Year: 1871

W
build up an o.igarchy of wealth to bt
sustained by force. Fear, force and
concentrated wealth, to be the three
planks of the new system. 1t was tc
this end that the federal debt was crea
ted. 1t was for this purpose that the
President was authorized to interfere ir
elections with the army and navy. 1,
was for this, that authority has been Civ.
en- President Grant to proclaim martial
law and suspend the writ of habeas cor
pus in time of peace, in every State oil
the Union. Do not misunderstood me
my friends. do not make this charge
against the majority of Republicans
They are as much attached to free gov
ernment as we are, and if once satisfied
they are in peril, they would as readily
come to their defense as ourselves. The
men of whom speak are the betrayers
OF the Republican party.as of the whole
people; and it is with sorrow that I ad-
nit that three of them-Butler, Morton
and Grant-were formerly Democrats


But of the proof. In Europe as in
the United States, certain class of men
have long professed to believe that q
national debt is public blessing; that
debt and capital are the same. Such
was the doctrine of those who, created
the funded debt of England. Such was
the doctrine avowed in the notorious
pamphlet circulated by Jay Cooke, when
acting as agent of the federal govern,
ment for the sale oe its bonds Their e
are but two methods by which it can be
maintained. Taxation, without debt
or borrowing first, with heavy debt and
oppressive taxes afterwards. The latter
plan was adopted? Was it necessary ?
After hearing the facts you shall answer
for yourselves. l hold in my hand the
last report of the Register of the Uni
ted States Treasury. On page 276 it
appears that on July 1st, 1861, four
months after Mr.. Lincoln became Pres
ident, the entire outstanding debt of the
United States was $9O,S67, ,S2S
With a balance in the Treas


ury Of (pg. 275) 30,963, ,S57
Leaving the actual debt S59,S03,971


This debt could have been paid du
ring any fiscal year Without being felt
The Question was how should revenue
be raised to carry on tie war? By
taxation during the war, and low taxes
and no debt after the war was over Or
by borrowing, and low taxes during the
first years o: the war; and heavy taxes,
to be made perpetual, and fearful debt
also intended to be perpetual after peace
was restored? The latter plan was
adopted. Was it necessary 1t was
not only unnecessary, but the debt was
Intentionally created for the express
purpose of building up moneyed oil
garchy, and it has been done.


THE PROOF.


Had taxation been equal to the ex-
penditures of the Government during
the war, at its close there would have
been no debt, and to day federal taxa
ton would be less than seventy instead
of more than four hundred Millions
This policy would have prevented an in
fation of prices and reduced one half
the cost of the war. When greenbacks
fell to be only worth fifty cents on the
dollar, it required two dollars in green,
backs to buy one dollars worth Of sup
plies, and thus the cost of the war was
doubled. The expenditures of the first
year of the war were less than $457 900.
Had five hundred million greenbacks
been issued as became necessary,
to make purchases; and made
receivable for custom dues as we'll as
for the payment of other taxes, they
would have maintained the par value
of gold, and been paid into the treas
ury during the next year. But could
five hundred millions ct tax have been
collected in a year? The answer is,
easy. More than six hundred and nine
teen millions of taxes were collected du-
ring the first year of peace, notwith.
standing the exhaustion of four years
of war; and the voluntary contributions
of the people during the war, nearly
equalled the amount paid in taxes
Hence it is clear that the expenditures
of the war could have been paid while
the war continued, and at its close we
would have returned TO low taxes, and
been free of debt.


But, my kind friends, that is exactly
what the oligarchs did not want. A
great debt was their especial object, and
that could only be attained by low tax
es during the war, and high taxes forev
er afterwards. Let me invite your care
ful attention to the following official fig
ures which read from the last report
of the Register of the Treasury. Du-
ring the first year of the war, federal
taxes only amounted to S 51,9O7,94
The second year, 74,44S,157
The third year, 262, 742.354
The last year of the war, 323, ,O92,7 1856
The first year Of peace, 6l9;6a6,649


Borrowing and imitation were hand in
hand during the war, and at its close
we had an unliquidated debt of more than
twenty six hundred millions of federal
taxation. 1t is true that owing to the
sleepless fight made by the Democrats
in Congress, the debt has been reduced
to a little over twenty-three hundred
millions, and the federal taxes to little
over four hundred and eleven millions.
But had the Government been wisely
and honestly administered, the debt
would have been reduced three hundred
millions more, and the people have been
relieved of corresponding amount of
taxation.


This is d dry subject, but to you it is
one of life and death. Our system of
Government makes you legislators, and