The state rights democrat., February 11, 1870, Image 1

STATE LUQllTS DEMOCRAT.
rciusaED EVEUY TRIDAT, BT
BELLINGER & BUOWN.
C. B. BEtUSQEIU J BROWN.
OFFICE
IN FARBISH'S BLOCK. FIRST STREET.
TERMS, m advajcb: One ycr,$3) Six Months
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aamcs U the Editora, or no attention will bo given
to their communications. .
All Letter anl Communications, whether n
t oslnoss or f r publication, should bi addressed to
Bollinger & Brown.
BUSINESS CARDS.
If . II. CUANOR,
mum AND COUNSELLOR aT WW,
Owe la NorcrW Dries Building, up-atairs,
Albany, Oregon,
au
BKNJ. IIAY'DEX,
Attorzey and Counsellor at law,
Will attaa 1 to all businws entrostod to him by
citiieua af P jlk and adjoining countios,
Eoiai July 23, 1867.
2n3ttf
S. A. JOHNS,
ATTORNEY AT IAW,.
ALB ANT, OREO ON".
D
ILIQEIIT attention will bo giren to all busi
ness in his line.
jau23T4n2Stf.
JOIXX J. WHITNEY,
ATTORNEY AND COUNSELLOR AT LAW
cod notary Public
Speoial at:ntiona giren to collections.
Office In tbo Court House. .
Albany, Oregon. T3n33tf.
J. HANNON,
ATTCRJIET AND COUNSELOR AT LAW.
ALBANY. OREGON. O
OQeo oa Main street, oppoeiio Foster Brick.
t5o4jI
j. c. powatu run.
POWELL FLINX,
ATTORNEYS AND COUNSELLORS AT
LA tt' AND SOLICITORS IN CHANVEUY,
(1. Fiica, Notary Pablic.)
ALBANY, Oreo. Ctdleotioas and convey
ances j r.aoi'ily altonJcl ta. oeSOnlQty
A. WBEELEE1,
NOT Alt Y- PUBLIC,
ZZroxcnarriZs Oregon.
L
EGAL INSTRUMENTS OF ALL KlnUa
mad id UcetL Collecti-ms di wn-
ttondsd to. ooZSrouioyi.
IILITABSDEIj & CO.,
BEALRB9 IN GnOCCBICS AND FR-0YT-tian,
Wood aiJ Willow Wtire, Confection
ery. Tobacco. Cigara. Iiiee, Notion,-, to. Store
.ou JtaiDO atr, aOjoining the Eapruia tnce Al
bany, Oregou. oWvSuitf
THE EYES! TIIEEAIIS1
nn.'T. I. GOIDE?!,
OCULIST AND AURIST,
ALBANY, OREGON.
Dr. Golden (a son at tbo notod Old Optthalmks
Doctor, S. C. Ooldco). has hod experience in treat
iug the Tarn us diseases to which tbo eye and ear
are f abject, and feeLi confident of giving W lire
catiiraction to those who day ptaeo theuweUea
under his care. arrlOf iiiSltf
OFFICE OF C3UNTY SCHOOL SCPEEINTES'T,
AT WATERLOO. SIX MILES AliOVE LED
anon, oa tbo Santiaai. Pot j.'Elc address,
Lebanon. - J- W..MACK,
T9n451y Co. School Superintendent.
r. x.
BCDFIILD.
T. W. SFI5K.
F. fcl. REDFIELD & CO.,
IOXSTANTLY OH HAND AND RECEIV
ING a larjro stock f Groceries ana I'rorl
nons, iVooa ana w maw are, luuacru, nssi
Confectionery, Yankee Notion, etc., to.
IThslcsale and XlotaO.
Jg- Opposite R. C.
Son's Drug Ftoro, Al
oc9T5o8yl
bany. Urego n.
G. W- fiUAY, O. D. 8.,
GRADUATE OF CI?iC!?ATi DENTAL COLLEGE.
WOULD INVITE ALL PERSONS DESIR
in ArtiSci-d teeth and Crst-olaaa Dental
Orerations. to zivo biia a call.
Specimens of Vulcanite Baso with gold plate
fMiiia- and other new styles of work, may be
seen at his office, op stairs in Parrkh & Coi
Drick. Albar y. Orecon.
Reaidenee. corner of Socoad and Raker etrcots.
artll'63ySn31tf
PRICE8 GREATLY REDUCED!
till. e. n. caiFFO
Vropoaos t make his rates for Dental services
for the year 1369, as fullowt. yis :
Full upper and lower act of Art- Teeth, $30 to $50
Full unnertr lower H H " fl5to$2i
Piyo toeth, $2,0 oach- Filling teeth, from $1 to
B?H oachearity. Extractinff, 50 centa per tuotb
i'leaosifig, id cents to $!,&(, Other minor opera-
liom in nrnortion. Terms. L. S. coin or its
r K- m -
i(iuiraleot.
'If. B. Oico oyer Bontiey's shoo store, in the
irld poet ode o buiJdioff, opposite Foster's brick,
Albany, Oregon. DU. U. II. ORIFFIN.
Deo. 30, 1368 v4n29tf.
FRANKLIN MARKET.
