Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-08-05
A WORD IN DEFENCE OF PROSECUTED

~ Hohb IN DEF ENtE VI n FEhSEIO Ell
CLASS
1t has lately become the fashion among
certain politicians to abuse the holders OF
Government securities, and the epi.hets
s'shoddy." .'bloated aristocrat," &C., are about
the mildsst terms employed by portion OF the
party press in speaking OF any individual
who happens to have in his possession Uncle
Sans premise 10 pay. To read some OF the
dlatribes In the newspapers one would
imagine that bond holders are about the worst
class in the community. The term ssbloated
sristocrat," however. is not such an offensive
one 1t Is In tended to be; in fact, the poorer
bond. hoders-and there are many such who
own nothing in the world except one hundred
to one thousand dollars in 52U's-rather like it.
They consider It complimentary to be called
an "aristocrat," and would no, even object to
the implied reproach conveyed in the term
''shoddy" if they had money enough to sup
port the dignity Of the position.
But the questions involved have q more
serious aspect. While onr country was the
scene of fierce civil war, and the armea enc
mics who threatened the life OF the nation
were receiving the sympathy of large num-
Der of secret foes of tn Government in the
loyal North, who gave all the aid and support
TO the rebellion they could with safety to them
selves there was another class, pretended
friends OF the Union cause, but hardly less
mischievous, who, having no faith In the sta.
bIlity of our republican Institutions not only
refused themselves, to aid the Governmentbv
investing their means in its bonds, but dis.
couraged such investments by others Tn.
loyal men, on the contrary, who firmly hs.
leved in the ultimate triumph OF right over
wrong, and who determined, no matter wba,
the result, to stand or fall with the nation NO.
only gave libeI ally Of their private means to
raise and quip men for the contest. but pro we'd
the faith that was III them, by freely investing
in Government bonds. Now that the war is
over, all the ayowed enemies and weakened
friends of the Union, finding that those who
gave OF their means 10 sustain the Govern
Tnent made good investments and are likely To
b. repaid, are cIamorous TO have the Govern
ment bonds taxed, some going even further.
and advocating the paying of the geld boads
III greenbacks.
An illustration OF the so-called arguments
OF these friends of Reputation was given IN
the New York Express few days since Tba.
paper, In nippant paragraph, asked why IL
farmers have 10 take greenbacks for their pro.
duce, holders Of Government securities shou,s
not receive them for their bonds The writer
pretended to believe that his position, TINS
stated. was unansw cradle. We say pretended
because be no doubt knew better, and msre,v
Wrote for political effect amongst the Ignorant
and ll-iniormed. Does not the farmer ee,
geld, or gold value, which is the same thing
Tor bis produce! Yes, and more, for 1t is wei,
known hat the prices OF farm products win
other things, have advanced in n greater ratio
than ccin. Reduce values 10 the gold STAND
ard; pay the farmer in coin, and he will M,
receive as much as he does now But
how Is il with the bondholder! Have
ratio! Not al all. His bonds, SO far from be
ing worth much as the gold the Ciovern-
II nj is pledged to pay for them, are worth bu.
very little more than greenbacks. But SIM.
pose they We're not. Suppose they were worth
the gold. He invested in those bonds becauss
lie had faith IN the Governments ability m
Pay gold Tor them, as il promised TO do And
the thlted States has no more right to repu.
date part than the whole. Ii 30 per cent
can be taken from their value so can 80 psr
cent, - per cent 100 per cent II this debt
can be repudiated, can others The CIV
ernment has Just as much right to paw soldiers
and civil employees, contractors and others 30
per cent. or 50 per cent less than il agreed IN
paw them, as IL has to do the same thing with
the bondnoIders. To return to our farmer. II
il be urged that he has 10 pay more for all ba
buys, and 20 does not get the ad vantage OF the
increase on the price Of his produce, or its gold
value. why the same argument applies TO the
bCndholcer. He is no better of.
We might safely let the matter rest here. I'm.
there is another fallaey of these ad vocares OF
population which We may as well notice
They try 10 gel up feeling against bondhoId-
ers because they are rich men. This is an old
dodge. ii the allegation was true, it would not
alter The facts as we have stated them, nor
make the obligation OF The Government any
less biz ding. The rich man is as much entitled
10 justice as the poor man. But i: is well
known that millions OF these bonds are he i'd nv
poor but loyal men, who, many Of them. in
vested all their little savings to help the Gov.
ernment in its hour of need. Will the Gov
eminent repay their patriotism by swindlinu
them! II IL does, then IL may with truth ha
SAID thai "Repubnics are ungratefuI." or the
effect OF he proposed measure on our STANDING
abroad, where large amount OF bonds Ara
held, we iorbear to speak, as every reasonable
person knows that reputation would inf1ict
al indelbie stain upon American Character
cause a blush 10 mantle the cheek of everv
honorable man; and lake every citizen or tho
United States travelling in Europe ashamsd
10 avcw his nationality.