11 The Democratic Watchman BELLEFONTI4:, PA FRIDAY MORNING, SEPT. 4. 1868 A GRAND SCHEME TO ROB THE PEOPLE Another Bonus of Six Hundred MI lions to the Bondholders. SPEECH Hon. Samuel S. Marshall, of Illinois I= House of Repreteniaitves. July 21, 1868 Mr. &KAMM ' I regret that I have not had time to mature and thorougly digest the views I desired to present' on tail imurtant question, and to present clearly all the facts and figures which I deem Important for its proper under standing and eluoidation. The impor tance of the question cannot well he ex aggerated. It involves `t the same time the honor,•cbaraoter, and good faith 01 our Government and the happiness and well being of our people. lie discussion brings prominently to view the issue made up on financial questions by the two great parties struggling to gull control of onr Government by-the-verdict of the people in November, PO!TTION 07 TIII IMMOCRATIC I'ARTIP ON TUI DIUT QUNFITI ON On the one band, the Democratic par ty regard the public debt, not as •lpwb}ie blessing,' bat-as & public cause, weighing like an incubus upon the ener gies of the people, eating pp their sub stantive, and demorailiz tog anti destructive in all its infinenoes upon society They propose to jet rid of it just-Ile eoun at possible, consistent w„,lth the rights sod -- illttereste -- of - the p opts, End ttre tan. and good faith of our Government _They insist that 1130 bondholder sitar not be a peculiarly privileged alas., but shell be subject to taxation, and shall receive for obligations due him the law• ful money of the - United States. just precisely as soy other citizen, excepting always those cases where the Govern meat has agreed by its contract, or by law, to pay him in coin They will pay the Interest on the five-twenty bonds in coin,. because their Government. in its contract, has agreed that it shell be so paid , they will pay loth principal and interest of the ten forty bonds in coin for the same reason ; but they 'el II pay the principal of the five-twenty bootie with the legal tender currency of the United States, and thereby stop forever the ruinous coin interest we are paying thereon, because it was that currency, greatly depreciated below it, Freeing, value, that we received for the bonds when the lean wait made, and more e penally because by the contract the public credit or has neither a legal nor equitable claim to be paid in any other way. This, I think, is untrustionable, and this I shall endeavor herelfter to demonstrate We do not propose, as is contemplated by ibis most suicidal—l am almost tempted to say most infamous —am, without any consideration tr claim of justice whatever, to increase this debt one-third, or, in other word., vote the bondholders a bonus of nearly six baadrpd millions in gold , and then, by an inexorable and irrepealable decree, hetet this accumulated debt upon our , country for a pent d of forty yearn, with interest in gold,tobe paid semi annually during all that time. I cannot see the justice or propriety sif thus increasing and perpetuating the burdens of a-pa triotio people, already nearly driven to despair by the public de lauds upon their seamy means. and the unhappy financial condition of their country POSITION OP TDB RADICAL PA TT ON TIIR =1 On the other hand, as already indica ted, the Radical party now and for the last eight years unfortunately having absolute control of the Federal, and nearly every State Government. after having, by their extravagance and un paralleled corruptions doubled the in debtedness of the country, are ma king herculean efforts to perpetuate their power and increase their ill-gotten game They have placed in the van, as their standard b , a epeechleaf sphinx. enveloped in a cloud of Tobacco smoke, who,.professes no principles or political oon•letione himself, promisee most oh ,eirquiously to obey the behests or his party And you now propose by this bill to convert a debt approaching two thousand million dollars, now bayably in legal tender notes, into bonds run ning forty years. payable iu gold. ex empt trout all taxatiou, and the interest during all that time payable year by by year In gold, to be coined trom the sweat and toil and groans of an impov erished people. You have arrayed yourself on the side of the bondholders and the capital ists against the interest and rights of the taxpayers, and to give plausibility to your position raise the wolf bowl. of repudiation against the people, who de mand equal and exact justice for all ; and indulge in stale platitudes about yublie faith and maintaining the public credit, when it is by your own eatrava genes cud corruption that the public credit bee been imperilled.. LIDICE!. PLATIROIRM OP VINAIRCIAL QUER