Year: 1868

forced to sustain huge monopoly on
the other. And it is difficult to tell
with accuracy which is the more ex-
pensive of the two.


THE TYRANNY AND AIMS OF CAPITAL.


This system of class legislation has
continued until it has absorbed all the
moueyed capital of the country, and un
til it is combined into one great body
and ferns the soul of the Republican
party. Each moneyed interest, Thus
legislated for, plays into the hands o.
the other moneyed interests, until al
combined make one powerful organiza'
tion. Yoa caR not, for instance, attack
the manufacturer without bringing upon
yourself the bondholder aud the bank
er, nor assail the bondholder without
experiencing a defence from the manu-
facturer. Indeed, l believe now, they
may be estimated as one body, for as the
manufacturer realized his profits he in
vested in bonds, thus escaping taxation
formed a tempting investment, while
the banking system, the most oppressive
Of all impositions, is based upon the
public securities.


The operators form one class of bond
holders, from which they gather the
gold interest, and on which they issue
their own indebtedness and draw inter-
est on that. Thus, with ten per cent. as
the interest exacted on both, they draw
from their actual capital the neat sum
of twenty per cent, and In return tney
get their actual capital back and In hve
years double the amount. Now, when
we remember that this capital was pur-
chased of the Government in depreciat-
ed paper, so that its actual cost woald
not be more than fifty cents on the dol
lar in gold, we see what q precious sys-
tenn we have built up to our own ruin.
The legislation defeated by Mr.. John
son, but which received the sanction of
the party in Congress, called "Sherman's
Funding Bill" passed us, bound neck
and heels, into the power of the bank
er, for it made the face of the bonds pur.
chased, as told you, gold.


Now, to bring this matter home: You
90 to the nearest National Bank for the
accommodation Of o lean-and they are
created for your accommoiation-and
You are charged, we'll say, one per cent.
per month, and you take home your &C.
commodation, and you find the so-called
money to be your own notes, issued by
the government that taxes you to pay
this banker for his kindness to use your
credit. Small wonder that while We
get poorer, these men get richer and
own islands and build palaces. A
voice-"We've been cooked enough that
way."1 1t is the duty Of the Democrat
ic party to call in the circulation of the
National Banks and put aa end to their
extortion.


PAYMENT OF BONDS.


We have lost more through this mon
strous system of banking, through
bounties paid to manufacturers, through
q deprecated paper, than we have from
gold. bearing bonds, about which 80
much excitement prevails.


Now, lam in favor of meeting our
obligations honestly and fairly. Repu-
diation in any form, direct or indirect,
| is abhorrent to me. believe it Ia to
the great mass Of honest, hard-working
sons of the Democracy. But let MS not
be alarmed by hard names nor diverted
from the right path by loud cries. And
| first of all let US clear away some OF the
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 the obligation is just as sacred
"a that entered into with the people tC
make good the promises that in the
shape or paper money was issued TO
them. 1t is just as sacred as that made
the soldier who volunteered, to pay him
regularly in gold. 1t is that and no
more. Every promise made by Gov
ernment should he held sacred, aud full
flied to the letter Of the law. Ap'
plause.l But your talk about this mon,
ey being loaned in the hour of cur Gov
ernment's peril is not true. When the
war ragged at its height, when the re-
suit was doubtful, capital, that is ever
tinid and cautious, held back. Very
few investments were made when 1t was
uncertain whether Washington would
be the capital Of nation or q capital
of the Confederacy. Then it was the
Government rested on the faith of the
people, and issued that other indebted
ness called greenback. But when Rich.
mond fell and the war was at an end
these securities were seized npon as an
investment. 1t was q 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 clear
the question of much feeling that is apt
to mislead the Judgment. This sensl
tiveness 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 10 pay us
soldiers during the war in gold. For
while wo had the precious metal. Then
the psymaster brought greenbacks and
gold, and 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 90. We are bound to pay
these people, and they claim gold. Very
well, we will pay them in gold. That
is, We will give them in gold precisely
what they paid in gold. No moro. nc
less. Their proposition is for US to pay
in gold for what they purchased IL
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 bondholder. II any Congress SC
far forgot its duty and transgressed ITS
powers, such Congress cannot bind its
SUCCESSORS, and we wOuld repeal the law
rather than enslave the people. There
is no tyranny so cruel and oppressive
as that of money, aRd we will never
submit TO be hewers Of wood and draw
ers of water to Shylocks, let them have
bonds ever so strong. Loud applause.
Fortunately We can fulfill our obliga-
tions without violence to any provision
in them.


| TAXATION.


There is q solution Of this bond ques'
tion now pending that will be, when il
comes, both startling and unpleasant
I refer TO our ability TO pay. II this
.x,roya 1apra On tha mart ri