CEOfiGE S. EV31LLER
llaj purchased the Franklin Market, where ho
kocps constaaay tbo very best
Beef Mutt 03, Pork, Bologna Sausages, Etc.
One door west of A. Cowan & Cos.
- Call there. '
COSMOPOLITAN HOTEL,
poirruifiD, - - oiiegcji
TOE XNDEESIGNED RESPECTFULLY
auDou.i(;e that bavins purcbasad this widely
known aud well kept hotel, thoy are now prepared
to offer eur;rior accommodation ta the traveling
puolic at
G?cat!y Kcdaccd Prices,
This Hotel is located ne est the Steamboat
landing.
S?The Hotel Coach will bo in attendance to
oouvey paesengers to and from the Honso froc of
charqe.
Jl ay 22'?9n4Ct J. B. 6PRENGER.
NOTICE.
-pARTEJS OWING FREIGHT BILLS WILL
MT call aad settlo immouiatfcly. On, and ader
January It t, 18?0, no freisbt will bo delivered
uatil charges are settled.
.Albany, Dee. 1st, 1S69 3m. -
BEACH A MONTEITH
7
VOL. V.
GREAT SPEECH OF MR. BIUXGEN, OF OIIID.
From tho Daily Globe, Washlnjrton, D. C, Do
ccuibcr 17th.
CvncMed from lat vet I.
But thero is another reason why tho
wLolo financial system growing out of the
i.suo of these bornk shouM bo abolished,
which to my mind h entirely sufficieut.
It i a deplorable, a etnrtHug fact, that
tho Secretary of tho Treasury has tnoro
power over tho fortunes of men and over
their earnings than toward had over tho
lives and liberties of tho ftcoplo of the
Xorth when he shook that infamous bell,
tho mere sound of which immured men in
bastilcs without chargo or trial, and from
which few men came away aliv. When
tho Jato great financial excitement wa
culminating in Wall ptrcct, Mr. Boutwcll
was qutotly sitting, not exactly in Cab
iuet meeting, but nearly so, . watching
tho progress of events and reading tcle-
graphio dispatches. Bankruptcy and
ruin wero staring tho people in tho faco.
Under thi bond and bank system ho wa
tho observed of all observers. Every eye
was turnod toward him, every appeal was
Font to him, for ho was tho only 000 who,
under our worthy lVcsident, had the
power to save "ho could create and lie
could destroy." IIo held tho gold, the
pcopla s gold, and as soon as duty or in
terest prompted, ho could, with a stroke
of his pen, or by a "click" of tho tele
graph stop tbo infamous proceedings. If
the Secretary of .tho Treasury and our
worthy I'rcsulent and all their relations
and friends, direct, collateral and ofiicial,
had not been honest under tho circum-
stances alluded to, how easy it would have
been for tho bulw of Avail street to have
an arrangement by by which tho Secretary
could havo controlled tho gold until all 01
them had amassed colossal fortunes?
Let us wipe out tho bonds lest dishonest
men succeed our officials and play such a
game as they might have played.
Gentlemen may and di talk ubout the
faith of tho (Juvernnrcnt bciog pledged to
the payment of tho bonds, and tho sa
creducss of that plhrhted faith. The re
ceipts and vouchers given by our army
ufficcrs to loyal men under tho sanction
and by the authority of our Government
for hundreds of millions of dollars worth
of property taken and u?cd or destroyed
by t!c army during the war arc certainly
as sacred as any bonds signed by the
Treasurer and Kcgii?fer of tho Treasury.
This plurhlcd faith of the Government Li
totally disregarded by the party in power.
regard the rights of the masses as par-
mount to tho right of capitalL-ts.
The wisdom of Ulysses 1a highly" cx-
rolled by old Ilomcr ia tho Iliad,
but ho never dreamed in all bis phil
osophy of reducing tho circulating me
dium at a timo liko tho present, and
bus bringing utter ruin and bankrupt
cy on tbo West and South. This sug
gestion of our Secretary is backed and
indorsed by our worthy President and
ho bondholders. This Bcheino vrill
forco men to pay dcbt3 in fjold which
wero contracted to bo paid in nn infla
ted paper currency and rain tho debt
or for tho benefit of tho creditor. jLet
us rcpndiato the bonds and ntop such
niquitou.q nnd unjust proceedings.
lint I am in favor or repudiation as
a setoff to tho repudiation of $4,000,
000,000 of tho claims filed by loyal
men ngnmst this Government for loss
es and damages sustained by tho war,
and property furnished for and used
and taken by our Government for war
purposes.
On tho 23th day of April, 18CG, Mr.
Delano nscd the following languago on
his floor:
Tho nation ow croftns with tbo weight of pub
liodebt and taxation. I know tLtro are now
floating claims against thin nation cot leva in
amount than f LOOO.WO.COO; and thee. If admit
ted at all, will never bo settled with less than t-,-
OOO.COO.OOO."
In a colloquy at tho timo betweon
Sir. Bouhvell, now tho Secretary of
tho Treasury, and Mr. Delano in re
gard to tho payment of theso claims,
Mr. JBoutwell said 'ho would aa lief
spend tho money on tho Kgara ship-
canal." Ho always opposed that proi-
ect, and openly doclarcd bi?i unwilling
ness to pay theso claims, nltliougii Mr
Delano said they ?ero tho claims of
loj-al persons.