I= There is an attempt in the platform adopted at 'Chicago to sugar cost the purposes of your party by the use of popular cod ad *amendun, phrase'', and rhos to make them seeeprabbs to the . las•ridden portion of your followers, I will read front the platform all that is said upon the tattooist issues : "Third. We denounce all forms of repudi ation as a melons! crime, and national honer requires the'payniont of the public indebtedness. in tie ateast good faith to all creditor' at home and abroad, not only an cording to thr letter, bat the spirit' of the laws under which it wee contracted. "Fourth: It is des to the labor of the na, tion that taxation should be equalized aad reduced as rapidly as the national faith will permit. "Fifa. The nattiest debt, contracted as Y has been for the peeitervation of the Union for all time to war, 'hosed be extended ever a fair period fix edemption, and it Is the duty of Cowie to reduce the • rate of iatorest thereon whenever it ran possibly, be done. "SiseA. That the best pelts, to disoksish our bends s of debt Is to se impress ear credit that capitalists wild-eeek to lotul us Money at lower rates of interest than we bow pay, ind must eontiese to pay, so ling as repudiation; partial or ,total, °pelf or covert, is threatened or suspended." It is, of eourse, understood by all that this "covert repudiation" so boldly de flounced refers, to the proposition of the Usmocratio•party to, pay the Eve twenty bonds, eoflatitutlog the principal part of our indebtedness, in sour present "greebaok" currency' And according to this platform tbenatianal debt is not only lobe paid all in gold, principal *DJ interest, but the principal must not he paid nos at all, but moat ••b, extended over a fair period for redemption," and this fair period, according to the bill before us, is forty, years, during which we will have no right to pay the pritiol, pal, but midst continue to coin our toil and sweat muscles into gold nenit annu ally to pay the interest, until we all now On the stage of notion go down to our graves. DieIOCRATIC PLAT►Oael or rINANCIAL QUSBIIONC In contrast with this bondholders' platform, I turd with pride and pleasure to the bold, olear, ringing, pntriotio enunmations of the Damocrltio platform upon the ,same questions,' adopted In' New York at our recent NAtional Can vention. I will read them, that all Ital male may blush at and all Dem 'orate glory in the contrast presented by the two platforms : 7 . - tAird Payment of the public debt of the United Staten 11,1 rapidly an practicable ; all moneys drawn from the yeople by taxa Lion, except no much ea is - requolite for the neeensities of the novernment, economies Ily administered. being honestly applied to sucli payment, an I whore din obligationxvf the 4;”vesninent, 40 not expressly slat• upon their face, or the law under which they were fumed done nut provide that they shall be paid in coin, they on tht, in right and in justice, to he paid in the lawful money of the United, Staten. .Fooak. 13.1ual taxation of every species uL pruprrtj accurthat—LA ile .ISALIAIuAJD._ eludink Government bonds and other public securities. '•Fiftili. One currency for the Government and the people, the laborer and the omoe holder, the pensioner itid the soldier, the Producer and the bondholder. SirtA Economy in the administration of the Government ; the reduction of the nanding army an i navy , the abolition of the Freedmen's Bureau. mil ell political in strumentalities designed to secure negro en pr macy ; simplillcation of the eystem and dircontinirance of inquisitorial potter of m eaning anti collecting internal rove ise. so that the burden of taxation may be eye:timed and lessened ; the,reeitt of the Government and the currency made good ; the repeal of all enactment, fur enrolling the State mili tia into national forces in time of peace, and a tariff fur revenue upon foreign ito ports and such equal taxation under the internal revenue laws as will afford inciden tal protection to domestio in‘r nfactures, and as will, without Impairing the revenue, ha- Ne least burden upon and ben promote and encourage the great industrial interests or the country "SerentA. Reform of abuses in the stint in 11 , tration, the expulsion of corrupt men from Ake, the abrogation of useless offices ; the restoration of the rightful authority to and independence of the executive ■nd judicial departments of the flovernmeot , the eubor dinatlon of military to civil power to the end that the usurpations of Congress and the despotism of the sword may cease. There is no equivocation, no disguise We propose to place the bondholders, the capitalists, the wealthy cl pot) an equality as to taxation and otherwt.e Wall the laborer, the