The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-09-05

declared PAYABLE in gold and silver When
TIE bill creating the bonds was under dis
cassion in the House OF Representatives,,
The question WAS put directly 10 Nj. Ihad-
deus stephens. the author of the bill and
chairman of the Committee reporting IL
whether The principal OF these bonds was
payable in gold and he answered uuheslta-
tiugiv that oaly the interest was 50 pay a
be. At a later date when the bonds called
|-ten fortIes" were put upon the market II
was advertised that they were the only
bonds OF the government. the principal OF
which was payable In gold.
Long after the sale of these BONDS.
while the question was under DIS
cussion. senator sherman, now Secretary
OF the Treasury, said: If the bondhoIder
- refuses 20 take the same kind OF money
= wirh which lie bought the B 'nds, he Is an
" eXtortoner aud repaiiator.
Senator Morton speaking on the same
subject said. we should do foul injustice
- u the GoEerBms INT and TO the people OF the
Z" Cuire1 States, after we have SOLD THESE
bonds on al average for not more than
:" sixty cents on the dollar. now To propose
" TO make 4 new coatfact tor the benefit OF
- the bOndhOilrrS-
In july 1865 when the question was again
agltated in the House OF Representatives,
Thadeus Stephens used the following
strong language:
IT knew that any party in this coun-
try would 20 for paying IN coin that
= which is payable in money, thus enhan-
" such a platform and such determination
this day on the part of any party, would
=. vote for the other side. Frank Blair ana
:. all. | would vote for no such S1Vindte
- upon the taxpayers OF this country; L
- would vote for no such speculate IN in IA
vor OF the large bDndhoiders. the Inilli on
aires who took advantage OF oar folly la
''gra1ttiag them com payment Of interest"
Gea. Grant was elected Hresiueat In NO
venber OF the same year with these decla-
rations uDon the lips OF his friends and sup
porters and on the Attn day of March sue
ceediug. in his Inaugural Address, held the
following remarkable language: 10 pro-
tert the National honor. every dollar
:. of Government indebtedness should be
:. paid in gold, unless otherwise stipulated
- in the contract.
On the 18Th day of March, just two weeks
after Grants fiat upon the subject had gone
forth, a law was passed by Congress, de-
ciaring these bonds payable in coin, Sher-
man and Morton voting tor the same
ThadeuS Stephens had died few months
before. and WAS not present To combat this
movement, a it Is not doubted he would
have done. What motives Influenced Gen.
Grant to make this recommendation, and
what weighty considerations operated
such Il sudden change IN the opinions OF
Morton and Sherman, [ leave you, my
couutrvmen, to conjecture.
BY this act of Congress, gratuity of five
hundred millions Of dollars was transferred
from the pockets of the taxpayers of the
country To the pockets of these bond
holders.
Lastly, in connection with this subject, l
wish To call your attention to another act
of Congress passed in 1873, which should
drive from power the party which Origina-
ted and consummated this 'sum OF all vii
lianies." Iallude to the act demonetIZing
silver coin. The Government bonds. as l
have told YOU. had been declared payable in
coin. which of course embrac ID silver. But
the silver mines were being worked more
vigorously than the gold, and silver becOm-
Ing more plentiful, was cheapcnlng in value.
These bond holders, ever awe TO their own
interests, discovering this fact, conceived
the idea of having an act passed by Congress
declaring that silver coin should not be le-
gal tender in payment OF debts, TOR any
amount over five dollars. Congress respon-
ded promptly to their demand; the act was
passed, thus leaving the bonds payable in
| gold, by which many millions were added to
| their already OVergrOwn fortunes. Inc
Supreme Court of the United States in the
| meantime declared "greenbac&s" legal
tender in payment of all debts which we're
! not otherwise provided for by law, or stip
! uIated in contracts. SO that we have to day,
! bv an act OF Congress, and the decision of
| the Supreme Court, gold currency for the
! bond holders, and deprecated paper
currency for the people. Gold for the rich,
paper money for the poor.
| Under no other Government, however
| despouic, has such an anomaly ever been
witnessed. Congress must remonetize sill
/ yer: and these ShYlOcks must be required
! TO take their pound of flesh without the
shedding of one drop of blood. The Demo-
| cratic party must see to it that the people are
! riGhted in this matter otthe puhlIc deDt. The
! holders of these bonds must be made to uL-
derstand that they must relax their grasp
upon the Threats of the people, lest the lat
| ter fall from sheer exhaustion, and their
bonds become worthless. Better exchange
! them for others drawing half the present
| rate OF interest, or no interest at all, than
lose both principal and interest. The late
| disturbances should open their ewes TO the
public discomfort, which indeed was but
the muttering of distant thunder, which
hcralded the approaching storm.
THE INIQUIToUs TARIFF.
Upon this subject I have time to say but
! little. That there is thorough and radi-
cal reform needed in the adjustment of our
Tariff duties, is apparent to everyone
Two thousand articles entering into daily
use among the people, are taxed fifty per
cent. upon an average. Every thing from d
| tao k hammer to a piledriver; from coffee
pot TO steam engine; from toy horn to
a church organ is the subject of taxation
There is no word in the English language
great or small, which sounds with harsh
er knell in the ears of the people than the
little word ''taX." Under its name and by
its authority. millions of dollars are annu
ally wrung from the sons OF toll, to pam pei
the bodies and minister to the vanity Of
money kings. Ii diminishes the qu nifty
and lowers the quality of the poor man
food. Ii clothes him in thread-bare gar
ments: makes it hard 10 live. vet too eX =
peusive To die. 1T sticks closer than a
brother" through life, and then levies trib-
ute upon the spade that digs his grave
and upon the tomb stone that points out hi.
last resting place
Under the present Tariff, it is estimated
that hve hundred millions OF dollars hav,
been annually raised for years past, and ye
at no time has one half of this amount reach
ed the United States Treasury, but has gone
TO the lords of the forge and the loom
and into the pockets of the numberless Oil
GERS of the Tax Bureau. The whole subject
must be revised, we must approximate
nearer TO free trade;'' must practice a NOR,
rigid economy in Government expenses
and lessen the interest upon our public debt
thus making way for the old Democratic
doctrine of placing the burden of taxation
upon the luXuries of life instead of upot
the absolute necessaries. If it can be done
| without a violation of the vested rights q
the present holders of our bonds. the Law
exem pting them from taxation should b.
| repealed, and they should be made TO bea
their own burdens.
THE PUBLIC LANDS.
During the last fifteen years the Repub.
: lican party have given away to railroads
. aud other corporations, two hundred anC
: fifteen millions of acres of the public lands
J The area of these grants would be equal to
ten States of the size of Mississippi aud al
: 81 % per acre would be worth two hundred
r and sixty eight millions, seven hundred
and fifty thousand dollars, or a little ovel
J one seventh ofour whole public debt. Had
these lands been reserved to the Government
; for actual settlers, they would have given
: home of eighty acres to two millions, 81,
: hundred and eighty seven thousand, fl W
hundred heads of families, which woult
e have probably covered every case of tn
{ sort in the United States. Yet these land
have all passed from under the control o. til
\ government, without one single dollar o
2 compensation, except what comes to tn
: country in general way from the benefi
= of railroads. From report OF Major Powell
= one of the government emDloyees in sur