The union Democrat., 1868-06-20
W hat Bon iholder Says About Pawn n
the Debs i'm Greenbacks

We publish below letter to the Ohio
Statesman, written by William s. Young, of
Noble County Ohio, to which we invite spe.
cial attention. The Salesman says the wri.
ter is himself a bond holder; and he shows
that upon his SEQ, 900 in bonds, which orici.
nally cost him but s. 900, he draws twelve
hundred dollars per annum In gold amounting
on the original investment TO eighteen per
cent. per annum, worth, at the last quota.
ton, 81 = per cent. more than currency.
If the SO, 900 which Mr.. Young holds in
bonds, were now paid in gold, and the gold
sold at current rates for greenbacks, his in.
yestment OF 81 600 at the commencement of
Hthe war, IN addition to the large interest he
has drawn semi.annually, would net him
twenty y.slx thousand one hundred dollars,
or over nineteen thousand dollars, besides a
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 in.
ternal revenue taxes, which it is said, costs
in access 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 modus
operandi by which the laws of the United
States, enacted by Congress, enabled the
rich to grow richer and the poor poorer.
The following is Mr.. Young's letter:
SARAHsvILLE, NOBLE Co. Ono,
September Il, 1867.
Editor Ohio Statesman, Columbus Ohio:
SIR:-ln reviewing the speeches of those
patriots and statesmen of Ohio, Thurman
and Pendleton, |, although boniholder, in.
dorse their views in regard to the finance
of the country to the letter, and go further,
and say that every financial act of Congress
for the last six years has been with an eye
single to the benefit of the capitalists of the
country. 1t is all hatched and matuced un.
der their supervision.
Now for the proof: The first paper issued
by the government, during the war, was call
ed Demand Notes. They were at par with
gold. They were circulated all over the
country to the amount of about three hundred
millions.
1.-The next issue was of Legaltenders
Nov you could pay your debts with the legal.
tenders. but you could not with demand
notes, if objected to- hence the legal tenders
were sought after instead of the demand
notes; the result was that before the com
monality of the people were aware of the
real value of the demand notes, they were al
boarded up by the capitalists, their net profits
on this issue being about one hundred mil
lions.
Il had seven thousand dollars in gold a
the commencement of the war, sold the sam,
in the first year of the war, at forty per cent
premium, which brought me nine thousanC
eight hundred dollars in legal tenders, ex
changed them even for demand notes, KEEP
them eighteen months, and then sold then
for twenty thousand dollars, legal tender
and bought seven thirty notes at ninety min,
per one hundred, converted them into five
twenties even; here have twenty Thousand
dollars in fivetwenties, and two hundred dol
lars in greenbacks to spare. am now, anC
have been drawing from the government
twelve hundred dollars in gold per annum OF
seven thousand dollars almost eighteen pei
cent. interest and the principal advanced
from 81 900 to 500 900 and 5000 to pay the
preacher if | thought him worthy of it. Yer
ily is not 5. p. Chase a great fnancier? l.
as before stated, indorse the idea of paying
off those bonds at any time after five wears
in legal tenders-tbe same currency we
bought them with, though they are worth
now but seventy, one cents to the dollar
When | bought my five,twenties of the agent
| was informed tha: the interest would be
paid in gold and the principal in currency
How long the laboring masses of the country
will endure this, time will determine,
Yours, respectfully.