Year: 1870

use, but to shield those who have money.
bonds and other property from paving
their equitable share Of debt.


We have constructed our system upon
the English model The working classes
OF Great Britain are almost universally adj
dlcted to the use of tobacco indeed, they
regard 1t as necessary of life. The Ian
ded and monied aristocracy who (there as
well as here) enact the laws, taking ad-
vantage of this habit of the masses, have
constructed revenue law by which to-
bacco users pay over $20,0000OO of tax
es, while all the landed estates in the
kingdom pay only fraction over S., ,OOO-
600. Is there fairness, Justice or honesty
IN this making the poor classes pay for the
protection of the rich mans estate2 It
would be sad day for the bondholders
and monied men if the toiling poor would
quit using beer, tobacco and whisky
Applause. Our tariff and internal reve-
nue. laws are contrived on purpose to rob
labor and shield capital.


The vast levies now made upon the
working classes, by direct and indirect
taxation, induce extravaganza, prodigality
and corruption on the part of the govern
ment officials. Applause. The Demo-
cratic party, if surrounded by the same
circumstances, and subjected to the same
temptations, might be equally corrupt
What we demand is a thorough revision of
our whole system of taxation, more rigid
economy IN Government expenditures,
and wholly different policy in regard to
the management and liquidation of the
public debt. The only way to bring about
these results, is to overthrow the party in
power. Without a thorough change in
legislation, mere change of political par
ties and office holders will avail nothing.
[Applause.l


GOVERNMENT BONDS.


We arraign the leaders of the RepubIi-
can party at the bar of public opinion,
not only for their efforts to bring about a
centralized despotism, their waste of the
public lands, their perpetuation of an un-
Just tariff and internal revenue system,
but for their trucking to the demands of
bondholders and National Bankers TO the
sacrifice of all the industrial interests of
the people.


The war debt is represented by two
classes of bonds, the ''ten-forties" and the
''ive-twenties." The lO-4O's are so called
because they are payable in 40 years, and
redeemable at the pleasure of the Govern
ment after ten years They are made
payable in coin, both principal and inter
est. The 5-20s are so designated because
payable in 20 years, and redeemable at
any time after five years. These consti-
tute the principal part of the public debt,
and draw 6 per cent coin interest.


Current with the law providing for the
| issue of the $40 bonds, the legal tender
or greenback act was passed. These green.
backs were declared to be legal tender
oil
ties and interest on the public debt, and
it was further provided that they should
be receivable for all bans made to the
United States. Some of US maintain that
| by fair construction of the law and the
bond, these 5-20's are payable and should
be redeemed in greenbacks at par The
republican leaders, yielding to the Shylock
demand of the bondholders, have declared
that these bonds were payable only in
coin, thus practically adding one third to
the nations burden


The ablest men in the republican party
made unanswerable argument in favor of
legal tender payment. In their State Con-
ventions they resolved that the 5-20 bonds
were payable in greenbacks and must be
so paid. The republican city council of
| Cincinnati instructed Eggleston and my
| self, by a formal vote, officially attested
| by the seal of the city, as her representa-
tives in the fortieth Congress, to insist on
/ payment in greenbacks.


Thad. Stevens, the author of the law,
often and always declared, that payment
of these bonds in coin was never contem-
plated. Mr. Stevens said


| ''If-I knew that any party IN this coun-
| try would go for paying in coin that which
is payable in money, thus enhancing it
one half; if knew there was such plat
form and such a determination this day
on the part of any party, would vote for
| the other side-Frank and all. would
vote for no such swindle upon the taxpay-
ers of this country"


| Such is the emphatic language of the
author of the law, and bitter partizan,
| yet man who would rather abandon a
party than aid it in perpetratlng a swindle
so gigantic and monstrous Stevens died
shortly after this, and the monied aristoe-
racy took entire control of his old party.
| Gen. Grant was elected and inaugurated
| President, and, true to the leaders of the
party, he avowed in his inaugural message
that gold payment on these bonds was
cardinal measure of his administration.


By well settled principles of law these
/ bonds are to be interpreted according to
| the law under which they were issued,
| ana no subsequent legislation can change
the obligations of the original contract
| The passage of that resolution 'to strength
en- the public credit" and it's approval by
the President, has no more binding force
than if passed at a republican mass meet
ing, composed of like number of bankers
and bondholders. The only fair and hon
est course was to give notice to the hold
ers of bonds of a certain date and issue to
present them at the treasury for redemp-
ton, under the penalty of losing the inter
est after day named. When presented
under such a notice he should have paid
them in greenbacks at their face, with the
interest in gold This policy would have
cancelled many millions of the debt, and
relieved taxpayers Of burden. It is con-
ceded that the holders of the bonds would
not have realized so large a speculation,
and that they would not be so nearly at
par with gold, but we perhaps impudently
assert that those who have the bonds to
pay have rights and interests to be consul
ted and cared for as well as those who
hold these evidences of Indebtedness.
REPUDIATIoN.


The mad dog cry of reputation is raised
against those who question the bondhold-