Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-04
A Few Facts and Figures for
Farmers.
By FARMERS SON AND THE FARMERS
FL FRIEND.

the financial condition of the Federal Gov
ernment, allow me, your humble friend,
to place before you, and all who, like you,
live by labor, few facts and figures in
which you may see, as in a mirror, the
manner in which you are being cheated ID
out of great portion of your hard earn
ings by set of dishonest officials. 1 fear
some of you do not understand properly
the true nature of our bonded and funded
debt. am lead to suspect this from the
| following circumstance:
Standing few weeks since at the door
of store, an apparently Intelligent farmer
drove up and inquired the price of wool.
I told him from 35 to 40 cents. He looked
blank and grumbled out something about
hard times, high taxes and low prices, and
declared he did not know what farmers
were to do. asked him why he did not
exchange his sheep for government bonds,
draw his gold interest every six months,
and be free of all taxation? He said he
did not understand bond matters, had never
seen bond in his life. "Come in," said l,
"and I will show yousthe article and ex-
plain to you its nature" He hitched and
in he came. My merchant friend (who, by
the way, Is a Democracy had few thou
sand of 5-a0s in his safe. He got the key,
unlocked, and laid them before us. The
old farmer "a strong Republican, regarded
them with interest-read them carefully
over-examined the wording and the cou-
pons, noticed carefully the regular series
of six month datings on these little gold
bringing tickets. .f
After he had looked them over, Inquired
If he could find on them any s'promise to
pay" the face of the bond in coin? He said
no. "Why, then, does the Republican
platform say that these Bonds, and all
others, must be paid not only in the letter
that is according to the law of their
issue, but also In their spirit or according
to the unwarranted promises of such ne
gotiating agents as J. Cooke 6 Co., who
held out this false inducement to pur-
chasers, that the bonds might sell readily
and the agent make money in their sale,
which we all know this and other now
wealthy snobs did ?'' "Yes," said the old
farmer, "I remember some of them sent
POooSho
time to the effect that A public debt was a
public blessing.' "Well, well, SIR" we re-
piled, 'sthis statement, like the famous re-
sponses of the Grecian Oracles, is ambigu
GUS. 1t really means that such debt is a
blessing to bondholders, however big a
curse it may be to you plowholders. The
agents really designed to dupe US who la
Dor by flattering us with the word '.oyal-
ty,' thereby to secure their own selfish
ends and make us bear the burden. 81 see
it." said the farmer, 81 see it.'' And he
laid the bonds on the desk in some dis
pleasure.
then took occasion to give to my friend
an inkling of the manner in which our
financial matters are being conducted.
From the official report of the Secretary
of the Treasury, showed him that it was
admitted that the public debt had in
creased during the last two months twenty
two millions of dollars ($22,0O0, ,OO0), in ad-
dition to the increase of millions more
arising from the exchange of zoos legal
tender bearing, to 5-20's gold bearing
bonds. The bonds we had just examined
owner had just received them in exchange
for 7-30s, and brought him IL per cent.
more interest than the former. Sand why
does the Government allow the exchange p"
asked the farmer. "To benefit us bond
holders" said their owner. "But who pays
for this ?" ''You farmere and laborers," said
we. "You see how all this Congressional
fe to- 81 ~f A.
monied aristocracy, and not in that of those
who labor and till the land. Where is
there any protective tariff to inure to the
advantage of your wool growers-any-
thing that looks, like an equalization of
taxes or an alleviation of your bur-
dens? No, no-the whole study of the
Radical leaders in the present Congress |
seems to be to devise measures to the ad- |
vantage of the rich at the expense of the |
poor.
"Why, sir, they not only allow this ex-
change of 7-30's into 5-20's to give bond
holders from to 2 per cent. more interest,
but one of the last acts of Congress was the
passage of the Funding bill, which turns
all bonds into what is called funded debt,
Or other bonds bearing gold interest, and
specifically promising COIN for their re-
demption! That is, the holder of the
5-20's (and almost all bonds are of this
class) may exchange them for funded bonds
running from 80 to 40 years, payable in
gold in both principal and interest. 1t is
true the rate of interest is a fraction less,
but the bond itself is increased from 40 to
50 per cent, according to the price of gold
In which the bond is to be paid"
Now, see how this works. Seven thirties,
interest payable in paper, are exchanged
tor 5-2O's, interest paid in gold, and the
holder is benefited 2 per cent. thereby.
This was done with the hope that the prin-
cipal of the 5-20's would be paid in gold, IS
the "spirit" in the Radical platform af-
firms. But as Thad. Stevens, Butler, Sher-
man, Morton and other leaders took the po-
sition that the letter of the law was against
this, what do these well paid agents of the
bondholders in Congress next determine ?
Why, to fund all bonds. That is, to make |
a new bond law and have all bonds not |
payable in gold and silver exchanged for
bonds that are This is the famous Funding |
bill that the President buried in his pocket |
on the adjournment of Congress. l tell you, |
all hard-laboriDg men-all non-bond-hold- |
ing tax payers, owe "Uncle Andy"
lasting debt of gratitude for doing this |
noble act. The bill says to the Govern
ment creditor, " "Inasmuch as it seems that |
you cannot get gold for your 5-20s, just
agree to commute the same for new class
of bonds herein ordered to be issued, in |
which it is specifically agreed to pay you
coin for both principal and interest. Give
up thousand dollar $40 (worth now only |
$3.50 in gold) and you shall have a new
hond calling for 81 600 in 0OLd on IFS face