Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-05-01
Mi sfellaMf o II & .
The Honest Mans Tract.
No. 4.

| No. 4.
In addition to what was said last week
that the rich did not at the time take al
the Government bonds, we may quote Ex
Governor Seymour's recent speech. gooC
Democratic authority. We equote from
this high Democratic authority. because
in the main, it is the Democratic dema
gogues and politicians that are raising thu
senseless and wicked cry against bond
holders. We say wicked because no one
thing could be done which would be Sc
cruel to the laboring man. as to destroy
all faith in the Government securities. i
is the poor laboring class of all classes, thai
would suffer most in such crisis. What
a portion of the Democratic politicians de.
mand. is that all the bonds of the Govern
ment shall he paid by new issue Of green
backs. bearing no interest of course. That
is, those holding government bonds due at
any time between now and 1881, bearing
interest. shall exchange them for green
back currency. Well, who will this sort
Of fnanciering help and who will it ruin
This government is called the '.rich mans
gOvernemnt because, these men say the
rich own the bonds and they bear high
rate of interest. The rich do not as gen
eral thing own the bonds. but if they did
is the poor man male any better off by
delugiug the land with grseubacls A
writer says:
The question therefore is, Shall we cheat
the holders Of iiye-twentv bonds out OF
$500. 900, ,00) to 5 400, o 10000. at cost to
the labor OF the country, as distinct from
the capitalists, OF from $500, ,000.6U0 to
$500 100000!
Shall we cheat one set of capitalists. a
large proportion of whom are widows, or
phans, dep0sitors in savings banks. life in
surance companies, and the like, for the
purpose of aging twice as much to spccu
lators, stock .jobbers, or even to hunest
merchants and tradesmeu who have thr
sagacity to make use Of the fluctuations IN
prices to secure Il larger share of profii
than their services are really worth The
last aud ultimate risk being that Of rcpn
diation of the legal tender note itself, and
consequent disorganizatiUn Of the very
fabric Of society.
Fill the land with grcenbacks or papei
currency, and the poor man is not helped,
Indeed the cry of most people to-day is,
"oh that we could return TO old times
when prices We're moderate. and gold and
silver were in circulation. but when will
this be done if The government dcstroy It's
credit by rePudiating its premises, and BY
flooding the nation with more paper mon.
ey!
But we commenced to qsote from Gov
ernor SEYMOUR, one of the Democratic candi
dates for President, who we will put against
the Pendlcton Democrats that t,ke the
other side of the controversy and go for
reputation, or something equivalent to it.
Gov. Seymour says in speaking OF til"
U. s. bonds -
It's mistake to suppose that they arr
mostly held by capitalists. Large SUM
belonging to children and widows, under
the order of courts of the action of trus
tees. have been invested III government
bonds. The vat amount held by fire and
life insurance companies and savings
banks are. in fact held in trust for, and are
the reliance of the great body of active
business and la!lOrng men or women, or OF
widows and orphans. The savings bank OF
this State. which are the dt posital les of the
poor. or of persons of limited means, hold
| sSi niln ma uf hon1s
The whole amount held in the State oi
New York in the various forms of trust.
will not fall below $500. 900 900. If we
look into other States we shall see that
only a small hare of these bonds are held
by men known as capitalists hut they be
long in fact, if not in form. to the business
men. the active ana the iHboring mcmbcr>
of society. The destruction OF these sc
curitrs would make widespread ruin and
distress which w0uld reach Into every work
shop and e,ely istrct, however humble
There is n perfect accord in the demo
cratic ranks is to the policy and the need
of honesty and economy, hut here is soale
d florence of opinion as q the construction
of the contract with the Gre litor Sone
hold that i; is right, and that it is due IT,
the tax payers that we should save what
we can by paving the principal of the deb,
III currency. hut t.:ev underrate the fore,
Of their Own arguments. 1t is a inIStak,
to suppGse that the interests of the bond
holder and the tax PAYERS are antagoniStic
| The fact is overlncked that IN order tn
II axe any saving by giving the hunaholde,
IL debascd or worthless paper, we must
bring upon ourselves disaster aud dishoror
which will cost hundred fold what we can
save. 1t means that we are to give to the
laborer for his toll base currency. l.
means that the honor Of our country shall
be stained. 1t means that our business
shall be keptin uncertainty and confusion
1t means that the lahoring man shall suf
fer hy the increased cost of the comforts
and necessaries of life. 1t means that the
tax payer shall be burdcned by Il govern
ment proved to he corrupt and mbeeile by
this very depreciation OF its money. We
cannot afford to speculate upon the ma
tions honor at SO fearful cost.
But little additional Intelligence has
hpau reciypl plntiVe TO .he Erie Railroad