farmer, end the artisan We will not admit bit claim that merely because be is • bondholder, without any minimal to that effect, be has aright 10 be paid in gold, while the pensioner, the soldier and the producer muet be paid to a depreciated cot reucy Where he has no contract for coin we will pay him in the lawful currency of the United States, just as every other debt of cur country is payable , and by economy in the admin.stration of the Government, reduction of the army and navy, abolition of the Freedmen's Bu• reau, making the lazy vagabond negroes that are now being fed and clothed at public Pipettes go to work, and thus be come producers instead of consumers, and by the reform of a thousand similar abuses that have crept into the public adtninistrition. w• will have a large sum the fiery first year to be applied to the payment of the principal of our in debtedness, thug not only liquidating the prinoipal, but getting rid of the intermit thereon f Thus each year, the interest being less the■ the preceding year, the *molest to be applied to the payment of the priticipal will be greater; and getting started in the right direc tion, our enormous public debt wil dwindle before the sturdy blows of a wise and eoenomicsi administration, as the ice! erg disappears beneath the rays of a tropical sun. it can bat densonstra ted that it is perfectly feasible to pay off the entire debt without increase of taxation or inflation . of the currency within twelve or fourteen years at the furthest. What a happy deliverance that would be, and how proudly we would Maud forth in the presence of the troth] when emancipated, redeemed, and disentbralled from our slavery to the bondholder, acid alphabet! of Europe, and which thralldom you now propose deliberately to perpetuate. Why should this be done 1 Why showk! our entire public indebtedness be now e sled into gold bearing, ■on tazable bonds, the payment of the prin cipal of which is to be postponed for thirty or forty year. ! 1 wish to be perfectly 41100.11011111, and to use no un perliamentary language. But this seetas to me, Mr. Speaker, like • bold attempt to mortgage our country, the present g time with their children, to capi talists sod tO rye wealthy lordlinge of &trope. I ass lever give my eeeee t to any such ea►esq.. and I now protest against it, and denounce it as most un just, unholy, and ruinous to thi beat in• termite of our country. If therd was a nocessity for poetpoulag the payment of any pert of 16e debt for tbiity or forty piers, a judicious and feeeltille plan far yodeling the interest would Ito worthy of eenemendatioa„ Bet Oen, by a jimiteious and proper admin istration of ear .fair., we can pay off the prissipal. gad thus get r!d if the entire interest forever, it would be most suicidal to 01,1111101111 Ibis ■ew wining* upon the ree.wros. ctf our country. Anginas BILL UIWB • BNor or our mor row mum= or Vosadifis to'Te■ BD/D• I &swivels' tbat-rsa by alai bill pro pose to give the 'spiting's and bond holders a bosom of nom six hundred mil lions, .without any consideration what ever. ' Let me be more speoifio. On fbe let day of June last, toeing the last ofn cialtstatement we hive had of the public indebtedness, the fire tweet,' bond debt amounted to $1.491,755,600, and the debt hearing currency . internal, post of iirbibh•is being 'rapidly clinverted into eve twenties, was $203 117-540, making in the aggregate $1 607 873,140, all of which, under existing large, is legally and equitably payable in greenbacks Let for the make of eimplieity in the calculation, estimate the discount on legal lenders as againet coin at only thirty per cant. The above sum would at that rede - reprevent a gold indebted ones of $1,108511,198, and could. be paid off with that sum in coin. But you now propose to iseue new boucle, tree from all titration, running forty years, with interest Komi-annually. principal and interest in gold, fur the full am unt of $1 697 873, 110, dull adding to our indebtedness, at one fell swoop, 1669, 861,912 in gohl, equal to $662,170.521 in eurrency. 