The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1867-10-02
What q Bondholder Says AboutPa Pay-
ing the Debt il Greenbacks.a {. Y

w hat o bondholdef says ADoutfayTi
ing the Debt il Greenbacksi.45 e.. 10 !,
Wepablish below d letter to the Ohio
Statesman, writt,n,b8 William J, Young
Of Noble County, Ohio, to which We in.
vite special attention. The Statesusas
says the writer is himself a 'bondholder,
and he sboSs that upon his $4,000 in
bonds, which originally cost him but
$4,000, he draws, twelve hundred dollars
per annum in gold-amounting on the
original Investment Of eighteen per cent
per aan1nupn, a1 ~, EGilh, at1thee5 ee5last quotation
3Oi Perteent, more than currency, III
the $4,000 which Mro5Y Young holds in
bonds, were now paid ID gold, and the
goh sold,at current rates for Igreenbsckg,
bis Investment Of $1,000 at the. CON;
mencement of thu. war, in addition to
the Iargeihterest be has drawn senieant
nually, would net him TwENTY-sIx THOU
SAND ONE HUNDRED DOLLARS, or ooer
NINETEEN THOUSAND DOLLARS,
besides d, 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 shape Of
Internal revenue taxes, which, it is said,
costs iu fees of Assessors aud Collectors,
fifty cents on the dollar to collect.
The letter Of Mr.. Young, patriotic as
it is in the highest degree. presents
the he modHs. ropsardi BY wh,ph the
laws Of the United, States, enacted by
Congress, enable the rich to grow. richer
and the poor poorer The following is
Mr, YHupg,s letter 'al bsas. TIA a'si 4
grO "SARAHsvILLE, NOBLE Co., OH ,
q .rI saiyis September II, 1857, ,ill
Editor Ohio Statesman, Columbus, Ohio. ;,i
lo"SIR; In reviewing the speeches ;ol
those patriots and statesmen Of Ohio,
Thurman and Pepdlc,on, on the political
issues Of the day, l, although a bondliold.
er, indorse their views in regard to- the
finance Of the country to the letter and
| 20 further, and say that every financial
act Of Congress for the last ak years has
been done with an eye si6gle to the ben
eft Of the capitalists of the country 1t
was all hatched aud matufed under their
supervision. odiag saias gaiJ .saif'I
a'j"Now for the proof. The first paper
issued by the Government, during the
war, was called Demand Notes! They
were receivable by the Government for
duties on imports, shebce they were at
par with gold. They were circulated all
over'the country to the amount Of about
three hundred millions. a4oa bns qdfl
iA"The next issue was Of 'Legal-tenders.'
Now you could pay Your debts with tho
legal-tehders, but youicould not with de-
mand notes, if objected to hence the le
gal tenders were sought after instead Of
the demand notes |; the result was, that
bofore'the comnionalty Of the people were
aware of the real value of the demand
notes, they were allhoardcd up by the
capitalists, their net profits on this issue
being about one hundred millions. 6ieg
ii"I bad seven thousand dollars in gold
at the commencement of theJswar, sold
the same in the first year of the war at
forty per cent. premium, which brought
me nine tlIousand eight hundred dollars
in iegal.tenders, exchanged ihein peven
for demand notes, kepirthem eighteen
months, and then sold them ford twenty
thousand dollars, legaltendeEi and bought
seven .thirtyipotes at ninety ninD per one
hundred! !eonveitedHthtm into fvetwen-
|ties eyenyhaSE L have otwenfy thousand
dollars in fve.twenties, aud two hundred
d6lhrsin ierconbacksEtO spare i annow,
andrhate been drawing from the Govern
ment twelve hundred dollars in gold per
|ianuum fomissven lothousahdr dollars-.-al
most eighteen per cent interest, add the
principal advanced from 81, 900 to S20, +
000i aud s2o0tO pay the: preacher if' |
FthCnght, he was deservingit. Verify, IS
not s. P. Chase aagEcat 6iancierS. 4, las
before stated, indorsetthe Democratic
idea of paying of those bonds at. any
tipe after five years, lino legal-tepders-
tiis same currency we bought them with !,
though they are worth now hut seventy
one cents to the dolar7sWhen i bought
my fve-tyen6Ss ofths agent / vas I'M
formed that the interest would he paid in
tgold SpndIthe pripeipali in currency How
Long the laberipg masses Of the country
will endure this, time viii detetHine q
l'Sppi' bHYcurs, Respectfully i''aia
llos o4sut Of GDisHtsWMsJHOUNG.R
1.-The Stdtesmani closes its remarks on
this letter ahaatS developments by point
[edly observing that its easy to say why
It Is thatths Jay Cookies and other heavy
bOndholders who fancy that The people
were born With saddles, on their backs,
and they ready booted and spurrsd,i to
ride them, can wonder at the strong Of
Fort they paRe't forcettSe peOpleto add
their thirty per cent 70 their already
over grown wealth, BY paying their bond'
in'gold, instead of tho legal tender cur
rchey Of the country, ,nlil2iyuoo yrqa9 ,
'LgIg ~ beE0d obih lgg 81 SdW ,msdi
| sob
ssA Vote the Whole 9HokstoI
/ kRoIa eSIFl G h57-TrSta YAH II bra =
| nn..Aos.A c.slAo H.. a al. Ill.