Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-20
Our Member OF Congress Addresses a
Very Large Assemblage of his Con-
stituents on the Bluff, and
Gives an Account OF his
Stewardship.
He Makes Striking Contrast Between
the Republican and Democratic Par
ties, and Proves that the For
mer is Responsible for All
the Evils that
Afllict the Country, of which the So
Called Nationals Especially Com
plain-He Logically Proves that
there is No Hope for the PeO-
pie Save Through the
Democratic Party.

Democratic Party.
On the bluff last night some two thousand
citizens, including a number of ladies, assem-
bIed to hear Hon. Casey Young speak on the
subject of national and local politics. The
speakers stand was filled by leading Demo
cratic citizens and members of the executive
committee. Colonel Young was introduced
by Mr.. W. l.. Ciapp, chairman of the execu
tive committee.
COLONEL YOUNG'S SPEECH.
Colonel Young commenced by expressing his sense
OF the difficult task before him. owing to the peculiar
political condition of the country at present. far diff
lerent from what 1t had been at previous times when
he addressed his fellow-citiZens of Memphis on pO
litcal topics. At that time there but two par
ties Democracy and Repnblicanism-a he found
Ii an easy matter what to attack; but now he found
the Democracy of Shelby county torn by division
and angry dissensions and weakened by friends,
and political friends in the past He respected their
convictions but deplored the course they had taken.
party-and he adjured those friends who left the
party now to return and fight the common enemy,
greatest of crimes in the matter OF tie Presidency
and by fraud and deceit deprived the people of the
party is responsible for all the ills that followed,
and which exist throughout the country.
oppression which burdens you to-day, that does not
owe its origin to the Republican party and that is
not pretend to charge that the entire Republican
party is wholly wanting in patriotism, Intelligence
or honesty for to do so would be to evlnce spirit of
Intolerance and unfairness by which 1 have never
permitted myself to be animated; but do charge
pursued for the past twelve years, and especially
upon the difficult and vital problem of national
destructive that could have been devised; and
further charge that every objeconal act OF legisla
successive and continually easing burdens were
heaped upon the people were prepared presented
every instance the Democrats in congress opposed
to them solid resistance. Nov let us examine the
or unfair to my political opponents, and am WILL
ing to admit that the conduct of great civil war
PEELED resort to extraordinary agencies upon the
part OF those charged with the administration of
was the natural result; but the whole series of Re
publican legislation upon that subject after the war
policy wise craftsmanship, and tended directly to
enrich small class and mpOverish and distress the
the government had outstanding liabilities dor
the redemption OF which its faith and resources
thousand million dollars, consisting OF
bonds, circulating notes, etc, the latter
of dollars, and which were being used by the people
through the usual channels of trade and commerce
dusries The bonds were issued in dlfiefent series
and put upon the market for sale with the clear and
explicit understanding that the interest should be
paid In gold and the principal be redeem lie in the
legai-tender notes OF the government. With this
stipulation and agreement they were bought as Of
Tered for sale by eastern and northern capitalists
at prices taking gold as the stanCard greatly below
their face value. When these bonds were sold gold
was at a premium ranging from one hundred and
ten to two hundred and seventy, as compared with
paper money, ana the enormous profits realized by
the purchasers laid the Foundation of that supen-
dous money power which has subjected all others
to its commands, and which has continued to grow
hand grasps with constantly tightening pressure
the very yftals of the body polite, and its imperial
of public prosperity. From 1862 to 1868 the
government stld $1,S55,036, $50 of six per cent
bonds, for which 1t received in the aggregate only
the of 81 ,O42, 698, 1913 In gold value SO that
the purchasers have realized In the principal a
been paid interest in gold amounting to more than
$300,000000, making their total profit from the
100, 900 During this time there was also sold by
the government S195, l39,55O of five per cent
boads, for which the sum OF only S122q57,4 lO in
gold was paid and upon them has been paid I'm gold
interest S26,l 5,724, which, added to the more
