Year: 1868

lC VIII De nelQ almost exclusively In lew
Atlantic States. Look upon the map of the
Union and see how small is the territory in
which it will be owned. We are to be di-
vided into creditor and debtor States, and
the last will have vast preponderance OF
power and strength. Unfortunately there
is no taxation upon this national debt, and
its share is thrown off upon other property.
1t is held where many of the government
contracts have been executed, and where,
in some instances, gross frauds have been
practiced.' 1t is held largely where the
Constitution gives disproportional share
of political power"


In his message to the Legislature in 1868,
the Democratic Governor, speaking of the
public credit, foreshadowed our dishonored
condition at the time in these words:


"EXtravagance and corruption are viola
tions of the faith pledged to the public
creditors. The money loaned to the Ma
tional Treasury was not brought forward
at time of peace, but in time of doubt
and danger. These claims are held by the
rich and poor. The amounts held by cor
porations represent the interests of women
and children, the aged and infirm. The
right of our soldiers to demand integrity is
OF the most sacred character. A fearful
crime will be done by those who suffer ma
tional bankruptcy to turn into dust and
ashes the pensioners bounties thus gained
at the cost of blood and health and expo
sure. 1t is worse that government should
be overturned by corruption than by vio-
lence. A yirtuous people will regain their
rights if torn from them, but there is no
hope for those who suffer corruption to sop
and rot away the fabric of their freedom"


These are the positions we took years ago
in the darkest hour of the war, these are
the positions we hold now, and they cover
every question of public and party agita-
ton. TO show the anxiety we felt to avoid
all sectional controversies and our sense of
the value OF intercourse with the Western
States, l will quote from the message OF
the same Democratic Governor in 1864:


ga deep interest is felt with regard to our
commerce with the Western States. Its
growing value and the loss of our trade
with the Southern States, makes us depeE-
dent for commercial prosperity upon that
section of our country, which sustains our
dOmpstic and foreign commerce, and which
adds so largely to the imports and business
prosperity OF the city of New York. This
State will be untrue to itself if it fails to
control this great source of wealth by a
vigorous and generous policy. Rather than
suffer its diversion into other channels, we
should strike off all tolls upon Western
produce. New York should exhibit that
degree of interest in all measures desigbe
to benefit the West which will show our
purpose to keep up the most intimate COM
mercial relationship with that portion of
our Union"


These words are quoted-not because the
words of any one man are of consequence,
but to show the record of the great party
which inspired them. The Democratic
party saw the evil in the beginning; they
are the party to cure it. They have al
ways kept our public finances out of con-
fusion, when in power. Years ago we
pointed out the wrong done to the West by
IL f,.ria.
soldiers to the war from each Congress
ional war district as were demanded from
Vermont or Massachusetts, while the cur
rency given to them under the banking
system was not one-quarter as great, al
though the Western States needed cur
rency the most. The act authorizing the
banks of New York to organize under a
general banking law was not signed, be-
cause the currency was unjustly divided,
and because the system made an useles tax
upon our people of $1S,000,000 in gold each
year. Thus we tried at an early day to
save our country from sectional questions
In vain we warned the East and West
against an unwise policy. The East and
West upheld the policy of the administra-
tion, and we have now to deal with the
results. What are some of them? All Ol
the States are heavily taxed, but some oi
them get back as much, some more than
they pay out, while Others get but
little. In the case of the heaviest item Of
eXpense-the military and naval system
the Western States get nothing back eX-
cept the cost of Indian war, while large
sums are spent at the South. The neXt
heaviest item is the interest on the debt
The West gets but q small sum back; mos
of it is paid to the North Atlantic States
The indirect taxes, tariffs, are still more
hurtful to the West, as they are practically J
premiums given to Eastern manufacturers
The division of the favors of Government il
distributing banking currency is startling
in its injustice. But the most offensive
distinction is that of having two kinds O.
currency, good money for the bondholder
and bad money for the laborer. the pen
sioner and the business man. Every paper
dollar now put out is Government false
hood, for it claims to be worth more thar
, its real value, and it goes about the coun
try defrauding the laborer, the pensioner
the mechanic and the farmer. An indig
nant chief of one of the tribes from whom
we bought land at an early day by pledg'
of monied annuity, said this Government
was cheat. 1t got land from the Indian
by promising them so many dollars eacl
year, that now it paid them in none.
which was lie, which said on its face
was a dollar when it was but little NOR
than half dollar. The red man told tn
simple truth. Of all the devices t.
cheat honest labor, to paralyZe industry
to degrade public morals and to turl
business pursuits into reckless gambling


none has been so hurttul as shiftin;
standard of value, a debased and lyini
currency. [ have not thus set forth tn


condition of our country for the purpos


of indulging i'll inv, ctives against the par
ty in power, but for another object. Man


Republicans who admit the wrong doin


OF their leaders, say that we have no plan
for the relief IF our country, that point
ing out wrongs is of no use unless we ca


and we probe the ulcers to the quick be
cause we mean to meet the case and cur


the malady. Among other things whic


have caused anxiety in the disordere


state OF our Union, is the fact that ou
Government bonds are mainly held in on
section of our country. The labor of tn


West-puts its earnings in large degree ia
to lands, which are taX-burthened. Th
labor of the East puts its earnings into saw
iDgs banks, life insurance,or in other form
of monied investment. Thus they ar
deeply interested in Government bonds
The amount in savings banks, in this Stat
alone, is $140000.000. This shows tbs
there must be at least 100000 of mon
ey thus deposited in all the States. Th


in the State of New York, was $27(
The number of depositors in the State c
New York is about fl We hundred thousan


(4S7 1870, and in the city they number NOR
than ohe-third of the population. Tni
will make the number of deposiGors in tn


Union more than one million eight hun
dred thousand. In the State of Connect
cut, in 1865, one quarter of its populatio


had deposits in savings banks. 1t
now usual for men of small property to in
sure their lives. The number of police
given out by all the life insurance compa
nies, are about four hundred and fit


thousand, and the amount of insuranc
about one thousand and two hundred an


fifty millions. The money invested is hel
as sacred trust, as it is fund laid asid


for their families when the insurers die


All of the funds of savings banks and lii


insurance companies are not put in Gov
nrnment bonds hut they hold an amnur