Year: 1867

"aSAHh Xucsueus


The attempt Of the New York World


to betray the great Democratic party


into the hands of the bankers and bond


holders, whose organ it is, is proving q
miserable failure. An. indignant pro-
test is now going on from almost every
Democratic newspaper in the land. At
length the World is obliged to shrek
out:


There is scarcely doubt that the
Northwest, almost en- masse, and the ag-
ricultural districts of other portions of
the country, are about making a dead
set upon Congress to stop the coutrac-
tiOn of the currency that has been going
on the past two years; while no small
Influence will be exerted to increase
the flood of irredeemable currency by
which all legitimate pursuits have been
crippled, and the whole business COM
munity demoralized."


The World is in favor of contraction
Whyf Because it knows that il the
currency is contracted before any part
of the public debt is paid, it will then
be beyond the power of the people to
pay it all, and thus it will be fastened
upon the country forever as a perpetual
investment forthe moneyed aristocracy.
The World, the bankers, and the bond
holders, do not mean that u single dol
lar of the funded debt shall ever be paid
They want the English system of con-
soils established here. They know that
the surest way to effect their object is
to contract the currency. When that is
done, they know that the people will
have all they can do to pay the interest
on the public debt without paying the
principal. .-.g r..vl s!-.t. .-.


The people will never Again know
what prosperity is until they get this
internal monster, the public debt, un-
der control. Ii will ever remain the
tyrannical master of the people.


George Francis Train was right. "By
imitation the debt was created; by infia-
tien let it be paid" The WOrld wants
to withdraw the greenbacks from circu-
lation and return to specie payment.
1t wants all kinds of produce reduced
to old specie prices. But while return
to specie basis will reduce the price of
all kinds of produce, will it reduce the
interest on the public debit Will it
reduce the public debt itselfi The in
terest on the public debt Is now $780,
000, 600 u year. With a paper currency
thefarmer can now pay his proportion
of it in potatoes at one dollar a bushel;
in butter at forty cents q pound; in
beans at five dollars bushel. Return
at once to a specie basis, and the farmer
would still have to pay his proportion
of the Sl30,0O0,00 OF interest in pota
toes at twenty-five cents a bushel: i'll
butter at ten cents pound; in beans ut
ninety cents bushel.


Oh, yes, the HorlFs scheme for an
immediate return to specie basis before
the debt or the interest is reduced
dollar, is a grand thing for the moneyed
hut death to the poor peo-
Pile. The bankers and bondholders will
get just as much interest for their
money as they now get, while the pro-
ducing masses will get for their pro-
ducts only about One-quarter what they
now get.


The Horld, the bankers and the bond
holders may as well understand, once
for all, that the people are determined
to get the public debt under control.
There is hat one way consistent with
the public faith in which it can be
done. and that is to pay the bonds in
greenbacks as fast rs they mature.


The people are far more anxious to
return TO specie basis than the Uortd,
and they mean to take the shortest road
to it. They mean to pay the public
debt in greenhacks, and thus stop this
all-cousuming gold interest. When this
is done they will retire the greenbacks,


IN
depart from it again. But to think OF
returning to specie basis with this mon
strous debt and all-devouring interest
hanging over us, is the excess OF mad
ness and folly.


"The poor people perish, but the brig
ands thrive"