The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-07

the national debt. Few people ever
cOmprehended the enormity of that
crime, and never was there deeper
laid plot to out reduce people to
AFFECT and hopeless servitude.
This act, approved July IA, 1870,
provided for the refunding of the ma
tional debt. In other words, it was a
scheme to perpetuate the debt and a
plot against the people to keep them
forever under the yoke of bondage.
| Webster's definition of the funding
system fully expresses the design of
| Congress in passing this act; he says:
"TO fund-tO put into the form of
bonds or stocks bearing annual inter
est. To refund is to renew these
bonds or stocks, perhaps under new
contract, which cha nges the rate of
interest, though the interest cOntin-
ues Funding system is "a scheme,
of finance or revenue by which prOyi-
sion is made for paying annual inter
est on public debt" Mark you it is
a scheme, and no provision is made for
paying the debt itself The refund
ing of this bonded, untaxed, interest
bearing debt is a calamity upon this
people, for it has placed the burden
beyond the control of the generation
that created tive have already paid
interest enough to have twice paid
the debt, and yet today it is greater
burden upon the people than it was
at the close of the war.
The evil effects of this system are
at this time especially apparent.
With money enough in the treasury
to pay half the public debt, the peo-
pie are debarred this privilege, be-
cause the villainous act of refunding
has postponed the time of payment
from ten to twenty years. In cOnse-
quence of this nefariOuS act, about
1856, 900, 900 of the debt cannot be paid
until 1907.
Consequently, with an enormous
sum of money laying idle in the treas
ury Cor what is still more intolerable,
deposited with national banks which
have been granted it's free use for
more than twenty years., the people
are not only deprived of it's use in
their business, but are still compelled
to pay interest upon the entire "a
mount.
Now, would you have any confidence
in the business ability of man who
would SO arrange large indebted
ness that he should continue to pay
interest upon the entire debt after he
had accumulated the means for IL
quidating a large part of it? And yet
this is the very policy embodied in
the funding act of 1870. And further,
the same party that enacted this law
is today putting forth every effort
for the expenditure of this surplus,
in any and every other way than that
of liquidating the national debt. The
Direct Tax bill, the Educational bill,
the River and Harbor bills, the Pen
sion bills, bills to provide for coast
defences, and other innumera BILE bills
for disposing of the surplus are, in
the main, schemes cOncocted for the
sole purpose of using this surplus in
such way as to prevent the payment
of the bonds and to continue the in
fernal system of taxation which is
wringing the life blood from the peo-
pie, and which affords the only plaus-
ible preteXt for maintaining party
lines between the two old organiza-
tiOns.
But this is not all; during the pre-
sent session of Congress, the indOmit-
able Weaver has made the startling
discovery that this funding bill never
passed Congress in the form in which
it appears upon the statute books.
By the changing of single word the
import of the entire bill was SO
changed as to make the four per cent
bonds payable only after thirty years,
instead of previous to that time
| Ilc vi 1901, uuuCI IUS
worst construction, sinks into insig-
nifcance before the light of such dia-
bOlical assassination of law.
The object of funding our debt was
to establish bond system on the
same plan of England's bonded debt.
England's debt, which commenced
with the same infamous banking sys-
tenn which we have adopted, was es-
tablished two centuries ago. The in
terest on her debt supports few idle
aristocrats, but it has reduced to ig-
norance and degradation millions of
her toiling people. Another object
of funding our debt was to build up
a moneyed oligarchy, and an aristo-
cracy of wealth to complete with that
of our ancient foe.
That those who have long controlled
our government are determined to
carry out their plan does not admit
the slightest doubt. The bill of Con-