The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1882-02-14
existence was a stain upon the financial

existence was stain upon the financial
honor of the country, that they were the
one fiaiancholy reproaeh on the fnan-
C a. virtue of the country.
. Now they have grown up; they have
strengthened, they have be come honored
members of the financial household, un-
til to-day it is true that they are better
than bank notes, better than silver, bet
ter in many respects even than gold, be-
cause they circulate, as we were told ex-
ultingly here in the Senate the other day,
wherever the gold coin circulates and
they are somewhere at premium. When
they were derided and decried, when they
were called rag money in terms of de.
rision. they sustained wonderfully the
fabric of our domestic commerce; and
now they aid to sustain wonderfully the
fabric of onr foreign commerce..
Mr.. President, am very inexpert in
all these matters. / c,mpete with no
body in knowledge of finance l am
no prophet, but wish 10 state now and
here that the time will come, in nv opin-
ion, when, by reason of our faults or
our misiortunes, when, by reason of do
mestic or foreign implications which
we cannot control, when, by reason oi
disturbances of financial or CONNIE fcial
relations of which we may be as well the
victim as the cause, the people OF this
country will be deprived of their coin,
and then they will turn TO the Treasury
note calculation as the means of uphold
ing the toltering fabric of their domes-
tic Industries and Of maintaining their
prosperous interchange of their dumes-
tic productions.
There is another amendment propos-
ed to the bill for which l intend to vote
1t is that offerd tv nv honorable friend
the Senator from West Virginie, Mr.
Davis, nesr whose seat | have the honor
to sit 1t provides that while theses pei
cent bonds shall be iedeemable at any
time within the pleasure OF the Govern.
ment they shall not be called in unit
other bonds hearing a higher rate of in
terest, also redeemahle at the pleasure o
The Government, shall have been frs
redeemed shall vote for that amend.
nent. II, as my honorable colleague
and nv friend from Alabama have said
it is true that the revenues Of the Gov,
ernment will not be able, in view of the
large esponsibilities which the Govern:
ment bears, to redeem more than $780,.
000,0G0 of these bonds within five
years, then these bonds will be as valua.
BILE for investors as if by law their re-
demption was limited to a longer period
than Eve years On the other hand, j
our revenues shall increase, il our obli
cations shall be diminished, then / say
that we ought 10 pay these hoads at the
earliest moment, and | am not willing tc
put it ont of our power 10 pay them.
believe that debt is q curse to q ma
tion as TO man. | believe that it i:
better to pay the debt and paw the en
-larged interest as soon as possible rather
than TO continue the debt 81. any gate q
interest, however small. Dent is a mort
gage upon the property and labor of ,
nation as it is upon the property ard la
hor of man 1t is a mortgage upor
the hone, the blood, the sine@, the heart
the brain, the house, be home, the do
mestic circle OF every individual in The
nation. The periodical recurrence o.
the payment of interest, whether it is hy
coupon or upon the note of the single
Individual, is the spectre before which
all prosperity flies affrighted. 1t is the
darkness that shuts out the sunlight; il
is the torrid heat that prevents the dew
ami the rain; it is the scorching fire
that burns the fertile earth; it is the can
kerworm which eats into the vitals of all
growing life. Taxes pay interest. La
bpr pays taxes Reduced to its last
analysis. it is the brawny arm and the
patient heart of the man who goes oul
in the early morn and remains until
darkness clothes the earth al daily labor
in order that be may gain food and shell
ter for his loving wife and tender chill
dren who gives some Of those hours to
the payment of the interest and the prin-
cipal of the national debt. ! will not,
| cannot vote for the continuance Of the
national debt or any part of it, one hour
beyoad whatis absolutely necess ary: