Brenham weekly banner. [volume] (Brenham, Tex.) 1877-1907, 1878-10-25
SYNOPSIS
or 4 SPEECH DELIVERED ,T
HON. SETH SHEPARD,
Al Basttop, October Ists 1873.

Sine. The formation CT our government
there have been two parties in opposition,
upon . construction OF Its powers.
The rock upon which the fathers build
cd-the capacity of all the people fos sell
! government-the niaximi-srha; all goy-
ernments derive their just powers from the
consent Of the governed-are to-day the
corner stones Of the faith OF the Democratic
party. In opposition, there has always
been an element doubtful OF the capacity OF
] the people to govern themselves. fearful of
the weakness ol government of States,
DESTROYS OF united government with the
strength and magnihcence OF an empire.
All elements of this nature are embodied
to-day in the columns of the Republican
party, The tendency OF all its theories, of
ali It's practices, when in power, has been
towards the consolidation OF the power
which belongs to all the people in the hands
of the few that rule. Absolute destruction
of the Republic, is the ultimate end 70
which its course is directed.
There is natural alliance between these
radical anti-delnocrats and the corrupt
money power OF the country.
Legislation in the interest of capital; the
GSdisOi, oy SuOStul sAtiu spsSi.i fiANi.SSSs
OF gigantic corporate monopolies, have pro-
duced enormous, colossal fortunes, for
which national debt texempt from all
taxation) affords an easy, secure and pay
ing investment, that pays its dividends
without labor, without business and with
out care to the holder. Nothing IS SO TIM
id as money; nothing 50 distrustfui ofpop-
ular government as capital; nothing rallies
50 closely around i strong, one man pow
er, as great wealth. Sympathizing in the
aims and ends of the Radical party. bond
ed capital has furnished its means in lavish
expenditure 10 control thegeneral elections.
| 1t dictated, demanded and forced the
fraudulent electoral commission that rob-
bed the people of the President they had
elected.
/ In return for this aid, Radical legislation
has Withdrawn the money that circulated
among the people giving life to trade and
remunerative wages to labor, bearing no
interest. and. converted it into bonds that
bear interest and become perpetual bur
den 20 labor, while atfortiing profitable in
vestment for idle and non-enterprising cap
ital
"Thc national debt is national bless
ing to this capital, but a national curse
10 labor, legitimate business and manufac-
ture. At the demand of greedy capital,
national banks were created, whose stock
converted into bonds received its interest
from the government upon the whole, and
then receives back ninety per cent. of its
principle in money. To prevent compete
ton all other banks of issue were taxed out
Of existence.
Legislation, having contracted the mon
ey and turned it into bonds when its value
ranged from ~ to ~ for one in gold,
! proceeded to declare these bonds payable
in gold and silver, and by this means alone
the bond-holders realized profit OF
$1,000, 10000. When silver threatened to
depreciate through increased production
and foreign demonstration, it-was demon
etized in the United States and the bonds
were thus made payable in gold alone.
| Following silver demonstration came
the resumption act. When this bill passed
there was in circulation about $4,000
600 in paper money, and about $3.50, ooo,-
coo in gold and silver. This was about
$1,000 per capita of population.
Since that time and under the provisions
| of that act, about $4,000, 600 of paper
have been destroyed, and by the latest
! treasury reports $3.50. 10000 in gold and
silver are under the lock of the treasury.
Estimating tie amounts of money locked
up as reserve fund by the national and
private banks, in or, to meet tue exigen-
cies of the day of resumption, at from
! S35o,oooooo, 10 SI5o,ooo,ooo, there is
Lett in actual circulation, as variously esti-
mated, from $eoo,ooo,ooo to $3.50,
which is from ST. 50 to SIS per capita. The
1
ures throughout the land, had proved, at
least, that there was not too. much money
in circulation. The only object then of re-
sumption was to make money scarcer, thus
increasing its purchasing power aud its
rates of interest. Those who had contrac-
ted debts (and their name is legion) in a
deprecated currency, would be forced to
pay them in gold, and thus premium was
added to the gross amount of principal and
Interest. In order to meet resumption,
| gold bonds have been sold and the annual
interest burden increased. There is not
| gold enough in the treasury to redeem all of
the notes and if they are not brought to
| par with gold before exhaustion then spe-
Gle payment must be suspended; or more
bonds issued for the purchase of gold
Under specious and false pretenses, high
| tariffs have been laid upon all articles con-
sumed by the agricultural population of
| the South and West, and manufactured in
the East. Under the name of necessary
protection to Americana industry and skilled
labor, an oppressive burden is laid upon
nearly everything that we eat, wear, drink
and use. One item illustrates the whole
Quinine pays tariff Of 40 per cent. adval-
orem. There are but wos firms in the
United States engaged in It's Manufacture;
it is used in every household lin the land
and its price even without dufy would be
enormous
A whole continent of consumers are
made to pay tribute to few producers.t
Another reason tor desiring bonded debt
IS the aid which it gives to the imposition
of a tariff. A great annual interest burden
with excessive governmental expenditures
require provision for a great annual in
come. This income IS most easily coHect-
ed through import duties, which are far re-
moved from the people and do not attract
the attention and promote inquiry and pro-
test like direct taxation.
Its matter of public history that the
Democratic party. as mass, has opposed
the runious financial legislation of the re-
publican party this history is written IN
the records or congress, in the national
platforms of 1868 and 1876, in the vehe-
ment protests Of our Pendletons, Voorhees,,
Hendricks and Humans, and in our
State platform adopted in July, at Austin,
which is an earnest declaration and not 4
sham. The Democracy would repeal the
Resumption Act, and cause more money to
enter into circulation. II would destroy
the national banks and convert their Issue
into treasury notes. 1t would at once
pay out the S239.ooo,ooo Of gold and sill
ver boarded in the treasury for bonds, thus
placing that much more money in circula-
lion, and stopping over SIo,ooo,ooo per
annum of interest. Itwould, if the neces-
sary expansion OF the business and trade of
the country demanded, pay off the out
standing $40 bonds now due, estimated at
some 5000, ooo, 600 in currency. 1t would
abolish all the distinction between legal
tender notes and gold, by making them re-
ceivable far all dues of the government.
As the paramount necessity of the times, it
wonld economist in every department of
the government, and provide large annu-
al surplus to pay of bonds and stop inter-
est. 1t would cease to protect one class at
the expense of another. 1t would give an
equal distribution Of the burdens, as well
as of the benefits of government. Itwould
take the finger of the government out OF
the private business concerns OF The peo-
pie, and legislate alone for the public well
fare. 1t would thus stimulate agriculture,
revive commerce and. through the opera
non of the laws of trade and the restor-
ed energy and confidence OF the people,
bring about perfect and permanent equal
lzation of the paper and the gold dollar.
This is the only true resumption a resump-