The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1877-08-23

B. Beck, of Kentucky, spoke as fol-
lows, at Mayesvllle, KY.
SOUND FINANCIAL POLICY.
We are pledged as a party to
the unconditional repeal of the
gold resumption act, which the Rad
icals have fastened upon the coun-
try in the interest of foreign and
domestic bondholders. We regard
the contraction of the currency nee
essary to such resumption as the
prime cause of the bankruptcy and
ruin which threatens all the debtor
classes, and of the paralysis which
has fallen upon our Industries, max
ing beggars of thousands who are
willing to work, and causing out
breaks which endanger the peace of
the country, and the security of
property everywhere.
We will restore for all purposes
the old standard silver dollar as a
unit of value equal to gold; it was
demonetized by fraud, falsehood
and suppression of the truth by the
Radical leaders and their foreign
allies so secretly that even the
press, which learns everything, did
not know for months that it had
been done. l hope and believe that
we will succeed in requiring the
Government to receive it's own le-
gal-tender notes for its custom
dues, and stop its reputation of the
paper it forced all but the bond
holder to receive for all debts it
owes.
FORCED RESUMPTION BANKRUPTCY.
The Radical party in its long
years of absolute control of every
department, has brought the coun-
try by law to the point where all
the debts of the General Govern
ment, of the States, of the munich
palities, of the railroad and other
corporations, as well as Of private
individuals, have to be paid in gold
alone or Its equivalent, on and after
the first day of January, 1879, about
seventeen months from this date.
The aggregate of these debts is
computed to exceed $4,000, 900, 900,
more than three times the amount
of all the gold coin in the world.
We have not got, and cannot posi-
bly, obtain before that date over
$3O0,00o,000 in gold, or say five
per cent. of the amount we owe, less
than one years interest, half of that
in the hands of foreigners. Forced
resumption now fastened upon us
is, under such circumstances, uni
versal bankruptcy; the number and
magnitude of the failures our bust
ness men are afraid to contemplate,
and we are daily going from bad to
worse. The Federal and State
Government, the banks and other
great corporations, are all CON-
PEELED to contract their loans and
their circulation in order to meet
what they have outstanding in gold,
which they must of course make
the smallest amount possible. No
prudent man dare borrow money
now to invest it in any business, as
it is obvious that he cannot hope to
realize enough from the sale of any
product of industry hereafter to re-
pay the money he borrows and its
interest in gold. A lender may be
willing to lend $4,000, taking a
mortgage on a farm worth $4,000,
in the hope of buying it in for $780,
900 loaned; but the owner of such a
farm, no matter how much he wants
the money, dare not borrow. Yet,
we are told money is abundant!
Certainly, because safe borrowers
cannot be found. Manufacturing
establishments, rolling mills, indus
tries all over the land which de
manded vast sums of money, are
closed, and their hands are tramps
or strikers, because there Is not on
ly no prospect of profit, but a Ger
tainty of absolute ruin by a contin-
uance of the business. Yet the
bondholders and other leeches who
are demanding gold, and gold only,
so that they can buy property at
their own prices, are continuing to
cry that money is cheap and album
dant. Does any gentleman here
(unless he is a banker or bondhold
er) know where or from whom he
can obtain gold to pay his debts or
meet his liabilities. The Govern
ment pays gold only to the bond
holder; from him only can it be
obtained, at his own rates by those
who are compelled to have it.
tAre not these things true2 Ought
they to continue? Radicals say
yes, Democrats say no. You have
to choose between them. There is
no middle ground. Your vote is
your only means of legally assert
ing your rights-your only attribute
of sovereignty. See that you exer-
else it wisely. The history of the
bonds of the United States would
fill volume. / can only give an
outline, which will, however, clear
ly show the relation of parties to
the question, and fasten the respon-
sibility for the existing condition
of things upon the Republican party
THE MONEY POWER.
The bonds and the greenbacks
were both the offspring of Radical
policy-twins-the same act giving
birth to both. The bonds were
purchased with greenbacks, at par,
or paper at such a discount that the
Government realized very little, if
any more than fifty cents on the
dollar in gold for them. The in
terest on them was made payable in
gold as an amendment tackled on TO
the bill in the Senate after it had
passed the House in q form which
made both principal and interest
payable in legal tender notes. The
House agreed to the Senate amend
ment tackled on to the bin in the
Senate after it had passed the
House in a form which made both
principal and interest payable in le-
gal tender notes. The House
agreed to the Senate amendment,
but many leading Republicans in
both houses protested against even
the interest being payable IN gold.
Mr.. Shelburger said: "They