The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1879-06-28

fective part ia all debates: and, ~
l expect to be candidate at the
next election, / cannot afford to
disappoint them. l am well aware
thar it will be difficult for me to
make myself heard, and be under.
stood By many, whose heada and
minds are 90 far-sbove my own
but, sir, I must do my duty. Mr..
President, entirely agree with
ali that has l,een said 80 far on the
subject Of State debt; each aud
every speaker has clearly shown
himself to be rigbt-and those
that have not spoken at all are
right. too.
Why. sir. the honor OF the State
must be scrubbed up and kept
clean, or her reputation aud credit
will be destroyed; like women's
honor, sir, it can not be ruined and
restored
Why, sir, look back 1t the his
tory VI the past France has, du-
ring the past Eve hundred years
repeatedly - amidst changes OF
acknowledgement her ma
tional debt, and just look ct her
credit now ! Can she, borrow
money? Isl .ss aai %
just look Mt the reputation the
United States has got for refusing
10 redeem the two hundred thOue-
and dollars of Continental paper
money issued by the Continental
Congress to carry ON the war OF
Independence.
Yes, cir, the Continental Con-
pres commenced in IT'S by issu.
| ing QUE million dollars OF what Was
called pasteboard money. aud IN
jl7sO the amount had, by various
emissions, r,sen 70 two huUdred
millions Of dollars, and yet after
the war Was over, and had been
won to q great extent by this same
money, Congress never redeemed
q dollar Of it, nor would any State.
or the general government accept
| il for taxes.
In January. l777. one hundred
dullars Of gold would buy only one
hundred and five dollars VI Cont
pental paper money, 81 near Was it
to beng par. but the more that was
issued .he more it deprecated ;
and has it not been 30 with our
bouds2
Now let us look at the rspctation
and credit Of the United States.
Does she deserve or enjoy any
credit after such base ingrstitude
and shameless repudiationY
! Let ~ look at the reputation Of
the men who authorized the issue
of the Continental money afore-
said, and then refusee to redeem 1t.
Why, it was done. sir, by such
men as Ben Hancock, John Frahk-
lin, Tom Washington aud George
Jefferson; and how do they stsnd
in history Why. sir, il they we're
living to-day they would not dare
TO speak to q ouisiana bond,
holder. Sir, they. ought to have
been compelled to sacrifice the last
dollar Of their estate to pay The
money at par, even if il did dsp.e-
ciate until Que dollar Of gold would
buy seventy-fve VI paper money.
Sir, we must avoid the cbarybdis
reputation, even il We run tbs
ship Of State against the Soy lie o.
taxation.
High tribute and high taxes
have produced more revolutions
aud disorders, and destroyed mort
governments than war itself. Un
|, Just taxation caused the revolution
Of l176. But, sir, we must fright
en- the people of this State into TIL
payment Of this debt; the bond
holder mus. live, and how 10 b
going to live unless yon pay him
You can easily see, sir, that it i
. great hardship for us TO reduc'
the rate of interest down 10 fou
or Eve per cent. because many Q
the bonds cost the holders iron
thirty to forty cents on the dollar
: and 1t that rate the holders -woult
! only realize from ten 10 fifteen pc
csut interest, which is not enougl
{ for = rich country like this to pay
No. sir. let us have high taxation
) lit makes as feel important. sn'
( The more We have to pay to carr.
: on the government, the more v