The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-18
By us, for # has placed In our hands a specific

hnnS pI MS FiRhts under the United States con-
stintion abridged In the smallest particular;
these rights no State can invade. even II 90 dis
posed: No Just right Of his can possibly be
.o ,nscs snd iew II any. Southern gentlemen
interfere with any ~ these
Inc eolofed man's best friends are those who
KNOW MIN Dest-the Southern man, bat II he
ttns cnlored manI allows himself u be made
to0i of TO oppress these friends Of his II will be
als own fault should he forfeit the mutual IN
ndence which cou u 30 easily continue in the
Interests Of their common well being and mu-
tual prosperity.
It T. estimated that orr population Il now
40 600 600 and that the debt the nation owes is at
least $40 900 00o.0 e., national. State and cor
IoratS, leaving out the vast amount Of indivd-
ual indebtedness. which is probably az much
more. How can We paw Or how Can we
even pay the interest. which probably averages
pr cent s70o 100000 annually. or nearly
% 100000 day. Taking the average expenses
II our population at only 800 per year, to feed.
clo' he and shelter them even 10 comfortable
style. the aggregate expenditures Of the whole
country fonts up $500 00o. 900, or more than
twice the tota OF our national debt. We have
not more than $500 900 900 OF cure cy in circu-
lation o. the outside. including silver. and each
dollar has to perform the functions Of paying
60 worth Of simple expenditures OF our people.
1t has to perform that function to the value Of
probably four or five times that sum In the com
N erciai. anufac'uring. agricultural and other
exchanges. and yet In the face If these facts va
are tod that there Is plenty Of money while the
| confidence is daily growing more and more au-
parent. The statesmen drink champagne aud
feast upon the frnits Of their suece sful Doliti-
There is storm coming. and they have not
sense enough TO see the cloud"
Let p61a pace ssP E,s you The foWpg from
nave sosd Security So says The he bsid money hey
Il you have anything TO SELF Tbat is the great
and important question. Borrowing money is
very different from buying H.. Hoy then. can
ron huy #? You have labor to sell. Can you
| sell it2 In other words. can you get labor
at any price2 You want money to pay fol-, your
mortgages. Can you get 1t By selling part Of
| the real estate2 Will the whole Of It bring
" 69 A. no r. ys
| buy 1t. TO do this he must sell his labor. his
| kill, his productions. And for all these there
y no demand. because there 10 no money to pay
Where. gentlemen. Is the money Of the coun-
tfyf 1t Is all locked up in bonds. which pay no
p1intlng-which give work to no one. but which
On the contrary. Impose tax upon every
one APT. and upon eyery business and
have destroyed al labor. They have made real
property burden. and they have parayzed
every Gay business ,hsIn = and every pursuit
against his tremendous evilf will suggest
one 1t i5 the interest money which II devour-
bondhoIders. national State and corporate, are
estimated TO number 400 900 uls These are
he favored sons Of the q yernment. for the
government has invested heir Cal ital Ia non
taxable bonds. ard has forced the rest of the
people, say ~ 100000 souls. to pay sami-an-
nual tribute to them Ia the shape OF interesf
money. Is not this n stupsndous piece of
wrong and favorftlSm 1t Is reversing the oh
ject OF government. which ought to be- tha
greatest POSSIBLE happiness Of the community"
Ny suggestion that the national government
shall stop this interest drain against the peo-
pie. undermining and sapptng. ms 1t does every
business and pursuit, by the issuing annually
fab IN
s500.0J0O00 in interest bearing bonds. until All
are thus taken up. These .greenbacks should
whether national or State. The amount OF
capital thus annually freed from Its bonded Ia
vestment would be thrown on the market for
employment, and no matter what direction IL
might take. outside of bonds ii will AFT ,rd en-
ployment to the honest seeker after work, The
gresnbacks TO each State to take no irs own y,
honest debts. exactiDg annually . per cent in
greeDbacks on the amount thus loaned until
would enable the nation to destroy a certain
amount every year. until the currency had
reached the amount Indicated as necessary by
practical experience In the premises Such
wise stat smanship would give this country a
leap forward at once, and soon W. should fad
ourselves transformed In our business from
the depression and cry 1g want Of TO day into a
happy. a conteDted. and an Unprecedented pros
perity, with no class depressing the other.
From on Mr.. Felton,s speech above referred to
will take another extract: There Is your gold
dollar-what is 1t but fiat money? Take the
gold that Is In 1t without coming It and ii has
commercial value only, but the moment the
government takes it and 3 tam Is it and seals Il
and says it ia worth dollar in the payment Of
dues, then l. is dollar wherever the q lg fl ats
Take silver, and In its crude, clumsy shape It
haa only commercial Vlue, but when the
government coins It and stamps 1t and says It
Z legal tender dollar. i 10 tn, equivalent Of
the gold dollar wherever the f4g floats. Take
that piece Of paper and 1t has only CONNER
cial value, but when 1t is backed by the wealth
and by the power. and by the promise OF the
DAt1On-MnpQ Ia han of
that paper that Ii is q dollar and the equivalent
q the gold and silver dollar. and receivable for
wherever the flag floats"
Permit me to here quote John G. Calhoun on
this subject: IL now undertake to affirm and
without the least fear that 1 can b. answered,
that a paper issued by government. with the
simple promise 10 receive il tor ail its dues
leaving its creditors to lake i or gold and sill
yer at their option, would 70 the extent IL would
circulate, form a perfect paper circulation.
which could not be abused By the government:
that 1t would be- as uniform in value as the
metals themselves; and / shall be able to prove
that it Is within the constitution and powers Of
Congress e use such paper 10 the manage.
rule OF constituting the constitution"
Listen 70 Daniel " bster also: The great
interest OF this great country. the producing
cause OF all IT'S prosperity. ia I2b0ri LdbOri
tabori The government was made to protect
this industry; to give 1t both announcement
ard security. TO this very end. with this pre-
else object IN view, power was given 10 Con
Rress over the currency, and over the money
system OF the country"
If our recent past is but an index Of what our
future Is to be-ff it shall b considered right
for handful Of the community to prey upon
the BEST interests OF the mass Of the people; If
one small class shall pay no taxes and draw
lifelong interest tribute from the great body 81
the community. then must We teel with that
great thinker. Jeremy B9ntham. that in such
an order Of things there would be only one wise
course for the govsrned-that OF PRODUCTIVITY;
there would be but one foolish course-that Of
industry"
Gentlemen. now tender my resignation as
your president and take the liberty Of advising
that our Union ADJOURN sine die. No statement
which has ever emanated from this Union has
ever been successfully contrnvsrted. Your
record Is too good for any (a,Gf pas now. You
will recall gentlemen. the indiscretion 81 Uncle
Z Oby In a good cause. You will recolect that
the accusing angel which flew up to heavens
cbancery with the oath is reported to have
flushed as he gave 1t In, and that the record
ing angel as he wrote 1t down drop ped tear On
the word and blotted 1t out forever"
Gentlemen. among my proudest recollectiOns
will be our long association In good cause
free from personal motives. For my own short