The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1878-09-19
SPE r. CHI
Hon. BENZ. LEFEvER.
Delivered at st. M0ryS,
o. Sept. IA, 1878.

addressed a large meeting
of the people at st. Mary's, on Sat
18th inst. on tine political is
of the day, and after referring
to the history of the grand old Dem
ocratic party said:
But the party of the Democracy,
founded on principles broad and per
manent, comprehensive in policy, en-
larged in sympathies, never section
al, regardful of the rights of every
class, hating bigotry, tolerant of all
creeds, progressive in doctrine, I'M
wavering in devotion to popular gov
eminent, and defying the assaults of
the enemies, has survived all the
vicissitudes which proved fatal to its
rivals, and is to-day the n hopeful
source of relief from the calamities
which have fallen upon this misgov-
erned people.
What these calamities are, I need
not stop to point out. Distress and
suffering are visible wherever you
turn. Men dependent on their labor
for their daily bread can find no en-
ployment. Workshops stand idle,
business is stagnant, enterprise par
alyzed, and gloom and detection cast
their shadows everywhere.
Let us glance for a moment atthe
causes of all this; for no evil can be
permanently remedied without dis
covering and striking at its roots.
1t might suffice to say that our
present condition is the natural out
come of a corrupt and dishonest adj
ministration of the government, for
God knows we have had enough of
that in the last twelve years! What
with a President whose tastes led
him to make boon companions of a
band of pillagers with whom he part
ed only at the threshold of the peni-
Tertiary; what with bribe-taking cab
iEet ministers, internal revenue
thieves, custom-house m%arauders,
and a horde of other m%iscreants row
ing for booty under a free commits
sion, is it any wonder that we find
our Industries crippled and so many
of our people impoverished?
But along with this other causes
have had their influence, and not
least among them our enormous
bonded debt.
The direct tendency of this debt,
represented by the interest bearing
bonds of the government, is to in
duce the boarding of capital. The
argument to prove this is short and
simple. If the owner of capital can
find an Investment for his money
absolutely without risk, yielding an
income adequate to his wants, will
he not prefer such an investment to
embarking in the hazards of bust
ness2 Now, it is precisely such a
door that is opened by our govern
ment bonds. They are free from
risk. The resources of the nation
are pie lged for their payment, and
they yield a renumerative interest,
considerably enhanced by their ex-
emption from taxation. Is it strange,
then, that so many, instead of ven
turing their wealth in enterprises
which would afford employment tc
labor, (as they would otherwise be
compelled to do so or leave it unpro.
ductive, convert it into bonds, and
thenceforward lead lives alike unvex.
ed by the care of business and the
visit of the taxpayers? Noone has
a RI hit to blame the mar who does
this, for every one is privileged to dc
what he will with his own. But he
who so invests his accumulations, SC
far as beneiting society is concern
ed, might better hide them in map.
kin and bury them in the earth, fol
then they would draw no interest
from the peoples pockets. The fault
III repeat, is not SO much with the
bondholders, as with the system
!. which makes such things possible.
This diversion of capital, by means
of the government bonds, from the
, employment of labor into a channe
. which renders it unproductive saw
to the owner, has, I I'm convinced
been greatly instrumental in bring
ing about our present embarrass
ments.
"But what do you propose to do?'
: asks one; "repudiate these obliga
!. tions" No; l am for paying then
/ when the time comes, according tt
their contract. Where coin is nam
/, ed in the original contract in tn
bond, let us pay in coin. When tn,
S promise is to pay in slawful money,
e let no discrimination be made be
4 tween these and other debts payabl
o in like manner. / am tired of thi
constant defamation about the sac
redness of our public debt. Most G
the bonds were sold at a heavy dis
Z count, and it is all clap-trap this tai
e about their carrying us through tn
war. 1t was the greenbacks tina
pdlu Jul oOlNlCloJ uOuC VI WuOlu CfS
saw a government bond. As for th
law enacted long after their issu,
q pledging the National faith for til
payment in gold of bonds previousl
it not so payable, I denounce it as
fraud upon the rights of the people
an attempt to alter contracts afte
Il their execution, an act of fragrant il
Justice which should be undone will
out a moments delay. 1 am not fc
reputation. 1 would give to Shy
N lock his pound of flesh, but with
L not one drop of blood!
5. The harm done by the bonds a
y ready issued, is done beyond recall
II but let not another bond go GU
P Above all, let none be sold to carr
out John Sherman's pet scheme
resumption, to which he seems t
. cling for no better reason. than tn:
is given by DR.. Sangrado for adherin
N to his system of physic. He confes
(; ed his patients were dying under i
: but he had written a book in j