1 have placed the prevent discount on our currency too low, and, consequently, the nation's loss by this scheme is underestimated- But this sum as I have iptated it. which you propose to do 'worse than give away, or cast into the Pen—for you fasten it, with interim in gold, upon us for forty years—amounts to nearly four times a+ much as the en tire expenditures of the o.lvernrnen4 on lend and sea, froth the adoption of the Constitution to the close of the last British war. And this Is your pet fi nanohtl measure, which you Cleve kept heck to the clueing days of the' cession and which - you expect, like charity, will cover a multitu• e. of your past sins again! t the people. ~ covirrtr IttP1701A711711:' But, says the loyal Cittioago platform. "thin in open, or, al least, covert repo rhotion " The claim and the attempt to thu4 pay there loyal bondholders, "who nnved the life of the nation," In infamous willanskeike Int I ctur_ito uLkin_sluante and disgasoe before the n•uiooe of the earth. True,these botviliolderti pall the Onvernment for the bolt le when they got them in currency only worth from Nriv to fifty cents on the dollar, and they been been receiving six per cent therein in gold ever since; true, green backs are good en nigh money fot the soldier, the laborer, the farmer, the mer ch tit, and the pensioner, but to offer any thing less than gold to theme loyal bond holders to ••covert repudiation." few: •will brand us with infamy throughout ali time " And this wolf howl is raised from one end of the land to the other 4rt intimidate the people to submit in this outrageous robbery, and induce them to yield tamely to the avaricious demands of the mooeylords. ...Show me." saya the polite, elegakt, end '•loyal" Vice Pre•itiont, 'Ben Wade, •'a man who ravers pa'ing the bunde in greenbacks. &mil Wlll show you a pen i tentiary bird " "The claim of the bond holde•s to be paid in geld," says the "loyal" preattlent of the Convention that nominated Grant, "•is as peered as the grasses of our soldiers," and this perm ment is echoed through tie "loyal" press from one end of the land to the lather EIBM= And why is the debt more sacred in us character, and to he paid in gold, when ts:l others are putt in the learnt money of the United States? Govern meot called for the services of a mullion soldier, and promised them so many dol lars in monthly pay and bounties there for.- It has promised to pay the maimed soldiers : and the widows anti orphans of those who tiled in battle pensions in Jul Ise.. It ra .,t.e. 11. rit/11,(1111 daily fir thousands and millions - of dollars for supplies for the army and navy, and oth er brooches ofibe public service These are all sacred obligations, and yet who thighs of receiving their pay to anything but the legal-tender, lawful money of the United States? This is good enough money for every other class of certlitor, public and private; but to pay it, or propose to pay it, to the "loyal" bond holder, is "covert repudiation," for sooth, Why is it vor "Oh, the con tract or at least the understanding at the t ate the bonds were sold, was that bey should be paid in gold " I deny both these proposition•, and as much will be myd on this question du ring the s, and great efforts will he mad, to mislead the people, I pro pout now to submit the proofs. lIRPUDIATION IT Till RADICALS I might, honorer, before going into lite main question, here add Gott the very men who, in the interest of the bondholders, are so eager In their cry of repudiation, have themselves in number less joineries been guilty o'f net mere "covert," but opus and barefaced re pudtatton. For ieritaace. the Bret great lean made by our Government after tt found itself involved in war—the tseven thirty three years' loan of July, DAG $139,969,850 in !mount, was taken Ia gold, (the Government receiving gold on every dollar thereof,) and wee paid by the Governmewt et maturity in Ere• u• backs and bond. at a lower rate of ia -1 with principal payable in greets backs liver sip buadred thousand dol lars df thin lose were paid in that cur rency. Those who look title loan and paid their gild into their Treasury were legietmaaa hotlines. men, who. from pa triotic motives, CCM foams. d in that hour of gloom and dempondenoy to the support of the Government, and gave their means freely and willingly for its maintenaose. -"But they . ..had not formed a ••loyal" ring, and we heard no outcry &intuit the repudistion of the obligations of the Government to them. And at the passage of the legal tender act of February, 1862. Gig/mere many millions of private debtelbroughout the United &stye, which, when sentracted, were payable in oohs, b•it for which the creditors were tompelled to melee green books at a great dintouat. Here was wholesale repediatloe, both public and private, by the party pow who are so eager to "sesintsin the hotter of do oountry " Sot my business now iv with the eve-twenty bonds esostllatleg the priseipal portion of our present indebt nese, sad for which you now propose to lame bonds payable to gold, non•taxable and running forty years. I propose to prove beyond all trestloss that. • TIM DOLD■IO or MI ►IT■ TIVIIITT BOND, NATO IWITIAIt A. ILMIIAL 000 ■OITAILD CLAIN TO 11.41TX10IP IN merrsuga Rol =m is Os the 264 of February, 1862, Cos greys, to provide moose to osrry ea the war camped a law. ths fire, need,* of which provided for $l5O 0061,000 of