Why will not tins Government pay
tho losses of thoso loyal coutbern men
and women wilb perilled everything,
lost everything, endured everything
for this Government; who traveled
over mountains and across valleys;
waded through streams in the dead of
winter, those .who,' yath naked and
bleeding feet, weak and exhausted
with hunger and cold, eought refuge
under tho starry flag far from their
homes? Those who at tho peril of their
lives fed and sheltered and secreted
tho Union soldiers who bad escaped
from too prison pens of tho South
thoso poor women whoso husbands
and sons wero cruelly butchered be-
foro their eyes because thoso men and
women loved the Union- why not pay
them ? no, no; tho bondholder is the
only person worth looking after. The
party or tho Congress who can disre
gard tho appeals of thoso loyalists of
the South such as 1 havo mentioned
need not abuso mo bocauso I will fa
vor the payment of the bonds twice.
xno j-iepubiican - party havo prac
tically repudiated ' $4,000,000,000 of
honost debts. Secretary Boutwel
wonld as soon spend it in what bo
thinks a useless project a3 to jay it to
honost claimants. Tho cstimato ho
and his party placo on these claims and
on tho bondholders' claims exhibit a
most striking contrast.
The iniquitious distribution of wealth
ana particularly oi power, tho power
oi wealth, which accrues to the com
paratively few from tho present fraud
ulent bondholdingand banking system
will bo destroyed by repudiating these
1 1 T il . il , .
Donas, ana uienceiorai ineso aristo
cratic gentlemen will have to compete
on equal terms with thoso who ha.vo
It M
ALBANY,
becu borno down by their oppressions,
special privileges, and exemptions
from liabilities. Industry, enterprise
and frugality will soon restore that
equilibrium which tho unjust distribu
tion of Government, favored through
unjust legislation, has so materially
destroyed. Tho $2,000,000,000 now
represented by bonds will yield no
more .to its possessors than does that
valno in tho brond acres of tho West
to tho hardy eons of toil, ltepudi
ation of this debt will frco tho nation
from an incubus and mako tho capital
of tho rich como ou tho tho sanio foot
ing as tho poor tho rich still, how
ever, holding tho advantago in pro
portion to their wealth or capital, but
a fair relative proportion and no more.
This is simple justice; and this I am
in favor oi, and that immediately.
Tho best writers on political econo
my and financial matters ngreo that
tho overago rato of profit on capital,
money excepted, does not amount, af
ter taxation and other necessary inci
dental exepenses, to moro than two
percent., and this, too, with tho con
stant labor, caro, and watchfulness of
tho owners. Tho bondholder and
banker mako about thirty per cent.,
counted in currency, and this without
any particular laljor; for tho Govern
ment kindly hiren and pays men to
gather up their gold interest and to
hand it over to thorn. But theso bonds
ought to bo repudiated, becauso the
contract by and through which they
wero obtained was usurious and con
trary to public policy. Tho same mor
al rules will apply to a government
that applies to a erson. A govern
ment may mako promises, liko an in
dividual, winch ought not to I kept.
It may Mpledgo its faith" in Btich
manner and for such punnjses as to
bo void of all moral obligation. A
man under pressing circumstances
may borrow $100 from another, give
his noto for it, and promise to pay
$100 interest or $100 for its uno in one
day thereafter. In this ca.no thcro is
no moral obligation to fulfill such
a contract, nor is there a law cm any
stauto book of any government to com
pel him f to do. No right-minded
man will claim that such a contract,
such an amount, should bo required
by tho lender; nor will any fair man
say that the lxrrowcr could or should
o cither legally or morally bound to
fulfill its term.
A government may do wrong in
such matters just mi individuals may
do wrong, but tho laws of God and
man alike relcaso both men and gov
ern id cuts from gncli obligations, al
though voluntarially assumed. Tho
Biblo, in tho twenty-fifth chapter of
Leviticus, says:
MAnd if tby brother bo waxen ana poor ana
Uttm in decay with thee, thou balt relievo blm ;
. - ... t
yea, thocgb be to a tiraoger. or j.urncr.
T.tlelkm nn ry of kiu Tba hlt nt giro
fcim thy niufi-y nry, nor knd blm tby vict
ual !win ineren."
Acrain, in tho eighteenth chapter of
Ezekiet, wo find llieso vords:
"lie that hatb tt Ket f. r h urn murj'
U bath etiscutfd true jud;r-
mftist bctwrrn man and tnan." ; "He
Ibat hath Rtven forlb upon usury and bath taken
incrc:u h ahall not lire."
!''1U that bath not receire'l nury fball rare
ly Hvo."
. .a mam mm
fVccording to Uus what snail iecomo
of tho bondholders and bankers?