were originally secured, gives additional profit of
nearly SlOO,OOOUOO made by the purchasers of
amount of profit realized by the few capitalists who
had the good fortune to become holders of these
bonds foots up the almost fabulous I'M of more
than Sl,200, 600, 600, an amount equal to two
thirds of the public debt. and exceeding by more
than one fifth all the money In circulation among
the whole people OF the United States. 1t is diff
fcult to see how unbalanced the financial system of
government would soon become by the transfer OF
such enormous amount of wealth to few of its
citizens and how dangerous 1t must be to the we'll
being of country of forty millions of people for less
circulating money values than all the rest put to-
geher IL is not surprising that single class pos
make itself felt in the public legislation Of the coun
try, or that that legislation should be in IFS in
terest And this our bOndhOlders proceeded right
speedily to do Their first effort IN that line was on
the second of March, 1859, when they procured
covering of ian act to strengthen the public
credit" measure declaring the prinei
payable in gold. though it had been before Tepeats
eddy and emphaticaly declared that only the interest
in legaltender notes Upon the passage of this Bill
ninetysix Republicans voted for it, thought it was
fraud and outrage, and OILY twelve voted against
it. along with every Democrat in the house save one
gy $500 600 900 more was deposited in the vaults
of the bond-brokers, and the same amount hlched,
The friends of the measure committed Slight
error, In parliamentary nomenclature, in chrsten-
ing their bantling 1t should have been styled an
act for the benefit of the bondholders, to enable
them to rob the people Of S5OO.000 000 under the
6onds at price so Largely and Feal zes
so handsomely upon The speculation, and having
ment, principal and interest in coin, it might res
sonably have been surmised that the capitalists
already generously favored by national legislation
would be content without demanding more But
this was not so; for, like the vampire, whose anne
tie grows more ravenons when It has once tasted Its
holder BECAME more rapacious as he filled his cof
and toll of other classes SO he devised Schemes
and methods OF speculation and exaction. There
FORE year or TWO after the passage of the bill have
duced the act by which the stamp of legal money
value was taken from silver, and that metal was
values and rendered nearly worthless in
the commercial transactions of our people, And
again. as before, 1t was supported by nearly every
Republican, and opposed by nearly every Democratic
member OF congress. Under the operations of this
bill the bondholders again increased their boarded
wealth by an additional one hundred million dol
lars. Then came that cyclone of financial destruc
ton act OF 1875, which wasted the prosperity the
country and devastated every field of industry I'm the
land. and the passage of which was secured by the
same power which dictated the two former enact
ments and by the same solid Republican vote Will
it was resisted by nearly The entire Democratic
deranged and staggering system of finance and BY
its force 1t hurled to the ground prostrate bro
ken, shattered TO pieces There were other weaker
lvered by the same band. but will not pause to dis
euss , them . nov. The three acts to which
leading and browning iniquities against the people
which more than all else brought upon them the
But what 1t may be asked, has the Democratic party
done to stay this march of wreck and ruin? / an
swer that though fG was In hopeless, almost help
less minority during the time these wrongs were be-
Ing perpetrated, 1t opposed STERN unyielding re-
sistanee to them ALL it contested bravey every Inch
OF ground With all the energy and yigor IL could COM
mand, and denounced every invasion Of the peoples
rights whenever attempted. The Democratic MEM
and mitigate the evils of perncious acts of egisa-
ZION while they were powerless to do more. On the
tWenyelghth OF June, 1852 while bill for the
ton of bonds was being considered, Mr. Holman
distinguished Democratic leader from the State of
ReSotced, Ihat nothing In this act shall impair
me Tght OF the states to tax the bonds under this
For proposition so reasonable so inst. so eyI-
IDENTITY In accord with the spirit of fair and impartial
legislation, every Democrat voted and every Repub
In this country now and especially in this audience
who would not be very glad of an opportunity to tax
United States bonds. for they have been a weiehty
financial sponge which has absorbed the Circulating