The workingman's advocate., 1876-07-15

powers that they may exercise whenever
the exigences happen that 1t is necessary
to provide the means to relieve their ne
cessities. Whenever the agents of the
sovereign transcend their powers as speci-
fed in the charter, the sovereign possesses
the right and the power to repudlate the
acts Of the agent and to declare them to
be null and void.
In repudiating the alteration, or at
tempted alteration, of the contract to pay
the $40 bonds, no injustice Is done the
bondholder-the original contract remains
upon the record-he had the law before
him upon the statute book when he pur-
chased the bond, and if any alteration was
made, he stands convicted of notice If
the alteration should turn out to be fraud
ulent, the bondholder looses nothing there
by he having notice, must abide the con-
sequences of the fraud.
1t has been contended that Jay Cooke,
In whose hands the 5-20's were placed to
be sold land he to receive per centum of
the proceeds), published notice that the
bonds were payable in gold, the. govern
ment ought to pay IN gold. But Jay
Cooke did not, in that notice, state all the
truth-the government could pay in gold
if il chose to do so, and had the gold. A
tender of greenbacks however, would be
as valid fulfillment of the obligation as q
tender in gold.
In regard to the bonds issued pursuant
to the act of l4th July, 1870, the agents
Of the sovereign had no power to bind their
principal in contracts entered into with
individuals residing outside the jurisdic-
tion of the sovereign nor have individuals
not within the jurisdiction of the sovereign
any power to enforce such contracts neith-
er the sovereign under whose jurisdiction
the holder of the bond resides, or their
tribunals of justice, can take cOgnizance of
such contracts. Oh the other hand, if the
parties holding the bonds bring themselves
within the jurisdiction Of the sovereign
supposed to be bound, they arc no bettor
off. The government Of the American ma
tion has sovereign power Dut has no rights
it cannot be sued OF brought into court
Of justice. As to whether or not the bonds
will be paid, is a oiitical and not a Judi
cial question. The sovereign may refer
the bondholder to- the original contract
upon the record, and he may repudiats the
alteration of the contract and assume the
responsible lity.
Now, | will briefly refer to the cons
quences that must result Ii that contract is
carried into full effect, as provided for In
the act Of July, 1870.
Our home debt Of | 200, 900 dollars, pay
able in greenbacks, is converted into for
eign debt which will amount to, when the
last bonds shall become due, principal and
interest, The sum Of $4, 49O. 600, 900 flour
thousand four hundred and eighty million
of dollars) To this sum is added So,
OOO, 900, appropriated TO pay clerks and
travelling expenses of syndicate commits
sIoners.
A board of syndicate commissioners was
appointed to travel over Europe under the
pretense of selling the bonds issued under
the act of July, 1870, for gold transport
the gold to America, and with it took up
the 5-20 bonds. But that was not the real
intention. The gold bonds we're carried
10 Europe by the syndicate commissioners,
there exchanged for all the 5-20 bonds
that could be found, and for all that could
be found at home were exchanged, and the
gold bonds deposited for collection in
Frankfort, London and other European
cities.
Now, the amount of American labor that
will be required to produce the gold and
transport the same to foreign countries,
sufficient to pay the debt and interest, is a
matter that can be readily determined by
simple rules Of arithmetic. The facts of
history show that the working life of labor
ing men, after they arrive at an adult age,
averages twenty years, that the net pro-
duction Of the lahoring man, after deduct
ing food and shelter and allowing for sick
ness and casualties, is fifty dollars per year.
From this data it will require the entire
working lives Of 4, 490 900 laboring men to
produce commodity to be transported to
fereign countries, there manipulated into
the various coins of those countries. Ii
the labor is distributed amongst the null
titude, the result will be the same, or In
other words, that number of American
freemen must be employed i'll feeding 9TH
er peoples children and impoverishingo
own.
The scheme for increasing our public
debt from $l2, 900, 900 to "a, 4S0, ,OOO, 900,
and transferring the control Of our money
power to foreign nations, was mastery
stroke of English craftsmanship. But
what is to be said of American statesmen
who have allowed the government to be-
come the debtor of a foreign nation In an
amount impossible for them ever to pay.
That the fact Of keeping our public debt
outstanding, unpaid, and transferring its
control TO other nations has the effect of
increasing the tax on all productive indus
tries to an extent that absorbs more than
the net profits, is evidenced by the bank-
ruptcy Of our railroads, the paralyzing Of
our manufactures, thereby deprlvlng la
borers of the means to provide shelter, IN
creasing the temptations to vice, filling our
almshouses, jails and penitentiaries with
persons driven by necessity to crime, tax
ing the property and wealth Of the citizen
to support those whose necessities demand
charity in superabundant land.
The facts that have extracted from the
record, facts that cannot be galnsaId,
abundantly show that the high rate Of
taxation has resulted in infiicting evils up
ON the productive Industries Of the coun-
try, that ought no longer to be endured,
and think the records to which | have
referred, abundsntly show that we as a
sovereign nation possess power to apply
the remedy necessary to eradicate those
evils, that Is to say, power to lower the
rate OF taxation to rate that will not ex-
ceed the rate Of increase in the national
wealth by natural production.
This brings us to the question as to how
the power can be applied SO as to produce
the results desired.
There are two modes in which that pow
or may be applied. First, the natural and
peaccable mode, the ballot if that fails,
then the bayonet. Ii it was a question
that could only Oe settled by using the
bayonet, then il would be one Of short
duration.
In bringing about the reform desired,
we have no hostile foe to encounter. We
can make no war upon the money dealer
or the banks for deposits and discount
these both pursue legitimate business
under the laws. In neither the money
lender nor the banks are vicious persons