leg al tender notes, the language of which, as to their purpose and charaotetia as follows: is ',And each mites herein authorised •hall be receivable hit pay ent of all I exes. inter nal duties, Jatelees, debts, and demands of every kind dee tc, the United States, except duties inlinVorlit. and for all-otaime and de mands the United State• of yell kind whatebever"—• Except ir , tist,.; "except for interest upon bnruis and notes, whioh shall be paid in 00111 ; and shall also be lawful m may and legal tender in payment of all &kits, public an / private, within the United Stater, exnept dittiet on Imports and intermit al afureduid." Language could not well be more oleer and explicit. Tole mew money aloe au thorized is by exprrs terms to be "re alisable in payment" "for all olelme and demand. against the United States of every kind weetsoover, except for in , tereat ore;tonds and notes, which shell he paid in c In " And it ebotfid be no• ted and remembered that it its only by virtue of this exception that the interest on the bonds authorized by this law is payable In coin. • The second 'motion of !hie not autho rizes the isensince or r0n,000.04n •of bonds, registered or c 'upon, payable at the Option of the United Elates in five yearti, and In twenty yearn et all evente, and bearing six per rent intereet,paya bin eetni-ntinually This is the not au• thorizing the iasutince of the famous five twenty built There is not a word here said as to the money in which these shall be pvid, and were it' not for the exception contained In the previous sea t] n noptiortsin4 the issue of this new tawfut wnery, the interest ate welt as the the principal of the bonds would moot clearly he plyuble in the legal-tender Treasury notes And that there might he no nosapprebeneion or misunderstand mg on the imhjeci, the Government pub llitunkbrutuittost tn,the whole war I (bat these notes were reoeivable . fine "all debte meet deities on imports and in terest on the public debt." Every man in the United Stales, indeed throughotit the world, who received or handled one of these —greenbacks." found printed in clear, legible characters, on the back thereof • '•This note is a legal tender for till debts, public or private, except duties on import* and interest are on the pub lic debt " If the law itself he'. not been sufficient notice to all the world. here was an ad ditional notice more extensively pub lished and circulated than soy that has heretofore been given to mankind. And it wee, In fact, this very money that was loaned to the Government with this no tice on the back of each note when the five twenty bonds were mold And it is demonstrable that the creditors whets the loan wee made, end the bondholder. into whose hands these bonds have pass ed, bare all understood a all'times that the Di lloipal of the bonds were payable in the legal tender notes. On this subject I find an argument cogent and explicit, made in December last by a "loyal" member of this House (Mr Bro.mall.] who I am sorfy to titA now favors the payment of these very bonds in gold, and will, I suppose, in Obedience to the behest. of his party, support this bill of iniquity now before us for tionsideration 1 will give here hie argument on ibe subject, which I defy even the learned gentleman himerlf now to answer "It makes no differeoce in the legal nettle of these parties that this new kind of motley was adopted before ihey loaned to the Goiernment.,.and was the very kind of money which they did Poen to the Government , but it takes from them all cause of complaint upon the score of fai If we had borrowed when gold was the only lawful money, and bad afterward created a different species of less value to pay in, we might have been accused of foul dealing, though in doing so we would only have followed the repeated example of Gov crewcuts older than ours and of much greater pretensions. 'Can the creditor oodlplain that ho bad no not.ce of the new money, when he very lot that authorised the loan created the new money ? Can he corn I plain that he had no notice when he loaned the new money, every note of winch told him in language• which he could not mistake that he must take all his pay in it except the interest He hoped the new money would soon be as good as coin, but he knew that it might not be in taking the bond he took that risk, and, as I will show, he took the bead at a rate which fully paid him for the risk If the Government owes the money in gold, it should pay it in currency It is just as bad faith to pay the money of the people to those who are not entitled to it as t 9 refuse to pay It to those who are. We allestateter this money as trustees, and bad faith toward the cretin star trust is worse, if different et all• then