Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-11-03
LIKE A BLACK CLOUD
Hangs the Wood Refunding Bill over
the American People.
Taxes to Pay Interest to be Collected
at the Point Of the saYonet
it Need Be.
A Fearless, ForcibIe and Ringing
Speech by the Hon. E, H. Gillette.


NOIEltssluHa itcOfu' dec. u,
Mr.. Chairman, the Wood refunding
bill is not new, but has hung over us
like a black cloud for nearly year.
On the 10th Of May last | spoke at
length upon it, but cannot see it pass
without adding further protest.
There are most important measures
before congress pressing for immediate
consideration, measures that would
benefit the whole people. For example,
the regulation of railway freight
charges now controlled arbitrarily by
ayarice. AS another has stated it:
"a dozen or so Of railway magnates
summoned by private message, meet
from time to time in one Of our great
cities. They consult in secret, dine and
wine satisfactorily, adjourn and 90
their several ways. Next morning the
Telegraph wires will have flashed
across the land their decision that every
bushel of grain going to market, every
bale of goods passing inland, shall
henceforth pay 20 to 80 per cent more
freight than has hitherto been paid
In effect, this bevy of railroad kings
has arbitrarily reduced the value Of
every farm, every quarter section every
bushel of grain in the great West. If
they owned the whole country, and all
who live in it, they could not lord it
over us more tyranncally."
1t is the duty Of congress by Just
laws to promptly protect interstate
commerce from such unjust and arbi-
trary impositions. The suppression of
pleuro pneumonia, the cattle disease
which is to-day damaging foreign
markets for Our beef and threatening
our great cattle interests with whole
sale ruin-bills enough have been in
E troduced for that purpose, but we are
discussing proposition to load down
our cattle and other interests with per-
petual bonds rather than taking steps
to protect them. Like Nero, we fiddle
while Rome is burning. Wholesale
disfranchisement Of citizens in NTassa-
chusetts and other states calls for
prompt action by congress, and elec.
tiOn frauds demand attention Besides
there are over a thousand bills already
considered by committees of the house
and recommended for action, but all
are pushed aside that this bill in the
interests Of n small class Of bankers
may be crowded through. 1t cannot
be urged that pay day is near, for the
bonds to be refunded are not due and
only become payable next year at the
pleasure of the government is the
option TO pay thatmatures, and not the
bonds.
The committee on ways and means
have materially changed the bill.
Every time they have considered ii
they have reported amendments. Their
last is to issue per cent, rather than
3! per cent bonds. We would be will
ing the bill should remain in their
hands for year more, in hopes they
might discover by that time tine folly
of paying any interest, and, indeed, the
folly of the whole bond scheme.
This bill authorizes the secretary Of
the treasury to borrow the credit Of in.
dividuals, agreeing that the people
shall be taxed for a generation or more
to pay interest for tlatcredit. Govern
ment, which is another name for the
people, holds all the power, wealth and
resources of the nation, issues directly
or indirectly all the money, and has q
thOusand-f0ld more credit than all the
citizens whose credit it borrows or pro.
poses to borrow. There is, therefore,
no reason why it should borrow or pay
interestfor the credit Or money of i'll
dividuals. Why carry Goals TO New
castle? Why should the nation bor-
row from itself? Why ignore its own
prerogative and resources? Thomas
Jefferson condemned funding rs "swin-
ding futurity on large scale" 1t is
II swindle to unnecessarily tax the
many to support the few. 1t is as I'm.
democratic and unrerublican as Il
throne or crown.
Every bond must be paid, principle
and interest by labor, When we sell a
bond, we sell the labor of our constitu-
ents to the purchaser, l am opposed
to the sale; | oppose it as | would the
slave trade. 1t is the same thing in
principle and result. You have no
right to sell the labor of my constitu-
ents to the Vanderbilts. The tOilers
who pay taxes to support the rich and
untaXed will some day discover that
they are victims of very refined but
cruel system of slavery. This bill
nominally calls for per cent interest
but considering that 80 per cent of the
purchase-money may be demanded
back in national bank notes, and ex-
emption from taxation, these bonds
will really be worth three times that
TO the holders. They can practically
he purchased for ten cents on the dol.
lar.
BE it known to the members of this
house and to the country that the pur.
pose of this bill and of those who in.
troduce and advocate it is TO sell these
bonds for ten cents on the dollar: that
is what the government is to get for
them, while the people are to pay in.
terest on their face, The provisions
of the bill will make them national
bank bonds. They will be purchased
by the banks, deposited with the Uni
edStates treasurer, who will keep them
safely and return interest regularly,
and will refund TO these institutions
90 per cent of the purchase money in
national bank notes, universally &C.
cepted as money, because secured by
the credit of the people and made a
tender for some debts, and printed and
prepared by the government; and thus
are the people to be swindled. 1 would
oppose this bill il it proposed l per
cent bonds. 1t is the principle involved
that opl ose. 1t will overthrow our
government, if we do not overthrow il
as Jackson did the old United States
bank.
Away with this slavery of usury
and let this government commence at
this late day to foster and protect la.
Dor from the robberies of refunding
and all other schemes that 90 hand in
hand with it. Absolute equality is the
only standard we will accept Ours
must be government that protects
tha xuaalr r.tho, tl,o,, =,