Under tho Jewish law all debtors
and slaves wero frco in tho year of ju
bilee. "W hen tins Ixmdcd debt shall
bo wiped out tho American people
will 1 free; it will bo truly tho year
of iubilco to them. Another reason
for tho repudiation of thia bonded
debt is that tho men who contracted
it, end through whoso agency the laws
were enacted authorizing such unex
amrded swindling, did not ossurao to
bind themselves, but to bind tho pco
plo, and that, too, without their con
sent. Tbo people bad not been con
suited on tho subject; tho wholo Bys
tern was tho creation of capitalists and
got up to rob tho people. On tho
principio thatono uongrcsn can re
peal any act passed by a preceding
ono, why not repeal ibis wholo system
of fraud and peculation t
I said that tho contract between tbo
Government and bondholders was
nsurions and ought to lo abrogated
Every Stato in tho Union and every
civilized nation nearly havo their laws
regulating usury. Thoso laws nro
mado to protect tho weak against the
strong, tho poor against tho rich. Hu-
man wisaom, vmuouiuu iu tuuuury
enactments expressed in every form,
in tho Bible, in tho play of tho "Mer
chant of Vcnico," in everyday lifo, is
against tho bondholders and bankers.
They aro tho enemies of progress, tho
. . 1 f . 11 .
vampires who aro uany urawing ino
. m . a a a
bfc-blood from tho toiling millions to
feed and pamper themsolvoa and thoir
haucrhty familioo. '
Another reason for tho repudiation
of theso bonds is that it would rc8toro
society to a healthy condition, do away
with thoso useless and unjust distinc
tions which havo lately grown up
among tho people.
If wo repudiate this debt wo go very
far towards bringing tho Government
back to its truo standard in a social
point of view, when merit, not mcro
wealth, shall constituto tho standard
by which persons oan over bocomo
great and prosperous.
Another reason is that labor has tho
power and tho moral right to say
whether or not theso bonds shall bo
paid twice; whether or not this con
tinual drain in gold interests shall go
on; whether or not tho eoplo shall
cQhtinuo to bo slaves, in tho cense
Professor. "Walker uses tho word.
I have said that all wealth is, the re
sult or product of labor, and I
may add that capital of its produces
nothing. What would a thousand or
a million dollars in gold locked up in
tho safe' of some banker or bondholder
produce ? Nothing, Theso monied
gentlemen know this; and they invent
ed their wealth, frequently ill-gotten
xyk 4ii W
OllEGON, FRIDAY, FEBRUARY 11, 1870.
wealth, in Government bonds, and
Congress taxes tho pcoplo to pay tho
gold interest thereon. Gentlemen mav
say that repudiation is revolution. Call
it what you will, repudiation of this
bonded debt is justice, bocauso it has
al ready been paid. If it is revolution , j
then I am a revolutionist. England
boasts of the revolution of 1G88- Amer-j
iea boasts of the Involution of 177C;
and both governments owo whatovcrj
of freedom and liberty they possess to
those revolutions. labor has tho pow
er and moral right to thus revolution
ize; it can bd done- without bloodshed.
This debt can bo repudiated; labor
can bo relieved of its unjust burden
of taxation; capital can bo mado to
ucarus proportion oi uio laxes inrougn
tho means of tho ballot, box, and by
electing to oflico men who will
regard tho rights of labor as be
ing as sacred as tho right of capital.
Tho rights of lalwir arc more tiered
far moro to bo regarded and legislated
for than tlw rights of capital; for from
lalxjrcomeseverythingwe havo; every
thing which, under Gods blessing,
makes a pcoplo prosperous and hap-10'-
.
liawr has tho votes. Why not
throw aside party prejudices and use
these votes at tho right timo and for
tho right 1 Capitalists look sharply af
ter their interests, and their wholo
study is. how to make tho most out of
their money, how to enhance their in
terests. Why does not labor do the
snmo? If tho capitalists had tho namo
numerical power at tho balIot-iKxthcy
would double tho principal and inter
est of their bond at will; they would
extend their privileges of exemption
from taxation to all forms of property
thoy own or posKcns, and thus trans
fer all tho burdens of taxation from
themselves to lalor. What Rentable
man doubts this? Hai a .Shy lock any
conscience! Sixty per cent, of tho cost
of their bonds represent "tduiv;" forty
per rent., money. Arc they not as
clamorous for tho "shavo" part oa for
tho other? If they could extort from
la!or 00 fr one would not they do
so? Why, then, will labor not defend
itself at tho lallot-box and elect men
to ofiice, to Congress, if you please,
who will lenHlato on Uio principal
enunciated by Jeremy 1cnthara, "tho
greatest good to tbo (?reatit number;
or, ft.j Jcffcnson odvined, "Ixt the
Government tako caro of tho oor and
tho rich will tako caro of themselves?"
If the voter, tho laborer, tho tax-pay
er, will stop and think what tho land
holders aro doing, and what' they
would do in addition if they bad tho
power, it is possiblo that they would
not bo long in excluding from seats on
this floor ovcry man who is a bond
holder or banker.
But gentlemen here aro loud-spoken
against repudiation when it touches
tho bondholder or national tanker.
Have not como. gentlemen, members
of tho present Congress, voted in n
Ccngresri for tho so-called legal-tender
act, which authorized and legalized the
repudiation of private debts" and con
tracts? Tho courts aro full of cases
where persons who had loaned gold on
a contract to receive gold in payment
wero forced to take greenbacks worth
fortv' cents on the dollar. How much
mof o honorable ordishonorablo would
it lo to refuse to pay tho principal and
interest of theso Ixmds, and especially
so when tho bondholders havo already
been fully ia d, and overpaid, as
havo already beforo remarked ?
