Year: 1870

ignate himself an invester, but in reality |
he is common gamester. This may be
hard truth, but it is wholesome one"


Now, the man who after his country |
has been forced by such war as the last |
one, to sell him its bond for $1,000, with |
all its benefits and exemptions, for $400, |
"and take the chances" does it exactly on |
the principle that the gambler invests his |
money on any game of chance. There is |
no loyalty IN such a man. He made the |
investment for speculation, nor should he |
complain if after having received more
than he invested with interest, the gov
ernment should refuse to pay.


1t is justly and truly said "that all prop
erty and wealth is the product of physical
or intellectual labor" If this bonded debt
be paid, then property" or its equivalent
which will command property, must be
handed over to the bond holder in ex-
change for his bonds The foregoing axiom
being true, the result is, that labor finally
pays the debt over and over. This is what
I object to.


But l favor repudiation because our
government, controlled, as it has been for
the last eight years, as it now is, nearly
entirely by the moneyed aristocracy of the
country, Is paying more and greater inter
est on money than any individual can af-
ford to pay for its use in any legitimate
trade or business. Six per cent in gold
has averaged fully nine per cent in curren-
| cy since the bonds were issued. This, too,
Is without taking into consideration the
amount, say one half per cent month, or,
as it was in New York year ago, one
half of one per cent per day, which the
banks charged additional through brokers'
l wish to do away with this sWindling ar
/ ron !. J
with the swindle l favor the Reputation
of this bonded debt, because when it is or
shall be wiped out, when the government
shall have ceased to pay the enormous in
terest and profit which it does on money,
and all at the expense of labor, it will
drive capital into legitimate channels;
will force 1t into investments which will
| develop the resources of our country, build
up our shipping and commercial interests,
our mining and mineral interests, develop
and improve the vast water powers of the
nation, erect mills and manufactures, fur
naces, foundries and machine shops, break
up the Western prairies, clear off the
dense forests of our new States, and, liter
ally speaking, making the Wilderness to
blossom as the rose, and the Western prai-
ries rival and surpass the far famed fertil-
ity of the valley of the Nile in the proud
est days of the proudest Pharaohs.


Wipe out this oppressive debt and the
equilibrium of trade and business will be
restored. appeal to every man to say
who, If not the money power, the bond
holders, and the national bankers, control
the business interests of the country-2-
Such men as Fisk, Vanderbilt, Astor Stew
art and other men of known wealth are
mere bagatelles, in and of themselves.


But there is another reason why the
whole financial system growing out of the
issue of these bonds should be abolished
which to my mind is entirely sufficient
1t Is deplorable, startling fact, that the
Secretary of the Treasury has more power
over the fortunes of the men and their
earnings than Seward had over the lives
and liberties of the people of the North,
when he shook that Infamous bell. Bank
ruptcy and ruin We're staring thousands
upon thousands of honest men IN the face


Under this bond and bank system he was
observed Of all observers. Every eye was
} turned toward him, every appeal was sent
to him, for he was the only one who, un-
der our worthy President, had the power
to save-"he could protect and he could
destroy" He held the gold, the people s
} gold, and as soon as interest or duty
| prompted, he could, with stroke of his





) the infamous proceeding. If the Secretary
: of the Treasury and our worthy President
2 and all their relations and friends, direct
e collateral and official, had not been hon
5 est under the circumstances alluded to
: how easy it would have been for the bull!
: of Wall street to have an arrangement by
e which the Secretary could have controlled
z the gold until all of them had amassed CO.
lossal fortunes Let us wipe out the bonds
, lest dishonest men should succeed our of
= feials, and play such game as they
= might have played


Gentlemen may and do talk about the
= faith of the government being pledged tC
e the payment of the bonds, and the sacred
4 ness of that plighted faith. This plighte6
4 faith of the government is totally disre-
4 garded by the party in power. regard
), the rights of the masses as being para
: mount to the rights of capitalists


f The wisdom Of Ulysses is highly extoll
}, ed by old Homer in the Illiad; but ht
: never dreamed in all his philosophy of re
q ducing the circulating medium at tins
like the present This scheme will fore,
}, men to pay debts in gold which were con
p tracted to be paid IN an inflated pape
n currency and ruin the debtor for benefit 0
t the creditor Let us repudiate the bond
t and stop such iniquitous and unjust pro
/, ceedings