The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-10-11
What Bondholder Says About Paying the
Debt in Greenbacks. ,7#

We publish below a letter to the Ohio
Statesman, written by William j. Young, OF
Noble county, Ohio, to which we invite
special attention. The Statesman says the
writer is himself bondholder, and he shows
that upon his $4,000 in bonds, which orig
inally cost him $4,000, he drafa twelve
hundred dollars per annum in gold, amount
ing on the original investment toeighteen
per cent. per annum, worth, at the last quo
tation. 301 per cent more than the currency.
If the $4,000 which Mr.. Young holds in
bonds, were now paid in gold, and the gold
sold at current rates for greenbacks, his in
vestmert of $1,000 at the Commencement OF
the war, in addition TO the large interest be
has drawn semiannuahy, would net HIM
treaty-six ttonsand one hundred dollars, on
orer nineteen thousand dollars, besides high
interest for The loan Of seDea h0usosd 70,
sir gears all of, which has come from the
pockets of the people in the shape of inter
nal revenue taxes, which it is said, costs in
fees of assessors and collectors, fifty cents
on the dollar to collect. . .zs-# So
The letter of Mr. Young, patriotic as it is
in the highest degree, presents the 8,odus
operandi by which the laws of the United
States, enacted by congress, enable the rich
to grow richer and the poor poorer. The
following is Mr.. Young's letter:
sARAHsvrLLE, NOBLE COUNTY, ONO,
September Il, 1887.
Editor Ohio StftessaaR, Columbus Ohio:
SIR: In reviewing the speeches OF those pa.
|. triots and statesmen of Oaio, Thurman and Pen.
dleton, on the political issues of the day,
although bondholder indorse their views in
regard to the finances OF the country to the letter
and 60 further, and say that every financial aci
of congress for the last six years has been done
with eye single to the benefit of the capitalist;
of the country. 1t is all Matched and matured
under their supervision =s5-t-
Now for the proof: The first paper Issued by
the government during the war, was called de
| mand notes They were at par with gold. They
were circulated all over the country to the
amount of about three hundred millions.
The next issne was Of illegal tenders Now
you could pay your debts with the legal tenders
but you could not with demand notes, if objected
| to, hence the legal tenders were sought after in
stead of the demand notes; the result was tha
| before the commonahty of the people were awar,
| of the real value of the demand notes. they wer,
all boarded up by the capitalists, their net profit
| on this issue being about one hundred millions.
| / had seven thousand dollars in gold at tn,
| commencement of the war, sold the same in tn
first year of the war. at forty per cent premisna
| which brought nue. nine thousand eight hundret
dollars in legal tenders. exchanged them even 70
demand notes, kept them eighteen months, an'
/ then sold them for twenty thousand dollars, lega
| tender, and bought seven-thirty notes ut ninety
| nine per one hundred, converted them into FIVE
| twenties even; here l have twenty thousand dol
| lars in five-twentics, and two hundred dollars il
| greenbacks to spare. l am now, ard have beei
| drawing from the government, twelve hundre
dollars in gold per annum on seven thousand dol
| lars, almost eighteen per cent. interest, and tn
principal advanced from 81 600 to 10000 an
S2o0 to pay the preacher if l thought hir
worthy of it. Verify, is not S. p. Chase grea
| fnancier2 l. as before stated, indorse the ide
| of paying off those bonds at any time after fiv
years in legal tenders-the same currency W
| bought them with, though they are worth me-
but seventy-one cents TO the dollar. When
| bought my fTe-twenties of the agent was in
formed that the interest would be paid in gol
| and the principal in currency. How long the Ia
| boring masses of the country will endure thi
time viii determine.
/ a' aa' Yours respectfully,
| WV. J. You've.