Tho bonds ought to bo repudiated
becauso tho capitalists knew when they
Ixnjght them that whilo tho war lasted
prices would bo high, pcoplo would bo
apparently getting rich, the taxes, en
ormous as they wero, vould bo paid
for a while, lonr enough for them to
get back theirpriucipal, with intcrost
in gold, which they havo moro than
received, and that when tho people
"got through burying their dead,"
whon timo should heal to somo extent
tho wounds mado by tho war, wien
tbo fictitious values of property would
pass away, and tbo pcoplo "would re
pudiate tho debt, as all nations and
poopl os havo ever, dono with such na
tional debts, their bands might bo
worth somothing.
In this view of tho caso they bought
tho bonds siraxdy as a business trans
action. Not ono in fifty .of them
bought bonds from motives of patriot
ism. Not a einglo ono. of them would
havo bought a bond if ho had been
compelled to pay fri.uuu in gold lor n
bond calling for $1,000, if principal
and mtorest had not both been paya
bio in gold. It was their interest to
prolong tho war and their principio to
blood tho G overnment. Thoy did it ;
tho purchaso of tho bonds, and the
rational banking system growing out
f their issuo, wero simply sharp busi
noss transactions.
After tho revolutionary war tho samo
reasons wero urged by capitalists for
tho payment of tho continental money,
namely, that it was lent to tho Gov
ernment from patriotic motives ; they
now call it "loyalty." Tho people,
then, as now,, know tho assertion to bo
untruo, and repudiated tho wholo debt.
w I w- 1 i
in i5enton s jjouatos, .volume l, pago
103, wo find a distinguished member
of Congress from Now Hampshire
Mr. Xivcrmoro, used , tho following
languago :
"Money lent in this doprooiatcd and doproctat
ln paper enn hardly bo said .to bo lent from
spirit of patriotism ; it was a mcro Bpotutlatiou
in
publio soeuritiofl. They hopod ,-by putting thoi
money lato tho lorm-otTico, though in adoprociate
etato, to roeoivo hard money for it by ond by.
flatter mysolf this prediction will nover bo effect
cd."
After being tho chief .instruments in
doxreciating tho currency and distress
ing tho Government by . withholdm
their money until they could invest i
at rates ruinous to tho people and the
country, they and their friends now
prato about loyalty. Thero is scarce
ly ono of them who would not lovy
upon and sell the wooden leg oi
1JF fir
1
i - " 1 -
cripplod soldier to obtain their cold
intcrost. Their dues must bo paid.-
: i l ' mi. i
The party in power it is almost y
nonymouH witli tho monoyod oligarchy
now reaching for the very vitals of our
national lifehas amused and deceiv
ed tho pcoplo with new expedients ; :
tempted their cupidity with now-fang-
ed financial schemes ; declaimed m
ndefinito terms about liberty, equali
ty, and universal brotherhood, and
suffrago, and being tho friends of tho
abonng man ; asserted in tho most
ircsumptuous manner tho cxtremo
riondflhip of that party for tho people:
whilo its acts, legislative and other
wise, aro tho very opposite of tho
aforesaid professions.
Piststratus preached liberty and
equality, was the friend of tho poor,
denounced Solon and . other patriots
and sagos who wero in his way as tho
enemies of tho people. In this way
io nattered their vanity, and thev
hcrcforo yielded to him their creduW-
ty and their, country was subjugated to
despotism. Julius Ciesar and llobes-
ncrro and his Jacobin club, and Louis
Napoleon and tho Itadical paitv have
all dono tho samo thing. Our liberties
as citizens havo lx'cu taken from us.
If ut despite tho barefaced villainy of
hose stock-gamblers it may bo truly
;aid that "knaves still proselyto fools,"
and thieving politicians still havo their
friends and apologists.
I am in favor of tho payracnta of tho
liock pay, bounty, commutation, prize
money, or whatever may bo justly due
io ino fsoiuiers and sailors and others
who fought to put down tho rebellion :
in iavor oi paying pensions to an en-
r a . .
ltied to tho samo, csiccially to tho
widows and orphans of our deceased
Holdiers.
But wo aro to havo a funded debt.
It has been justly, truthfully said that
oi all tho schemes ever devised by
ho perversa ingenuity of man for
making tho rich richer and tho poor
!oorer, tho weak weaker and the
ntrong stronger, tho funding system.
with its accessories, holds tho bi'hest
rank." The enormous monopolies of
tho country aro but accessories of the
bond f?y stern, and their power will bo
am -
dirmnfched when tho bonds aro repu-
lliated. .
When William of Orango inaugura
ted tho funding ru-stcin of England,
Doubleday says that tho yeomanry of
England wero a manly, eclf-rcliant
and independent race of men ; that
they mostly wero tho owners of their
own cottages and gardens ; that every
man hod constant employment at good
wages. What ore they now? Strip
ped of their property, all tho land of
Great Britain in the hands of three
thousand men, . tho laboring masses
tho mere slaves and vassals of tho
moneyed oligarchy ; and tho funding
system did it.
