Weekly Chillicothe crisis., 1881-01-20
THE WOOD REFUNDlNG BILL.
A Fearless, Forcibe and Ringing
Speech by the Hon. E. II Gillette.


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 be-
fore congress pressing for immediate
consideration, measures that would
benefit the whole people. For example,
the regulation of railway freight
charges now controlled arbitrarily by
avarice. 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 go
their several ways. Next morning, the
telegraph wires will have flashed across
the land their decision that every bush
cl of grain going to market, every bale
of goods passing inland, shall hence
forth pay twenty to thirty 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 coun-
try, and all who live in it, they could
not lord it over us more tyrannically.
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
troduced for that purpose, but we are
discussing a 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 Massa-
chusetts and other states calls for
prompt action by congress, and election
frauds demand attention. Besides
there are over u thousand bills already
considered by the committees of the
house and recommended for action, but
I'LL are pushed aside that this bill in the
interest of small class of bankers may
he 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. 1t is the
option to pay that natures, and not the
bonds.
The committee on ways and means
have materially changed the bill. Every
time they have considered it they have
reported amendments. Their last is to
issue 3 per cent, rather than b pei
cent bonds. We would be willing the
bill should remain in their hands for a
year more, in hopes they might dis
cover by that time the 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
he taxed for generation or more tc
pay interest for that credit. 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 Il
thousand fold 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
interest for the credit or money of indi'
viduals. Why carry Goals to Newcas
tle2 Why should the nation borrow
from itself? Why ignore its own pre-.
rogative and resources? Thomas JEFF
ferson condemned funding as swim
ding futurity on large scale" 1t is
swindle to unnecessarily tax The
many to support the few. 1t is as un
democratic and mrepublican as {
throne or crown.
Every bond must be paid, principa
and interest, by labor. When we sci
bond, we sell the labor of our con
stituents to the purchaser, | am op
posed to the sale; l oppose it as
would the slave trade. 1t is the SAINT
thing in principal and result. Yol
have 10 right to sell the labor of my
constituents to the Vanderbilts. TIL,
tOilers who pay taxes to support tht
rich and untaXed will some day dis
cover that they are victims of yer,
refined but cruel system of slavery
This bill nominally calls for three pc
cent interest; but considering tina
30 per cent of the purchase none!
may be demanded back in nationa
bank notes, and exemption from taxa
ton, these bonds will really be wortl
three times that to the holders. The,
can practically be purchased for tel
cents on the dollar.
BE it known to the members of thi
House and to the country that the pur
pose of this bill and of those who in
troduce and advocate it is to sell thes
bonds for ten-cents on the dollar; tina
is what the government is to get fo
them, while the people are to pay in
terest upon their face. The provision
of the bill will make them nationa
bank bonds. They will be purchased
by the banks, deposited with tn
United States treasurer, who will keel
them safely and return interest regu
larly and will refund to these institu
lions 80 per cent of the purchase-mone,
in national bank notes, universally &C
ceptcd as money, because secured b,
the credit Of the people and made
tender for some debts, and printed AM
prepared by the government; and thu
are the people to be swindled.
would oppose this bill if it proposed
per cent bonds. 1t is the principa
involved that l oppose. 1t will over
throw our government if we do not ov
erthrow it as Jackson did the olt
United States bank.
Away with this slavery of usury
and let this government commence a
this late day to foster and protect Ia
Dor from therobberies of refunding, ant
Ill other schemes that go hand in hanC
with it. Absolute equality is the onl,
standard we will accept. Ours mus
be a government that protects the veal
rather than q government that take
them for the benefit Of the strong.
If there was ever an excuse for issu
ing and selling bonds there is non
now. We are not at war. There is III
emergency upon us. The bonds whicl
H. nronoSpd Ia refund ara not navohl