Year: 1869

measures and values, from State tariffs


passports and spying officialism, ant
lprovides that the citizens of one Stat


may obtain redress or payment of claim


from those of another without the inter


minable operations and delays of diplo


macy by the Intervention Of Courts o
Ilaw


Based on these laws of our life anC
Igrowth, and repudiating the doctrine


that "might makes right" American De


mocracy holds that liberty consists III


the obedience of all to just laws. Tha


these laws should be the fewest and sim
lplest possible, leaving the utmost indi
lvidual freedom of thought and actor


consistent with equal rights and impair.


tial justice, and where individual actor


must be regulated by law, seeking always


"the greatest good to the greatest mum.


ber."


This is the Democracy believe in, land


to which l am proud to belong.
Permit me, therefore, to indicate among


the measures called for by the present


exigencies, the following in reference to
Our Public Debt;
Currency;


Revenue and protection;
Class legislation;


Offices and tenures;


Executive patronage;


Suffrage; and


The caucus system.


/. The enormous interest on our pub
lie debt is producing the most fearful in
equalities in the distribution of capital,


bringing the Government into the moLev


market as borrower at an average of
III per cent per annum currency-inter-
est 7.3O per cent, premium on the coin


so, exemption from taxation 2.40-
l. 40 per cent.-to compete with private
borrowers, and, moreover, giving to the
bankers, holding its bonds, not only this
interest, but the right to issue notes on
their credit, and use them as money un-
der the National Banking Law


This is forcing the very life-blood of
capital from the West and South in fact,
from all the extremitles where its circu-
lation is specially needed, to the great
Eastern centers of capital and specula-
ton, and by putting an enormous price
on capital in country whose industrial
and business developments require a
great deal of cheap capital, is gnawing
at the very vitals of industry and busi-
ness 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 National
bank notes should be payable In coin on
demand. To effect this we must dimin-
ish our expenses at home, establish con-
fidence in our political and administra-
tive stability, and increase our credit
abroad until our bonds in foreign mar
kets are worth what our ability and GER
tainty to pay warrant; and then from
the proceeds Of the sales of. a new issue
bearing reasonable interest, and subject
to reasonable taxation, promptly redeem
every existing bond the moment it be-
comes due.


No local declaration inviting popu-
lar prejudgnient of any legal question
about the terms of payment of the Ma
tional bonds should impair the priceless
value of the public credit at time when
it is important to create the speediest
means of ridding the country of these
enormous expressions, but every Demo
cratic platform should tend to raise
higher and higher the public credit, and
to satisfy the people of Europe that the
Democratic is the last party in the Uni
ted States that proposes to whine or act
reluctantly about paying the public
debt,even though present, holders should
have bought it below its fair value.


2. An irredeetiable paper currency, or
one perpetually iuctuating in value, is a
gigantic fraud on the people-a concen-
tration of the evils of false weights, false
and worse, injurious to all
classes, but especially to those who live
by labor.


The Democracy should assert, with re-
newed vigor and determination, its old
declaration in favor of a specie basis and
4 paper currency convertible at par into
coin at the will of the holder, and should
take prompt and efficacious measures to
raise our bonds to where the security
they offer and the interest they bear
ought to place them,so as to draw green
backs after them to par, with the least
possible delay This will relieve all
classes, especially the laboring, and aug
mentiug the value of our circulation 25
per cent, give healthy and vigorous
impulse to every department of business
and industry


8. The fundamental principle of free
trade, and that all taxation should fall as
directly as possible on all members of
society in proportion to their ability to
pay, have always been held by the De-
The aim of its legislation
must, therefore, be as much as possible
to reduce the amount and diminish the
number of indirect taxes, and levy such
as are necessary for revenue, having due
regard to the principle that the wealth of
a nation, consisting in its productive in
1ustry, whatever favors the greatest
amount of this in the masses is to be ia
vored, and whatever fosters special kinds
and classes to its detrlment is to be op-
posed by the Democracy.


4. Democracy opposes all kinds of
class legislation refusing to rob the rich