John 1 rancis, in lus Chronicles and
Characters of the Stock Exchange, says
I i ii . . . . . -
uiai mo rooneycHi 1 me rest was tin Known
until 1C0'-', and adds':
''Tut now the tr? memdaont po toner of the mon-
etary power dtrreta the detioir of natloo. We
bcbola in tanpiMo form a power o terribly eiron;
iaai. wun a tour it, u ran paralysa a roil. W
behold a power gradually weaving around ua
net from wbich it U impoiblo to eeape, and
claiming with a (crn accent ubich broik no d-
nial tbo rijjM f property in ournt Ivo. our ami.
our earning, ur induairy, and our children. To
lb! moseyed inflaenro we can trace tnrmt of tho
Iolitieal ebaogca which perplex mankind and
which aecm to ba(S eiplauatiun. The witett of
Aur tale men have tried to chck iti adfaneo and
failed to do o j the wo rot of them bare eoeoar-
agod its growth and declared it almont harm leaf ;
tho tnot adroit bare yielded to Ita power and
made money by to doing. Intertat after Interent
ba gone down In a vain atrnggle te oppoio it, yet
tu apiitK) ta as seen as ever."
IIo says that tho most colossal for
tunes and tho most abject povorty ex
ist in England together. Doubleday
says that at tho timo tho funding sys
tem was inaugurated the poor rates
wero only 300,000, whilo they aro
now 8,000,000. In tho mean timo
tho population has trebled and tho
poor rates havo increased nearly tbir
ty-fold. It has been well said that tho
contest between tho pboplo and' the
funding system has apparently ended
m jLuuumnu, uus ii u in lis inapiencj
1 T . . . .
1 1 !l !. r
ncro. in mis country me issuo is
well defined ; as I remarked in tho
outset, it is subjugation of tho peoplo
by tho moneyed power or tho repudia
tion of tho bonded debt.
"Why does our Government refuso to
tako its own paper for customs while
it forces our citizens to tako green
backs for notes payablo by' thoir terms
in gold for gold borrowed or loaned?
It is claimed that tho bondholders
must havo gold interest becauso it is
so agreed. "Why not havo tho porson
who deposits cold in banks receive
gold in payment when it is so agrocd?
Tho salos of gold by tho United btates
Treasury is nothing loss than repudia
tion. The Govorament promises
on a greenback or a legal-tender note,
if you pleaso, to pay tho bearer fito
dollars ; it rof usos to tako that noto in
payment of custom dutios. Whilo
has gold in tho Treasury it will not re
deem its promiso, its own paper, but
puts tho gold in market, porhapa bo
crctly, arid shaves its own papor ; buys
it in at seventy conts or less, whon
promised ono hundred cents.
If we ropudiato tlieso iniquitous
bonds, already ovor paid, refuso to pay
them again, tho credit of oux Govorn
mcnt will bo much stronger, becauso
wo Mil bo out of dobt ; its notes wil
assu a par valuo and bo roceivablo
for import dutios and everything else
at thoir faco. In placo of paying gold
to tho rich and rags to tho poor, as wo
now do, thoio will bo ono lund of cur
rency for -all, and gambling in United
States stocks will bo avan end.
Thero aro a fow small bondholders
who obtainodtthoir bonds honestly,-
To such I would say proht by tho ox
amplo set by tho Now Englanders in
regard to their slaves. Thoy sold thoir
slaves for monoy to tho South and
thon suceoodod m aboUshing slavery
,a, and rendering tho property so sold
If)
Ay
NO. 2G.
worthless. Let tho small bondholders
sell their bonds fo tho lanro ones.
topudiation of tho hn-n,l i
with the certainty of fate. Let tho
loncst turn their bonds over to tho
who havo grown rich by banking and
stoek gambling. They can afford to
oso tncm.
Greece, the cradle of letters and tho
nursery of tho arts, tho land of Ho
mer, of Solon and Herodotni ibr
theater of Thermoplio. of Leuctra.
uiui ui iixaraiuon ; whose history m
siiires tho mind and fires tho genius of
1 nr. ii i ' . . . '
iuuu wiiu musinous examples oi devo
ted patriotism, has her counterpart
in heroic deeds in tho history of our
last great war ; but wo search in vain
among tho names of bondholders, no-
uonai Dangers, and money sharks for
instances. Tbo 'spirit and' purpose
which animated Pisistratus in putting
d6wn Solon ; tho same spirit which os-
iruciwu ivnstuics uc cause no was call
ed tho just ; tho mob led on or insti
gated by bad men who took tho lifo of
reircruun uccailSO 110 Said lUO BOUl Was
immortal, and that thcro was only ono
uod, this samo blind spint of fanati
cism is enabling our Shylocks to draw
tho wealth, tho encrcrv. tho life-blood
of tho nation in drops of bright gold
to minister to their pampered wants
and swell their already bloated wealth.
jkomo, ior niicen hundred years
mistress of tho world, was in her best
days, as our country has been for
years, tho arena of contending f ac
tons, and tho "majesty of tho 1 toman
pcoplo hero it is "tho loyalty of our
fciiyiocKs was their watchword. Al
though Homo had her Itegulus, her
Cato and her Cicero, sho also had her
Llodius, her bylla, and her Caesars.
honored in their day as tho friends of
the peoplo.
xi maiicrs not wnether Manus or
at -At. w aw ar m
oyna, v;ajsar or rompey prevailed, tho
iciory was m tne namo oi iitxjrty ;
tho republic was honored with a tri
umph and a clamor of npprolation
cciiood irora tho forum and the capital.