bad faith toward a otrenger Now, admit the agents of the Govern meat who negotiated the loan promised the leader that the principal should be I paid in gold I admit that the abler one of them, Mr. Jay .Cook, in I letter which was published at the time. even went so far as to say that Congress had already made provision for the .payment of the principal is gold It is not pre tended that these agents had legal p'.wer to vary the imam', but it is said that the only body authorised to bind the Government la the premise., ac quiesced in the declaration of the agents by silence Truly a novel mode of binding the Government to pay . money. Hardly even asi ingeaions iseeilition In Lie way of legislation. But wee Congress silent It tad already spoken in the enactment that/gather/zed the loan. It Is eenstantly opeeklag that enactment, published as it lko to the world and task* legal and bind log, and sentioninettetfoe to everybody More limo that: Congress circulated fa and Wide, on the bask of every legal ten der note issued, lie not ice that the prin cipal of these bond. was to paid in cut rency and lie caution to everybody not to believe the false promises of these agents "Now, I would very much regret to believe that the holders of the Wade took 00111 antler a taisepprehansion that Government had ballad itaelf to pay theWeeipal in gold. But did they do sot 111 here they deceived ; or rather did they not know that these agents were hired to sell the heads for • aomoniation upon the iseenal moldy .•Wbat I ;mimosa to show i., Quit the original bolderearthe loan io It as one, the prioolpai of which was to be paid in currency, and that the loan his since that time passed from hand to hadd in the markets of the country and *broad, and is at this time passing as one, the principal of which - le to be Odd in cur rency. "The bonds which' nro now maturing at the option of the,government were is sued pursuant to the ant of February 26, 1862. Thej were made payable in five years, though not demanable until the expiration of twenty. This was the sat which created the new money, the legal tender notes, called currency to distinguish them from coin, though with no 'great propriety. The loan, amount ing to $514,780,500, was all taken in ourrency, and at par. Ido not remem ber at what, date aftee the passage of ire act the negotiation began probably about July 1. 1862. 14 to June 30, 1868. $168,880,250 had ,kiften negotiated An additional, amount of $341,900.260 was negotiated during the year ending June 80, 1864, and the remaitiimr $4,- 000,000 during the follawitii thirteen months. "Now during the year eliding June 80, 1863, the average price ofgold was $187,- 88, abd as the interest was payable in coin, the go rate of interest at which the loan was taken (luring that year was $8 27 par $lOO9. This was the rate which the lenders had a right to expect, hut the rate actually received for that was still more. The average price of gold in the November and May following. when the interest was paya ble, was $163,75 ; so that the rate actu ally received for that year was $9 82 per $lOO. And all thin, too, was over and above all taxation, except, the small pittance of income tax, amounting to but thirty 'route per $lOO of teen. t•The average pride of gold 'uring the year ending June 30, 1864, the year in whin nearly all the remainder of the loon was taken, was $168,08 The •rate of interest, therefore, which the parties ad-s-sight-14-expect_ aa_9,484 aril th e rate actually received, governed by the average price of gold in November and May of that year, was $9 78i. "If the advocates of this claim of the five twenty bondholders are to be believed here was a contract under whlob the Government borrowed $lOO at an average rate of $O.OB per annum, with a promise to pay $l5l 88 at the maturity of the bond if the currency system should con• ttnue the same. and with no possibility of loss if it should not. "iguar, sir, bear in mind that during all this time there was the usual amount of borrowing and loaning ring on in the community a six percent for permanent loans. payable. both interest and princi pal. io ourrepoy ; loans which were sub ject to United States, State, and muni cipal taxation, to more than sit times the amount of income taxation on the public Donde. . "Were the - people afraid to trust the Government? Why, it could purchase in the markets on time on the same terms with indMiduals. All its promi ses to pay In currency passed even on more favorable terms than the ge similar ones of individuals. lie gold certificates which were promises to pay gold, alwaye passed for about the prism , of gold More than all this. the pub lie faith to the Government fulfilling its promises to the letter