The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1879-10-02

cent bonds. The interest on these
bonds is paid quarterly, or once every
three months. One dollar at per |
cent interest compounded quarterly, |
will acc Emulate in thirty years s3,3
Multiply this by $1,000, 900, 900, the
sum of bonds to be funded, and the
present bondholders will have accu-
mulated for their children the snug
little sum of 81, ,995, 900, 900, or nearly
five billion dollars, and about one
third of the present value of all the
property in the United States. At
the end of sixty years their grandchil-
dren will come in the possession of the
sum of SIG, 7s3, 200, 900, and own in
fact the territory and wealth of the
nation, as the heirs of the European
bondholders of 1920, now own Eng
land.
Even at simple interest, Sherman's
interest saving scheme, will compel
the taxpayers of every generation, to
pay the whole amount of the public
debt in interest, as long as time shall
last.
But it is the "English system" 1t
has the prestige of years, notwithstand-
ing it has pauperized labor, and con-
centrated all the lands and other pro-
perty of that kingdom in the hands of
the untaxed bondholders. Why
shouldn't we Americans build up a
royal robed aristocracy to worship, as
well as the poor of Britain?
"Make haste slowly" says the old prov.
erb. We commend this to our brethren of
the National party. The greatest danger
that menaces this new party lies in the i'm
patience for immediate success manifested
by:so many Of its friends. "LarRe bodies
move slowly" and great ides. in making a
complete revolution in the fundamental
principles of political economy and social
science, require ample time for their com.
plete avolution and intelligent acceptance
by the people.
The principles of the Nationol party are
the grandest ever presented for the consid
GRAFTON and acceptance of the people. They
are in large measure new. As Wendell
Phillips puts it: "This ia a step in the
ages" 1t is a grand forward movement Of
the columns Of progress in that revolution
which started in Independence Hall on the
4ih Of July, 1776, and is destined not 70
stop until it is practically settled that the
people are the source of all power, and
that they are safely to be trusted with its
exercise over every interest and in every
direction. On the one side of this gues-
tion stand the Tory and the coward-those
who despise and hate the people, and
those who doubt their intelligence and dis
cretion. On the other side stand those
who have practical faith in the Declara-
tion OF Independence, and who are resolv.
cd that its ultimate principles shall be
adopted, and this Government yet become,
what il never has been, Government Of
the people, by the people, and for the peo-
pie.
The majority Of the people hsve not yet
grasped this grand idea in all its breadth
and beauty. They cannot until they shall
have been educated to it. The revolution
of rs broke the chains of monarchial des-
potism. but unfortunately while abolishing
hereditary titles Of nobility, the law of en-
tail, ETC.. it failed to destroy that monetary
system which had grown up with, and
which has ever and everywhere been the
, chief corner stone of despotic power and
aristocratic pretention.
To finish the work Of that revolution be.
gan q century ago by eliminating this last
element OF despotism from our body polite
is the avowed mission of the National par.
, y. This work neither of the old partiel
can possibly do. Nor can either of them
help the new party in this work. AS organ
izations they are hindrances to it. They
have other purposes.iD view. The Repub.
lican party is the open and iavowed cham.
pion of the old despotic anti Republican
system of finance. The Democratic party
as nationsl organization is in full symp.
ashy with the Republican on this point
and is its faithful ally in its contest with
the National party. In certain sections
when the new party holds the balance 90
power the local Democracy profess sympa
{ thy with it, for the selfish and treacheroul
purpose of breaking its organization and
;. preventing its growth. The National par
ty Is destined to triumph most gloriously
II is the anointsd prophet and evangel Of
, liberty and Justice. 1t is proclaming tn
i fundamental truths of the new politica
e gospel which is to redeem the people from
! the tyranny Of sectional hate and the d es
g potism of organized fraud. But the success
of its glorious mission depends upon it,
keeping itselffree from all unholy alliances
Its robes must not be trailed IN the filth
pool Of treason, nor rent by sectional strife
It must not lower its standard or compron
! Use its principles under the influence Q
q Alluring but false hopes OF immediate
? success held out by partisan demagoguea
: but work and wait with that honest cour
= age tha. grows strong through defeat; tha
sublime faith that never falters in the righ
A.. J:r:oo oh ~;tv eb,ch Loooa Ill