ivon Augustus ucesar, absoluto as be
was, preserved tho forms and mockery
of a republic, just as tho party in pow
er now do ; whilo, by tho perversion
oi ins vast patronago to ins own arr
grandizement, bo mado an obsequious
and r rostituted Senate tho registers of
his will, and in tho name of liberty
m m am. -
lasicnod a heavy and enduring yoko
on an applauding populace.
r ranco nod her Dan ton and her Ro
bespierre; and after tho bloody idol
or licentious liberty bad crushed its
thousands and overturned tho temple
of tho true God a Prctoiian band of
grenadiers delivered over Uio "repub-
nc to a lHjnaparte. not to a Grant I
Madame Boland under the fruillotino
cxciaims :
w w
"Ah, Liberty ! what crimes aro committed la thy
name!"
At the conclusion of Mr. Mungen's
speech, several members participated
in a discussion from which wo mako
the following extracts :
Mr. Cox said :
I need not, Mr. Chairman, cay to
yon that tho gentleman from Ohio
Mr. Mungcn is an bonorablo soldier
and & gentleman. IIo belonged to tho
army ; ho fought bis fight "well. IIo
is not entitled, as some peoplo aro, to
any opprobrium in respect to his pat
riotism.
Mr. Dawes. I wonld like to ask tho
gentleman from New York a question.
Mr. Cox.. 1 will hear it.
Mr. Dawes. I would liko to ask the
gentleman, in connection with what ho
has said about greenbacks, how far
and to what extent bo differs from bis
late colleague, Mr. Pendleton?
Mr. Cox. I am not arguing now on
Mr. Pendleton's theory or bis inter
pretation of tho contract, aa tho gen
tleman knows very well.
Mr. Dawes. That was tho reason I
put tho interrogatory.
Mr. Cox. 1 might not havo approved
of Mr. Pendleton's interpretation of that
contract, andyot if I had approved of it
it wonld not havo boon repudiation. The
gentleman has my answer, but- that does
not pertain to this question.
Mr. Dawes. It was becauso I saw that
the gentleman was not arguing Mr. Pen
dleton's theory that I put tho interroga
tory to him. I desiro to got his views in
this connection os having somo boafln?
npon tho crodit of tho United States, aa
wo aro all desirous ot sustaining it and
nrcventinc it from becominc: dosraded.
I should liko to hoar how far ho repudi
ates Mr. 3endleton upon that point, if he
will do us the favor to toll us.
Mr. Cox I understand tho astuteness
of tho gentleman from Massachusetts
IIo has boon doing by this question just
what I feared soino ono would do, endcav-
onocr to raako a party question ot it, no
far aa Mr. Pendleton's theory is concern
ed, I do not know that it is peculiar to
him. I presume thero aro gontlemon on
tho other side of tho Houso who agreo
with hira. I refer to a distinguished
gentleman, ono of tho gontlcman's own
colleagues, tho great moralist of New
Eneland. fLaufrhtor.! Ho agrees with
Mr Pendleton on that subject.
Mr. Dawes. He is not in the House
now, and that was tho reason I pu tho
interrogatory.
Sir. Cox. Tho former - distinguished
statesman from Pennsylvania, Mr. Slo
vens, eravo tho samo interpretation. Was
ho a rcpudiator ? Is Mr. Morton, of In
diaua, a repudidiator f 1 am not arguing
so as to show that tho theory of Mr.
Pendleton, or Mr. Butler or anybody else
tonds to repudiation. That only has re
fcrcuco to the interpretation of tha law
But on this matter of repudiating this
debt, wiping it out; tho man who would
wipe out tho bonded debt would wipe out
the greebacks also, for they aro all a dobt
alike; and 1 aslc tho gentleman Irom
Massachusetts if I do not speak tho truth
on that subject:
Mr. Biwes. It was becauso I thought
tho gent.3man was in a mood to teU tho
truth tha,t I put tho i&icrrcutory.
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Colunis, $100 j Ililf Column, j Quarter Col
Col omn, $35.
Transient Advcrliscments per Square of ten
Incs or lens of this sized type, first insertion, $3 ;
each eubseancjit Insertion, $1.-
A fjtsaro is ouo inch in tpae'e down tbo column','
counting cuts, display line V blanks, Ac, as solid
matter. Ko aUrcitincment to be contidered lees
than a S'luaro, and' all fractions counted a foil
square. All advertisements inserted for a let.
period than three months to be regarded as tran"'
slcnt. . ,- '
Hero tho hammer felt
Mr. Fitch. I cannot yield to discus-
v a . . . a
sion. l will vtekl to L'cntlcmtn on tho'
Democratic aide of the House, for. 'one
minute speeches, for tho purpose of CX-'
pic-sBiog muir vicwa. x win yioiu uuw uj
the gentleman from Pennsylvania, Mr.
Wooaward.j
Mr. Woodward. Mr. Choirroao-, this
seems to bo a day of general confession.
baaghtcr.j I ask that tho gentleman'
from Kcvafa SI r. I itch will give me'
time enough to raako my confession.
Mr. I itch. M will yield -five' minutes'
to the gentleman form Pennsylvania, Mr.