was tested and proved by placing the seven-thirty noteri in the market side by side with these bonds The notes bore a lees rate of interest than the bonjis. They were avowedly payable, principal and interest in currency. Yet they were taken at par, and with great avidity You will say they were oonvetible Inintbe bonds True ; and this might make them as good as the bond', hip no better Yet they were taken in pretterence to the bonds, and difiliciulty was experienced in inducing the holders to part with them fur the bonds Upon this branch of the ergonomic. therefore, we have the facts that the original holders paid for the bonds In currency they took them et a price which ()Mild only be joatified upon tie hypothesis that ibis . principal was to be Naid in currincy ; they bah before them the ems of Congress which et !measly told mem that the principal was to be paid in ourrency ; they took. them at the seine rate and side by side nith the obligations of the Government known to be payable in currency and hearing a less rate of Interest ; and, finally the gold certificates of the Government al. tr. ye sold io the same market for the price of gold if after all thin, env-ho sty will say that obese original holders believed the Government to be bound to pay the principal in gold at maturity.he will exhibit less faith in the intelligence of the bondholders than I, have." And it is clear as any proposition can be that the bondholders have always ue deretood the al and the obligation of thellovernment just contend it to he and they en understand It now Look at the intellieenoe fleshed across the At giving daily informetion of the market value of our gee -twenty bonds in Europe. The English three per cent bonds are quoted at nearly par while tar six per cent, bonds, on which we pay the interest regular in gold, in quoted-at about seventy per cent.—or thirty per cent discount. Wehave be•- 1 er failed for an instant to ray th• inter est faithfully and' punctually The ability and good faith of our Govern ment are doubted nowbere. Six per' cent. is a large Interest in Europe, and yet our pit per dent• bonds are. and nave hien all the time. at stbetut thirty per cent discount This con he only accounted for on lite ground that the bondholders do now, and have all the (juts known, that.we have at any time after Ave years from the date of the bond a railed sad unquesti enable right to ' pay the principal of these bonds in cuv reuoy, now worth about seventy cents to the dollar, and thereby stop the interline thereon forever. And they never would have thought of being paid in any other way if it- was not for the wolf cry of the astute and exosseively 10 al politioiaqe of the Radical party. They have no* very willingly Armed a "ring" with the boon/alders' candidate and the bond. holders' party, and would very :gladly divide with them this six hundred inii• lions which propoded, by thin most bold ad atroolous robbery of any age. to Glob from the eleaady burdened and over-taxed people of our country. CAR WS PAY TVS DIRT IN antommAolus WITNOCT aotplous IN/LATIUM 1 eaye my loyal Mead, 'boo do YOu prep am to pay our debt la, green banks ? Wit have now In oirmalation on. ly $356,000,000 in legal-tender nmee. How can you pay a debt of $2,600,000,. 000 with that 1 If you pat the pap er mills to work and grind out $2,000,000,. 000 more in legal tenders, and thus pay I the debt at once, you will nuod the noun. try with a depreciated and Irredeemable ourrenoye and bring Mealier and ruin 'to every britnott of business in the coon. try." Now, tlose who talk ip_tbis way eith er de not know what (hey are talking about, o tbey are trying:l'l%lly to de. ceive the pls. When It is asked how we will p our debt :with greenback s N o without a further or ruinous iseue there of,' might with greater propritey ark my "loyal" friend bow he expecte to pay the debt in hold. There is, in fact, no gold io circulation among us as money i t is known to all intelligent obeirvere that there is not In the United Stales to-day a:heeding two hundred millioneCf gold, including the one hundred million. o r , 'hereabouts in the Federal Treasury,' Our gold coin bee become e mere eon. modify, instead of being used Se a air. culating medium. There is no demand for it among ourselves, me for imports, neither is it hoarded here. flat the de. mend from abroad is in excess of our supply. Indeed, if eye possessed all the gold that has been °Glued In the United States from the foundation of our tiov• ernment, it would fall for short of pay ing our national debt. Ours has been the principal gold producing oonn• try, and yet the gold coinage of the United States, from 1798 tolB6B anutunts to onlysBls 636,691, not , enough, if we now had the whole of it, to pity one third of the audited and ascertained public debt. But ours is and hoe ever 'been a gold-exporting eountry, and es " before stated, we now have not in the entire country enoreihan two hundred minions of dollars in gold, while our na tional indebtedness amounts to twenty. five hundred millions, and we annovey export more than we produce The pre. . 