Year: 1876

can fiAd a market for it. This, if it wer,


true, is like saying to the prisoner In th'


stOekade, if you will lift yourself up BY
/ taking hold of your own breeches yOJ


can get out. The man with large farm


no part of which he can sell for any price
aud entirely without labor, may BY his
| own work barely feed his family, bat tC
pay heavy taxes is impossible, and hi


land must sell, the State must levy and


get no money, and at the end of two


three or four years, the State in mercy


must restore it to him, or to his children
if he mas died in the struggle. We are
absolutely without money, so completely
that every industry is utterly paFalyzed,
and when theholder Of our bonds demand
the payment Of heavy taxes in money, they
demand something that we have not and
cannot get. During this year I saw IN
the Union and American, large news
paper, one morning, ffty-four columns
Of aivertisements Of land IN Ioxifs0u
county for EaIe fsiF taxes. The 1osiees
were In fine print and each one occupy
ing a space that the ball Of the thumb
would cover. This land was sold by a
public cryer, who sat at the cOurt-house
door for days with a sing-song rig -marole,
which could not be told from the numb
ling of Il public bsggar, except that he al
ways wound up by ''bid in for the State. -
Often there was not a man in fifty yards
of him. No citizen If he had the money
would think of buying these lands, first,
because his heart would not let him, and,
second, because no lawyer in thu State has
ever been able TO make a tax sale stand,
and il che courts would allow it no State
could afford TO take the land Of its citizens
for not paying money when there was no
money to pay with.


Now what brought about this state Of
things? Simply this. The aristocracy
based on slavery being destroyed, anOth-
er and different aristOcrcy was establish
ed based on high interests, and fastened
upon the people in the form Of public
debt. This public debt the people could
stand and they would stand, If the credit
or had been content TO leave them where
they were when the debt was made. But
no sooner was the enormous public debt
made than the money power conceived
the idea of increasing their interest by
increasing the purchasing capacity of the
money in which it was to be paid. II
Congress had passed law saying that
the public debt already made shall bear
10 per cent. instead OF 6, but left the par
ties to the contract-the tax payers on
the one side and the bOndholders on
the other-jHst as they were when the
debt was made, that is, the one obliged
to take and the other allowed TO pay, in
money unaffected by contraction, the
people would have been infinitely better
of than they are. But these bondhold-
ers, uniting with them for the most part,
the national banks and the holders Of all
public securities, particularly the holders
of State bonds, shrewdley raised the cry
of sound eurreney-down with the rag
baby. The rag baby was created by the
same statue that gave them their bonds,
and thry had 1t made legal tender pay
ment Of all debts, public or private, ex-
cept import duties and interest on the
public debt. Nevertheless, they raised
the cry against the rag baby. They de-
clared for specie resumption; they con-
trolled the Secretary Of the Treasury;
they controlled the President of the Uni
ted States, and they controlled Congress;
and now they are shrewdly trying to
control the two great parties Of the ooun-
try, by getting control of the leaders Of
both sides.


The most alarming thing, lie its inter-
ference with legislation. The first thing
which call attention to, is its bold and
daring assault upon the bill, as it passed
the House, making the greenbacks a le-
gal tender for all purposes. The bullion
lists were seeking to get the fiVe-twenties
payable in gold and then to keep the gold
above the money made for the people
quote from a speech Of the craftsman of
the bill, Thad. Stevens Of Pennsylvania,
to show what they did. All impartial
men now eoncede that if the notes had
been a legal tender in payment of all
debts, public and private, they would
have been about equal to gold, and then
if we wanted TO resume specie payments,
we could have done it without breaking
up the country by contraction to reach
it. The following is Mr.. Stevens speech
after this power controlled the Senate:


''NIr. Speaker, have very few words
to say. 1 approach the subject with
more depression of spirits than ever be-
fore approached any question. No per-
sonaI motive or feeling influences me. 1
hope not at least. l have a melancholy
foreboding that we are about to cOnsunl-
mate a cunningly devised scheme which
will carry great injury and great loss to
all classes of the people throughout this
Union except one. With my colleague,
believe that no act of legislation of this
Government was ever hailed with as
much delight Throughout: the whole
length and breadth of this Union, by
every class of people, without any excep-
tion, as the bill which we passed and
sent to the Senate. Congratulations
from all classes-merchants, traders,
manufacturers, mechanics, and iabOrers
poured in upon as from all quar-
tiers. The Boards of Trade from Boston,
New York, Philadelphia, Cincinnati,
Louisville, St. Louis, Chicago, and Mil
waukee approved its provisions and urged
its passage rs it was. have a dispatch
from the Chamber of Commerce of Gin
cinnati, sent to the Secretary OF the
Treasury, and by him to me, urging the
speedy passage of the bill as it passed the
House. 1t i .rue there was doleful sound
that came up from the caverns Of the
bullion brokers and from the saloons Of
the associated banks. Their cashiers and
agents were soon on the ground, and per-
suaded the Senate, with but little deliber-
alton to mangIe and destroy what it had
cost the House months to digest, consider
and pass They fell upon the bill in hot
haste. and so dishgured and defOrmed it
that its very father would not know it.


sInstead Of being beneficent and in
vigorstiBg measure, it is now positively
mischieyOus. Il has all the bad qualities
which its enemies charged on the original
bill, and none of its benefits. 1t now
creates money, and by its very terms de-
clares it deprecated currency. 1t makes
two classes of money-one for the banks
and brokers, and another for the people.
It discriminates between the rights Of
different classes Of creditors, allowing the
rich capitalists to demand gold, and COM
peIling the ordinary lender OF money on
individual security to receive notes which