Bloomsburg democrat. [volume] (Bloomsburg, Pa.) 1867-1869, 1867-11-27
BOND AND NATIONAL
BANK SWlNDLE.
THE


The masses Of the people ore literally
groaning under the load Of taxation and
cost Of living imposed upon them. Still
thousands on thousands Of them are unable
to explain or understand the cause Of their
troubles. We can tell them it is the Bond
and National Bank swindle that is crushing
them. There are at least twenty-five hun
dred million dollars worth Of U. 8. Bonds
that pay no taxes. Rich men whose money
and other property was formerly taxed it's
fair proportion for the support Of the public
burdens, have put their property into Bonds
to get rid Of taxes. Of course this crowds
all the taxes upon the shoulders Of those
who own no Bonds To illustrate. A. and
B. live side by side upon two pieces Of real
estate A. proposes 10 sell out to B. The
price is fixed and B. takes the deed and
pays over the money. OF course B. is
then taxed for the land once owned by A.
But how is it with Mr.. A He invests the
money received for his land in U. s. Bonds.
and Of course pays no taxes. B pays the
taxes of both, and A pays nothing. A
more pointed illustration than this could be
furnished in the cases Of the rich capitalist
worth his hundreds Of thousands, and the
poor laborer who owns only his small house
and works day after day to support his FAM
lily. The capitalist pays no taxes because
his property is all in Bonds, while the labor
er's house and every article of his living is
taxed not only to support the government,
the State and town but to pay the interes.
on the Bonds owned by the capitalist. 1t
is the most monstrousiIiustice Of the world
No wonder at the uneasiness Of the laboring
masses. But the laborine man is not only
obliged to work hard and live poor, but he
must take his pay in deprecated currency,
while the bondbolder gets his interes. in
gold. At the present price of gold the
working man must pay the bond holder,
sl,U for every dollar Of interest which he
claims on his bonds.
But not satisfied with holding their twcn.
ty.6ve hundred millions OF Bonds, there are
more than a thousand millions dollars OF
other government debts which the capital.
lists are laboring to get funded in Bonds 80
they may make still further investments
and pile m additional load upon the tax
paying people. The intsres: on most, if
not ali Of the present Bonds, is compound
every six months. Or in other words, the
interest, is paid at six per cent, in gold twice
a year, and this interest is reinves,ed in
Bonds In this way all the capital put in
to these bonds doubles itself every ten years.
It comes TO this, that the laboring man is
actually compelled to pay the government
debt over and over again every ten years
1t should also be born in mind that the
Bond-holders bought their Bonds with green
backs worth on the average for the past five
years, only from forty to sixty cents on the
dollar, SO that that the present twenty. FIVE
hundred millions Of Bonds cost them only
from twelve to fifteen hundred millions of
dollars. They now demand dollar for dol
lar in gold, which would give them from
forty to sixty cents premium on every do
lar they invested, saying nothing Of the gold
interest they have drawn all the while. -
These Bond-holders and their radical back
ers have the monstrous audaciiy to claim
that the faith Of the government is pledged
to this species of ext ortion from the labor
Of this country. Shall the toling millions
thus be made the boasts Of burden, the
pack horses Of this class Of aristocrats for
all coming time
But how is it about the National Banks,
those stupendous monopolies compared to
which the monster killed BY Andrew Jack
son, was only an infant in swaadlng. FoI
u long time during the war gold was worth
$3.50, or to speak more correctly. ra!ei
money and U. S. Bonds were worth hu, 4C
cents on the dollar For one hunnrcl dol.
lars in gold the Bankers brought two hun.
dred and fifty dollars in Bonds drawing six
percent. interest in goki or fifteen dollars
per year in gold for every hundred dollars
they paid for their Bonds. As soon as the
National Bank Act was passed they took
their $50 in Bonds to Washington ant
deposited them there, receiving hack 50 9;
or ten per cent. less than their face, in Ma
tional currency to loan through their Bank
to the people Or, to enlarge a little, {
National Bank in Cortsmouth deposit,
500, ,030 Of the Bonds in Washington wher
they cost the bank but $4,000 in gold.-
The Bank receives back upon which to d,
business, $4,000 in National Bank Bills
They loan this sum to A, B, G, and D a
3.lOper cent in advance, or the nice sun
Of nearly $1,000 interest, which is AGAR
loaned at I $40 per cent, and so on indefi
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