to do and transact a
extensive banking business on I'll
Indebtedness of the people, in I'll
!, shape of bonds, for comparative
nothing in comparison with the va
E liable franchises and privileges gran
ed. In the first place it confers {
, the bondholders, as a body corporal
a monopoly in the currency ofthe II
:. ton, and in the second place it pc
mits them to retire legal tenders al
to substitute in their stead their ov
currency, which never can be us'
l. in the payment of the bonds. In Il
next place it permits the bondhol
ers to draw double interest upon Il
investment; first on the bonds q
pesited as basis for issuing the nott
and second on their discounts al
bills in circulation, with no requil
J. ment to redeem them in coin, but
legal tenders held in reserve for tn
r purpose. Such is substantially t
eunningly devised scheme to flee
the people and to enrich the bon
holders. Not satisfied with all the
~imnunifiac nv which tho notiOr