Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-09-21
What n BOudhOlder Says About
Paying the Debt in Green
backs

Paying the Debt in Green
backs.
Below we give letter received from
one OF the most respected and patri-
otic citizens in Noble county, on the sub
ject OF paying the bonded debt of the ma
tion in Greenbacks. The writer is him.
a bondholder, and he shows that upon his
$4,000 in bonds, which originally cost
him but 81, 600, he draws twelve hundred
dollars per annuln in gold-amounting on
the original investment to eighteen per
cent. per annum, worth, at the last quota
tion, 301a per cent. more than currency.
If the $4,000 which Mr.. YOUNG holds in
bonds, were now paid in gold, aud the gold
sold at current rates for Greenbacks, his
investment of $1,000 at the commencement
of the war, in addition to the large inter
est he has drawn semi-annually. would
net him TwENTY-sIx THOUSAND ONE
HUNDRED DOLLARS, or oUer NINE
TEEN THOUSAND DOLLARS, be-
sides high interest FOR THE
LOAN OF SEVEN THOUSAND FOR
SIX YEARS! all of which has to come
from the pockets of the people in the shaDe
of internal revenue taxes, which it is said,
costs in fees of Assessors and Collectors,
! fifty cents on the dollar to collect.
The letter of Mr.. YOUNG, patriotic as it
is In the highest degree, presents the mo-
lus operandi by which the laws of the
United States, enacted by Congress, ena-
bles the rich to grow richer and the poor
poorer. We give it below:
SARAHsvILLE. NOBLE Co. OHIO
September 18th, 1867.
Editor Ohio Statesman, Columbus, Ohio:
SIR-In reviewing the spe, ches OF those
patriots and statesmen of Ohio, Thurman
and Pendleton, on the political issues of
the day, |, although a bOndholder. indor>e
their views in regard to the finance of the
country to the letter; AID go further,
and say that every financial act of Congress
| tor the last six years has bren done with
an eye single to the benefit of the capital
ISIS of the country. 1t was all Matched and
matured under their supervision.
Now for the proof: The first paper is
sued by the Government. GuriHg the war,
was called demand Notes" They were
receivable by the Governm mt for duties
on imports, hence they were ut par with
gold. They were circulated all over the
country tn the amount of about three hun
dred mi ilions.
The next issue was of "legdl tenders "
Now you could pay your deDts with the
legal tenders, but you could not with the
demand notes, if objected tn, hence the
legal tenders were sought after instead Of
the demand notes; the result was that before
the commonalty OF the people WEI aware of
the real value of the demand notes, they
were all boarded up by the capitalists,
their net profits on this issue being about
one hundred millions.
L had seven thousand dollars in gold at
the commencement of the war; sold the
same in the first year OF the war at 40 per
cent. premium, which brought me nine
thousand eight hundred dollars in legal
tenders; exchanged them even for demand
notes, kept them eighteen months, and
then sold them for twenty thousand dol
lars, legal tender, and bought 7-30 uUte- at
SO per 100, converted them into 5-20s even;
here l have twenty thousand dollars
in 5-20s. and two hundred dollars in
greenbacks to spare. am now, and have
been drawing from the Government twelve
hundred dollars in gold per annum on
seven thousand dollars, almost Is per cent.
interest, and the principal advanced from
$1,000 to $40 600! and two hundred dollars
TO pay the preacher if 1 thought he was
deserving it. Verify, is not s p. Chase a
great tinancier? L. as before stated, in
dorse the Democratic idea of paying off
those bonds at any time after five years in
legal tenders = the same currency we
bought them with, Though they are worth
now but II to the 90. When l bought
my 5-20s OF the agent was Informed that
the interest woul1 be paid III gold, and the
principle in currency. How long the la
ooring masses of the country will endure
this time will determine. More anon.
Yours respectfully,
WM. j. YOUNG.
Who after reading the above but can see
why it is that the JAY COOKIES and other
heavy bondholders, who fancy that the
people were born with saddles on their
backs, and they ready booted and spurred
TO ride them, can wonder at the strong eff
fort they make to force the people to add
thirty per cent. to their already overgrown
wealth. by paying their bonds in gold, in
stead of the legal tender currency of the
country.