The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-05-08
a II II II l., - -
GENERAL R. T WINGATE,
DELIVERED BEFORE THE
Cleveland Convention. March IL, 1875.
4 II II ILS

Cleveland Convention. March IL, 1875.
NJ. Prcs,de,d amt Gsa'icasn II he Con-
ceafioa
CONTINUED.
They had not seen the chains as they
we're being forged for their en- slavement ;
and when they turned 70 greet tle dawn
ri peace, they stood appalled, in the pres
ence Of a national debt mount ing up to
billions, aud evidenced by on-taxed, in
terest bearing bonds, made banking
capital at being forced ~ paw double IN
terest, first, six per cent in gold on the
bonds. and secondly ten per cent. for the
use Of a deprecated currency; and alarmed
at this their financial condition, resulting
from our borrowed money policy and bank
ing system, i'll justice and Of right, demand
ed, tha the five twenty bonds, constituting
the larger portion of the national debt
should be paid, according To the letter and
spirit Of the Law Of their creation is,
IN the idirr,d moneg Of the L NITED STATES
Money brokers, bond-holders and bankers,
IN turn, became alarmed. They protested
that the bonds, both principal and interest
were payable in gold. Many of our public
agents, standing high III the roll of states
men, scotfed at this assumption. Capital, re-
piled with its familiar epIthets, BAD-FAITH
pISHoNoR oR-REPUDIATIoN. But fearing
that its supremacy over labor was endan
gered that the approaches to it's citadel
we're not cut of, it quilted the hustings
for the forum Of Its strength-the Con
grcss and before General Grant was set
tied IN the chair of State-before the ink
~ his inaugural was dry. an act. was
brou ght forward, and on the 18th Of March
1859, passed pleoging the faith of the ma
tion, to the payment of the bonds in coin,
Or its eyHirdIeHt And thus a promise to
pay in lawful money was legislated into All
obligation, to pay IN com, or its equlva-
lent; soon to be followed by the most Grim
NAL Of the legislative acts perpetrated
again the people the adoption nf the
SYNDICATE policy.
Yes, conscious of the long catalogue Of
wrongs, which had been imposed upon the
people, through its lnStrumentality, and
knowing that the people would one day
demand a reckoning aud to be relieved
from their accumulated burdens, and
placed upon an equality before the Law
with their oppressOT, capital resolved to
remove the public debt, as IT had done, its
gold, during the war, beyond the Juris-
diction Of the nations laws, aud thus, to
place foreign powers between 1t and the
! people And to that end. and while the
people were absorbed IN measures Of
paclhcation, and Ia schemes to restore
their ene-vated country, 10 her former
exalted position among nations, Con
gress, through lobby instrunentahties,
Was induced to provide for the issu-
ance Of long bonds syndicate, 50
called. to be negotiated IN Europe ;
that is in fact, to be exchanged for the
five twenty bonds at par, whereby the
five twenty bonds, first payable in the
lawful money of the United States, and
not necessarily in either gold or silver,
and these, by the Law Of March l8, 1869, i'll
our own coin, or its equivalent, became
/ fundable iuto bonds having thirty years to
run the principal, when due, and the in
terest as it fell due, to be paid III gold
only, in foreign countries in foreign gold,
and at rates as fixed by foreign laws
BY which process carried OUT the pes
Die. will be deprived Of all control over
the public debt; and the principal, when
paid, if ever, and the interest as paid. in-
stead Of remaining here, to increase our
wealth, and for investment III the devel-
opment of our resources, and adding to the
subjects Of taxation for the support Of
government, and thus, to equalize its bur
dens will 20 10 increase the wealth Of for
eipn capitalists to be invested abroad -
beyond the reach of our taxing laws
lessen the subjects of taxation here, and
perpetuate the unequal burdens borne by
the people Will deprive the people Of
the privilege of redeeming the i've TWEEN
ties In the equivalent Of gold, as provided
tor IN the act Of March Ia, 1869. Will
perpetuate the national debt, 10 be fund
ed, and again funded through ages. We
can never, under such system, obtain
gold in quantities sufficient to pay the
debt it will keep the nation impover-
lshed to pay the interest AS it accrues,
nor do bond-holdersexpect otherwise. II
Is not the debt they rant, but a permanent
iHrestmeit, aIn the interest. Will, under
the false pretense Of reducing our interest
account; and in violation Of the principle
uf equality, upon which the Republic ls
pillared, pauparize the laborers Of America,
and enslave them, in the interest Of for
eIgn capitalists them the bulwark
If monarehs, and shield Of oppression.
We should ke,p or debt at home subject
to the jar~i,ction et OUT lars. The debtor
- ere, a stare 10 the creditor.
IL is true, the hve twenty bonds bear
six per cent, and that the syndicate bonds
bear but five per cent, and 1t would thus
seem, that by exchanging a syndicate for
five twenty, we would save one per cent.
but this seeming is delusion; and when
the process is unmarked, the syndicate
policy will appear in its guilty deformlty.
The five twenties are payable at the
treasury of the United States and hence
in our coin, or its eqtirojent, its value
fixed by our laws while the syndlcates,
are payable in Jotd only, and at foreign
counters, its value fixed by foreign laws.
England is to be regarded as the money
center Of the world-she regulates the
rate Of exchange American coin is not
money, is not payable, nor can it be ten.
dered in payment, in Great Britain, ol
other foreign nations. Outside Of ouI
jurisdiction, our coin is stripped Of it,
money powers, becomes a mere commodity
The rate Of exchange between tn,
United States and Great Britain averages
nine per cent. in favor Of Great Britain