'on of - klevlifertvier-iterrnet--e-rennt .- $50,000,000 per • amours, while there were exported to Europe— In ISM . tAt1,041,011 In 1867 . . 60,975,186 I have not the date to give the rat port for the present year up to thi.time For January it was reported at $8,000,• 000, or at the rate of ninety six million. for la. year. But , as our supply is exhausted, I do not suppose it will much exceed ibe production of our tutor. With thee. fiicto before us,l again sat my loyal friend bow be expects to pay these bonds In gold ! ft be admits that it cannot be done, and yet insists dist we have no right to pay in anything but cola, it is be, and not I, that is the prac tical repudiator. But no man who has brains enough' to count a hundred es• pent. to liquidate this enormous debt at one time or by one single payment, and no sans man proposes-to issue green. beaks merely for the purpose of paying the bonds therewith We do not ask for AO !elation of the currency. We do not argue that It would be right, wise or just, voluntarily to produce such Infla tion, nor do we purpose any such thing ALL RADICAL FINANCIAL /FRANUIRS 1101 BLIN KIFIRADLI 01.:LISDIRI A ►AILUYRI We ask you to ■top your wolf cry of repudiation when we propeee to good faith to pay these fire-twenty bonds in strict compliance with the eontrect made by the Government. anti to hum to us witi4l we show how this can be easily done without isitat'on All your linen• mei Kimmel, end measures are contra miserable blunders and failures, and notwithstanding the enormous sums wrung from the people by t nation, the public debt now, in a time of profound peace, ip actually increaelog at the fear ful rate of nearly ten million dollars per month, and the debt bearing coin inter• eat is increasing at a still more fearful rate Let me give the figures from the reports of the Secretary of the Treasury : TH2 PUILLIC DENT POW RAPIDLY INCRINA, IG Dib€ lodaring Coin Interesi On the Ist •t June, 1868, the debt helmet sow iuterea was 82,620,627.84 I BV Ou the let of May was 1,963;178,291 80 loczease in otaiiionth gilitre Debt June Ist, 1869, the entire debt, less the roll In the Treasury Wa5,.... $2,510,215,M8 74 On the let of Ma • it was, lengthe cub in Trasiery 2,500,628,527 58 Increase in one month' $9,7t1,0541 10 Tbui it seems that the increase in the public debt for the lest month of which we hay', any official information wan nearly ten million dollars, while fur the stole suooth die ion %%%%% to the debt beat iog gold interest was over fifty-sev en millions, or al the rate or utterly two millious per day It is rumored, sod currently believed, that if to report had beat male from the Treasury Deport ment on the Ist of July, it would hare shown s still more fearful increase in our public liabilities I spinout 160 how our tioactoial &Maar" could well be worse managed than they are under Radical policy ; and it seems that when you filv• so utterly and so completely failed, you might listen with some respellpad some diffidence in your own infallibility to those who propose to show that all tow evils can be easily and speedily rentidied by the introduction of reforms, plain, simple„aatt easily understood. The five twewty bonito outstanding on the ler day of June amounted to $1,491,- 755,600, the annual Interest on which amouots, in gold, to /M 9,6415,8811 The principle of this debt is sheerly payable In legal tender Treasury noteepai 1 have heretofore demonstrated. If we 040 pay this debt, and get rid of Ill" heavy bur den of annual Interest, the residue of tbedebt will eearcely bq felt, and can easily disposed of. That this can be done Lgropose now to show. As I have already stated, no one ex• peots to ply this debt at one time or ic ons year. In fact there Is scarcely suf floionf gold Coin in the whole wort to pay our public debt in one paymoini• And we do not expect, whitever we may uses" money, or for a circulating medi um, to have la circulation, or to put in oirowlation at any time, an 111[104 1 tt of it equal 40 our present indebtedness. We do not think this desirable. But every enewhii- keows that whop .buelnese le active and the . commtry prosperous, one dollar kept Naively employed, slid pas sing from band to hind. ay la one year supplrqs medium pf exchange for [oorrisuin ow-rute~ race.] $57,44V,v50 00
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