Year: 1869

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that "might makes right" American


Democracy holds that liberty consists


in the obedience of all to just law, that
these laws should be the fewest and


simplest possible, leaving the utmost
individual freedom of thought and
action consistent with equal rights
and impartial justice, and where the
individual action must be regulated
by law, seeking always "the greatest
good to the greatest number"


This is the Democracy I believe
in, and to which 1 am proud to be-
long.


Permit me, therefore, to indicate,
among the measures called for by the
present exigencies, the following, in
reference to:


Our Public Debt;


Ourrencyj


Revenue and Protection;


Glass Legislation;


Offices and Tenures;


Executive Patronage;


Suffrage,


And the Caucus System.


The enormous interest on our pub
lie debt is producing the most fearful
inequalities in the distribution of cap
ital, bringing the Government in the
money market as a borrower at an
average of III per cent. per annum,
currency-interest, 7.30 per cent;
premium, say 1.8O on the coin; ex-
emption, 2.4O, from taxation-11 so
per cent.-to compete with the pri-
vate borrowers; and, moreover, Civ
ing to bankers holding its bonds, not
only the interest but the right to is
sue notes on their credit, and use them
as money under the National banking
law.


This is forcing the very life-blood
of capital from the West and South,
in fact, from all the extremities where
its circulation is especially needed, to
the great Eastern centres of capital
and speculation, and by putting an
enormous price on capital, in a coun-
try whose industrial and business de-
velopment requires a great deal Of
cheap capital, is gnawing at the very
vitals of the industry and business of
the great mass of the people.


To arrest these devouring evils de-
mands the most prompt redemption of
our bonds according to the law and
equity of their issue, and that Ma
tiOnal Bank notes should be payable
in coin on demand.


To effect this we must diminish our
at home, establish confidence
in our political and administrative
and increase our credit
abroad, until our bonds in foreign
markets are worth what our ability
and certainty to pay warrant, and
then from the proceeds of the sales of
a new issue, bearing reasonable inter-
est&nd subject to reasonable taxation,
promptly redeem every existing bond
the moment it becomes due.


No local declarations, inviting a
prejudgment of any legal
questions about the terms of pay
ment of the national bonds, should
impair the priceless value of the pub
lie credit, at time when it is all i'm
portant to create the speediest means
of ridding the country of these enor-
nous expressions, but every Demo
cratic platform should tend to raise
higher the public credit, and to satis-
fy the people of Europe that the Dem
Ocratic party is the last party in the
United States that proposes to whine
or act reluctantly, about paying the
public debt, even though present
holders should have bought it below
its par value.


2. An irredeemable paper currency,
or one perpetually fuctuating in val
ue, is a gigantic fraud upon the peo-
ple-a concentration of the evils of
false weights, false measures, and
worse, injurious to all classes, but es-
pecially to those who live by labor.


The Democracy should assert with
renewed vigor and determination, its
old declaration in favor of a specie ba-
sis and a paper currency, convertible
at par into coin at the will of the
holder, and should take prompt and
measures to raise our bonds
to where the security they offer and
they bear ought to place them,
SO as to draw greenbacks after them to
par with the least possible delay. This
will relieve all classes, especially the
laboring, and augmenting the value
of our circulation twenty five per
cent. give healthy and vigorous i'm
pulse to every department Of business
and industry.


8. The fundamental principles of
free trade, and that all taxation should
fall as directly as possible on all men,
berS of society, in proportion to their
ability to pay, have always been held
by the Democracy. The aim of its
legislation must, therefore, be as
much as possible to reduce the amount
and diminish the number of indirect
taxes, and to levy such as are neces-
sary for revenue, having due regard
to the principle, that the wealth of a
nation consisting in its productive in
dustry, whatever favOrs the greatest
amount of this in the masses is to be
favored, and whatever fosters special
kinds and classes to its detriment is
to be opposed by the Democracy.


4. Democracy opposes all kinds of
class legislation, refusing to rob the
rich for the benefit of the poor, or the
poor for the benefit of the rich, and
views with equal adherence the par
tisan of unjust claims and the advO-
cate of the reputation of just ones.
But knowing that legal provision for
the security of private property gener-
ally sufices for the protection of the
rich, Democracy, without violating
individual rights, will always aim to
educate and elevate the masses of the
people.


5. Offices should be created only
when clearly demanded by necessary
public business, and such salaries be
paid as the nature and importance of