The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-10-02
What a BOndh0lder SAYS About
Paving the Debt In GreenbackS.

what a BOndh0lder says About
Paying the Debt In Greenbackss
We publish below letten to the Ohio
Statesmen, written by William j. Young,
Of Noble County, Ohio, to which we invite
special attention. The Shtesmen says the
writer is himself bondholder, and he shows
that unon his 500 600 in bonds, which
originally cost him but $1,000, be draws
twelve hundred dollars per annum in gold
amounting on the original investment to
eighteen per cent, per annum, worth, at
the last quotation 30l per cent, mora than
currency. If $4,000 which gold, and the
gold sold at current rates for greenbacks,
MS investment of 81 900 at the commence
ment Of tie wal, in addition to the large
interest he has drawn semi anully, would
net him TWENTY, SIX THOUSAND ONE HUN
DRED DOLLARS. or orer NINETEEN
THOUSAND DOLLARS. besides high
interest FOR THE LOAN OF SEVEN
THOUSAND FOR SIX YEARS! all Of
which has To come from tte pockets OF the
people in the shape of internal revenue
taxes. which. it is said. cost in fees OF As
SCISSORS and Collectors, fifty cent one the dol
lar 70 colicct
The lett Of Mr., Young. patriotic as II
is in the hlghrs' degree, presents the n1o8'tS
operand hg which the laws of the United
States. enacted hv Congress, enable the rich
to grow richer anil the poor poorer The
fhlnving is Nr. Ymng's letter:
"SARAHSvTLLE, NOBLE Co, ONO, '
Septic mber II. 1867.
editor Ohio Statesman, Columbus, Ohio:
Sir: In reviewing the speeches IT those
nairiats anA atc>men of Ohio, Thurman
aud Pendlrton, on the political issue If the
| dav, | although hon holder, ind rSe their
| views in regard to the finance Of the c0un
try to the letter. and l go further, and say
| th1t every financial act Of Congress for the
last six years has been done with an eye SIN,
q, to the benefit of the CAPITALISTS Of the
country. 1t was all hatched and matured
under their supervision.
"Now for the proof; The first paper Is
sued by the Government, during the war,
was called Demand Notes" They were
receivable by the Government FOR duties on
! imports. hence they were at par with gold.
, They we're circulated al over the country to
the amount of about three hundred mill
ions.
"The next issue was of Legal tenders.
Now you could pay your debts with the le.
gal tenders, but you could not with demand
notes. if objected to: hence the legal~tend
ers were songht after insread Of the de
mand notes; the result was, that before the
commonaltv of the people were aware, o.
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.
Il had seven thousand dollars in gold a
the commencement of the war; sold th'
: same in tile first year of the war at for,
per cent premium, which brought me uln
T thousand eight hundred dollars in legal
tenders. exchanged them even for deman'
notes, kept them eighteen months, and the
} sold them for twenty thousand dollars, lie
gal-tenler, and bought seven thirty note
at ninetv-nne per one hundred, converte
them into fve.twenties even; hire | hav
twenty thousand dollars in five :wentie>
, and two hundred dollars in greenbacks t
r spare. am now and have been drawn
: from the Government twelve hunired dol
r lars in GOLD per annum on seven thousan
dollars-almost eighteen per cent. interest
and the PRINCIPAL advanced from s. 900
$40, ,0Or! and 5000 to pay the preacher if
a thought he was deserving it. Verify,
4 not S. p. Chase great tinancier? |; 9
= before stated, indorse the Democratic ide
- Of paying off those bonds at any time aftt
Eve years, in Iegal-tenders-the same Gu
rcucy we bought them with, though the
= are worth now but seventy>one cents to II
:. dollar. When | bought my tive>twenti'
- of the agent was informed that the lite
% est would be paid in gold, and the prncip
n in currency How long the laboring mas
es of the country will endure this, time W
). determine. Yours, respectfully,
:, "WM. j. YOUNG"
The .S'aiesman closes its remarks on tn
,f letter and its developments by pointealy o
n serving that it is easy to say why it is tn
they Jay Cookies aud other heavy bondhol
4 ers, who fancy that the people were bo
with saddles on their back, and they read
- booted and spurred, to ri l. them, an wo
- der at the strong eff trt they mike to for
- the people to add thirty per cent. to th'
aIraa " 0vergroyn watIth, ~ paving the
"a bond in coll, instead of the legal tend
:, currency If thu c>untry.
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