Year: 1867

Repudiate our National Debt.


WASHINGTON, March 6.


"And now, apart from the directly political, y
continued the President what is the main is
sue looming up in the immediate future p
What issue is clearly foreshadowed to be the
Aaron's rod which must swallow up all minor
questions? It is the great financial issue, the
issue Of the national debit whether it shall be
paid or repudiated? This issue has fibres ex-
tending into the pocket Of every citizen, for
wherever man has a dollar, or can earn a
dollar, the Government is now compelled to 90
for its portion of his substance, and with the
vast machinery under It's control the money is
fetched.


There were four millions Of slaves in the
Southern States before the rebellion, represent
ing capital Of three, Or possibly four billions
of dollars but let us call it three billions, or
three thousand mlllions as you may please =
These slaves represented that amount of prop
erty, men put their savings into purchasing or
raising them, and they represented as property
whatever were the surplus profits Of their labor,
after due allowance for food, clothing, medicine,
and interest on the capital invested


"On this property in slaves gradually grew
up that slave oligarchy Or aristaaracy, against
which the leaders of the anti-sayery party so
successfully thundered during the twelve years
preceding the rebellion ; and after the first mad
plunge into rebellion the fate Of that aristocracy
was sealed. 1t is now a thing of the past
With its vlrtues-for it had virtues, courage,
and hospitality eminently-and with it's crimes
Of pride and law ess revolution, it has entered
into history, and is thing Of the past


but what do we now find :? The aristocracy
based on three Thousand millions of property in
slaves south Of Mason and Dixon line has dis
appeared; but an aristocracy, based on over two
thousand five hundred millions of national Sc
curities, has arisen in the Northern States; to
assume that political control which the consol
formerly gave to the slave oiigarchy of the late
ly rebel States. The aristocracy based on ne
gro property disappears at the Southern end of
the line, but only to re-appear in an oligarchy
OF bonds and national securities In the States
which suppressed the rebellion.


'We have all read history, and is it not GER
tain that of all aristocracies that of mere wealth
is the most odious rapacous, and tyrannical :?
1t goes for the last dollar the poor and helpless
have got and with such vast machine as this
Government under its control that dollar will be
fetched. 1t Is an arlstocracy that can see in the
people only prey for extortion 1t has no DO
litlcal or military relations with them, such as
the old feudal system created between liege lord





tic ties and no such strong bond of selfinterest
with the people as existed of necessity between
the extinct shareholders of our country and
their slaves. To an aristocracy existing on the
annual interest OF a national debt, the people
are only OF value in proportion to their docility
and power of patiently bleeding golden blood
under the ax-gatherer' S thumb-screw.


'To the people the national debt is thing
Of debt, to be paid but to the aristocracy Of
bonds and national securities it is property of
more than two thousand five hundred millions
from which revenue OF one hundred and eigh-
ty millions year is to be received into their
pockets. So we now find that an arstocracy of
the South, based on three thousand millions of
dollars in negroes-who were productive class
has disappeared; and their place in political
control Of the country is assumed by an aristo-
cracy based on nearly three thousand millions
Of national debt-a thing which is not producing
anything, but which goes on steadily every year.
and must go on for all time until the debt is
paid, absorbing and taxing at the rate of six or
seven per cent. year for every hundred dollar
bond that is represented in its aggregation


Nov, | am not speaking Of this to do any
thing but depreciate the fearful issue which the
madness of partisan hatred and the blindness of
our new national debt aristocracy to their own
true interests is fast forcing upon the country.
DuC Is IL uOt CiCitI IldG llC pcUpiC, WHO nave TO
pay one hundred and eighty millions of dollars
year to this consolidated moneyed oligarchy,
must, sooner or later, commence asking each
other, How much was actually loaned to our
Government during the civil war by these bond
holders who now claim that we owe them near
y three thousand millions of dollars? You
know what the popular answer must be- do
not say the right answer: Less than half the
amount they claimed, for gold ranged at an
average OF one hundred premium while this
debt was being incurred.


'sJust think of the annual tax of one hundred
and eighty millions for payment Of interest On
our national debt This Government we have
with its enormous machinery, is pretty hefty
business in itself, costing more per capita to the
people than the Government OF England, which
we always heretofore regarded as the most tax
deyouring on earth. But over and beyond the
expenses Of this Government proper, as it
should stand In the scale OF peace at about sixty
millions a year we have in the one hundred
and eighty millions of interest paid yearly on
our national debt, enough to support three such
governments as this, with ali their vast machi-
merry and disbursements! We have not only.
under the present system, one Government for
the people to support, but, over and beyond
this, We have to raise, by taxation from the
people, sufficient to support three similar estab
hshnents every year!


''All property is based upon and can only be
sustained by law and it is for return to law
and the guide OF fixed constitutional principles
that my whole course has been contending.-
But so short sighted is this aristocracy of bonds
and paper currency-this Plutocracy of the ma