Year: 1868

created for your ACKNOWLEDGEMENT YOU
are charged, we'll say, one per cent pei
month, and you take home your accom-.
modation, and you find the so-called
money to be yourown notes, issued by
the government that taxes you to pay
this banker for his kindness TO use youi
credit. Small wonder that while We
get poorer. these men get richer and
own islands aud build palaces. a
voice-"We've been cooked enough that
way.") 1t is the duty of the Democratic
party to call in the circulation of the
National Banks and put an end 10 their
extortion.


PAYMENT OF BONDS.


We have lost more through this mon.
strous system of banking, through
bounties paid to manufacturers,
through a deprecated paper, than we
have from gold-bsaring bonds, about
which so much excitement prevails.


Now, l am in favor of meeting our
obligations honestly and fairly. Repu-
diation in any form, direct or indirect,
is abhorrent to me. | believe it is to
the great mass of honest, hard-working
sons of the Democracy. But let US not
be alarmed by hard names nor diverted
from the right path by loud cries. And
first of all, let us clear away some ofthe
rubbish that has accumulated about it.
| Whenever you approach this subject the
bondholder or his dependent assumes
high moral grounds, and asks Us to hold
sacred the obligation made to repay
those who, in our hour of peril, gave
their means to sustain the Government.


Now, this obligation is just as sacred
as that entered into with the people to
make good the promises that in the shape
of paper money were issued to them. 1t
| is Just as sacred as that made the SOL
dier who volunteered, to pay him Tegu-
larly in gold. 1t is that and no more.
Every promise made by Government
should be held sacred, and fulfilled to
| the letter of the law. (Applause.) But
your talk about this money being loan
ed in the hour of our Governments peril
is not true. When the war ragged ut its
height, when the result was doubtful.
capital, that IS ever timid and cautions,
held back. Very few investments were
made when it was uncertain whether
Washington would be the capital of a
nation or capital of the Confederacy.
Then it was the Government rested on
the faith of the people, and issued that
other Indebtedness called greenback.
But when Richmond fell and the war
was at an end, these securities were
seized upon as an investment. 1t was a
pure business transaction, and had
about as much patriotism in it as any
other business transaction, when the
capitalist seeks to get the highest rate
of interest for his money.


This is no reason why we should not
live up to our obligations; but it clears
the question of much feeling that is apt
TO mislead the Judgment. This seHsi-
tivcness in regard to the sound charac-
ter of National obligations is very fine
indeed but it comes little late. re
member a law that promised to pay rs
soldiers during the war in gold. For n
while we had the preciOns metal. Then
the paymaster brought greenbaCks and
gold, aud gave us our choice, and then
he brought only greenbacks. | never
heard any indignation expressed over
this violation Of sacred contract.
(ApplauSe.)


But let it go. We are bonnd to pay
these people, and the claim gold. Very
well, we will pay them in gold. That
is, we will give them in gold precisely
what they paid i'll gold. No more, no
less. Their proposition is for us to pay
ia gold for what they purchased in
greenbacks. This is not the contract,
nor is it just. We do not intend to have
one currency for the people and another
for the bondhOldcr. Ifany Congress SO
far forgot its duty and transgressed its
powers, such Congress cannot bind its
successors, and VIC would repeal the law
rather than enslave the people. There
is no tyranny SO cruel and oppressive
as that of money, and we will never
submit to be hewers of wood and draw
ers of water to Shylocks, let them have
bonds ever so strong. cloud applause.) }
Fortunately we can fulfill our obliga-
tions without violence to any provision
in them.


TAXATION.


There is a solution of this bond ques-
tion now pending that will be, when il
comes, both startling and unpleasant.
| refer to our ability to pay. If this
reckless extravaganza on the part of
our government continues, the question
promises to be not whether we will pay,
but whether we can pay. We may not
repudiate but We may become bankrupt,
and if any one will add to the National
indebtedness, the State, county and
township Indebtedness, each one as sa-
cred as tie other, and then estimate the
value of property by the worlds cur
rency OF gold and silver, to which We
must come sooner or later, he will APP
preciate my proposition. With an in
tlated currency giving us high prices
for our products we know how hard it
now is to raise our taxes. What will il
be when on specie basis-our currency
is reduced and prices lowered. Bear in
mind that the tax remains the same.


Our navy, the most expensive luxury a
Government can indulge in is kept on 4
war footing. Oar army reserved to
keep the peace in the Sonth, and on the
frontier it is five times greater than it
need be. A huge almshouse is kept
running at the South for the benefit Of
indolent negroes and hungry officials.
At time when our necessities call for
the strictest economy, when the Gov
ernment ought to be Oh peace footing,
as it was in 1861, there is 10 limit to
the expenditures: and we find ourselves
the heaviest taxed people in the world.
] can very we'll understand all this.
Senator Sherman, the leading financier
of the Republican party, promised us to
support the Government and pay the
interest on the nat onal debt by a tax
on whisky and tobacco. He really be-
lieved this, and his party, so believing,
has felt itself at liberty to make the
most profuse expenditures. Our Rep
resentativs in Congress, my worthy
friend Judge Lawrence, introduced a
bill to make ship canal from the Ohio
river to Lake Erie, touching at the
Lewiston Reservoir, in this county. OF
course, believing that we are relieved
from the burden of taxation through
whisky and tobacco, the Judge felt he
could do no better with few millions
than to expend it in Logan county
about the Lewiston Reservoir. (Laugh-
ter.)


The tax on whisky ard tobacco has