AVoodward.j I snpposo that will bo time
enough for his purpose. "
Mr. Woodwsrd. It happened fo me Vr.
bo a member of the Supremo Court cT
Pennsylvania frhen tho Republican coun
ty of Allcghcpy and the Republican city :
of Pittsburg repudiated their most honest
and most righteous debt. Tho commis-'
sioners of that county and the authorities
of that city wero summoned before our
Court to stato why they did not levy tha'
necessary taxes to pay tho interest on
thrt debt. It fell to my lot to write the
first opinion that was ever written io'
Pennsylvania against these repudiators:
Other opinions in other cases followed.
Wo imprisoned theso county commission-'
crs tho commissioners were imprisoned
for ono wholo year in jail.
Mr. Ward. Served them right.
Mr. AVoodward. Yc, ,sir ; thoy were'
kept in jail mere than one wholo year be
fore they would notf Furre rider to out
anthority. It was a fierce struggle be
tween the judicial authorities of the Stater
and tho Republican party. Laughter.
And the judicial authorities of the State
finally triumphed over the i-cpodiation ef
tho Republican parly in that instance.'
Well, sir, oa tho 20th of Fcbuary, 1802,
a Republican Congress passed an act dc-'
daring that greenbacks, worth then about'
sixty cents on the dollar, should be a le
gal tender in payment cf debts in direc?
and palpablo violation "of a provision of
tho Constitution of the United States, and
to the nttcr repudiation of one-third of
iho whole indebtedness of this wide conn
try. Against that instance of repudiation'
my soul and all that was withiu mo re
belled. And I improved tho earliest op
portunity when 1 becamo a member of
this Houso to offer a resolution instruc
ting the Committee on tho Judiciary of
this- Houso to bring in a bill to repeal
that law os a disgrace to the country and
tho ago; and lam obliged totaytbat
that Committer has never yet reported on
my resolution.
Mr. Myers. And I hopo never will.
Mr. AA'oodward. It was a Republican
Congress in which I oScred that resolu
tion ; it was a Republican Committee to
whom tho resolution was referred; audit
is a Republican who now says that he
hopes tho Committee never will report on
that rcsoluiion. That resolution contem
plates a gradual repeal of tha legal tender
act in order to lot down tb? country grad
ually. Thcro was another instance of repudia
tion. A Republcan Congress and Mr.
Johnson signalized themselves by rcquir-
inrr every Southern State before it could
bo pdmittcd into the Union to repudiate
her ucbt, teaching them repudiation accor-
ding to tho Republican code of morals.
And I kno? men in the fcoutn- wno will
tell you that there never has been in their
personal experience bo disgusting and dis
graceful a necessity as that which com
pelled thorn to repudiate their debts.
21 r. Dawes. Docs tho gentleman refer
to tho Confederate dobt?
Mr. Woodiraid. Yes; to their own-
debt. - -
Mr, Dawes. Well, that must have been
rainful to then.
- . 1 T. it. -
Mr- Woodvrara. u to mcir uwa
dobt, and they felt bound by it as men of
honor. Again, this Covcrnmcnt contrac-tr-d
trith tho ecldicrs of the army to go out
and fight that war on a specie basis. Tho
OoTornmcnt has repudiated that contract ,
and paid their soldiers and their widows
in a depreciated currency, ana aro uoiog
so at this day.
Theso instances of repudiation and oth
ers that I might alludo to havo bad the
effect of8itting mo like flint against repu
diation and rcpudiators. Possibly 1
might havo boon converted by tho argu
ment of ray friend from Ohio, Mr. Man
gen.J somo of whoso views I bo'ievo are
vory just, had it not been for thoso and
other instances of repudiation which havo
been forced upon tho country by tho Re
publican party. I look forward to the time
when tho Republican party of this coun
try will bo in favor of repudiating tho na
tional debt, and I may at some future day
havo to stand" up in defense of tho pligh
ted faith nnd tho credit of tho country
against tho Republican party, as I did in
tho Stato of Pennsylvania against tho Re
publican ropuliators of tho county of Al
leghany and tho Republican repubiators
ofthe Republican city of Pittsburg.
Mr- Morgan. Mr. Chairman, will tho
gentleman from Nevada llr. Fitch.
yiold mo tho floor for five minutes ?
Mr. Fiteh. I cannot.
Mr. Morgan. Will tho gcntloman
yiold to mo for ono minuto ?
Mr. Fitch. No ; I cannot yield' far-
thor. - .
Mr. Morgan, Will tho gentleman yiold
to mo for thirty seconds I
Mr. Fitch. Yes, sir ; but for no lon
ger. , . ; ; ...
Mr. Morgan. Then, sir, in that thirty
seconds I will" concla3ivcsly provo that
tho Republican party of tho TJnitcd States
stands irrevocably pledged to the doctrine
of repudiation. In tho very midst of the
lato war,' during a period when tho Repub
lican party had control of tho legislation
of overy Stato adhering to tho Union, by
solemn legislat ive enactment every adhpr
ing Stato repudiated ono-half of tho in
terest ou their Stato debts ; for which,
they wero boand to pay tho- interest in,'
gold, they paid it in greenbacks, when, in
consequenco of their maladministration
of our publio nffairs, greenbacks were on
ly worth fifty cents ou tho daT&r,