The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-03-24
From the Congressional Globe, Feb. 81.
ss', SP EE Il OF
HON. SAMUEL f. CARY,
OF OHIO, IN THE
HOUSE OF REPRESENTATIVES,
The Greenback Issue Discussed
The Gold Bond Robbery Plan
Exposed, sz

and compound interest notes which ver
in circulation Is currency, or were bel
i by the banks as reserves for the redemp
ton Of their notes-in the latter cas-
performing the Office Of currency. Oh
THE Both day Of june, 1866, the amour
outstanding vas S659, ,603;508, or Q re
Iduction of legal tenders in ten month";
of .S134, ,235, ,45l. On the frst day o
November, 1867, the currency amounted
Ito S429, ,039, ,844. Thus, while the erel
Of circulation has been greatly enlarged
the diver i6ed industries of the eountr,
multiplied, and great enterprises under
taken, (such as building highway %
commerce to the Pacific eeean), all re-
quiring an increase of the circulating me.
dun, the currency of the people has
been contracted in two years and two
months from 1854, 138, $50 to s42s, ,039,.
s44, or reduction Of 1856, ,039, ,165, Of
within . fraction Of ten millions pei
month. ....aEs io aie
INTEREST BEARING DEBT AND THE
THIEVES.
1t must be borne in mind in this con.
neetion that the interest bearing debt has
not been lessened By this redsction. A
considerable part of this Withdrawn cur
feney has been converted into six pc,
cent. gold interest bearing bonds. II
the meantime, The army Of tax gstherers
revenue agents and Government spies has
been largely increased. Tie object Of
this increase was to prevent frauds and
secure the payment Of taxes, while the
result has been the multiplication ol
frauds, the debauching Of the public
morals, and converting honest men into
rogues byoserpowering temptation. The
amount Of compensation of large mum.
ber Of these detectives and revenue agents
depends upon the number and extent Of
the frauds they can devise They be
como confederates with the thieves which
they are appointed to detect. It is M
wonder that with ell the contraction
gold, which has become mere matter o.
merchandise, should advance. Ths
Treasury is we'll supplied with hard mon
ey now from import duties: But how
long will this be the case if the presen,
policy is pursued When you have nc
more bonds to send to Europe upor
which to raise gold, and when the .rcu.
mutation Of these interest bearing obi.
tions shall be SO great in Europe as to
exhaust our gold product, I would like
to know how you will pay the gold inter.
est on your debt, much less the principal
in coin. We must raise something tc
sell besides bonds, or ye will fnd cur.
selves hopelessly bankrupt We must
diversity and stimulate the productive in.
dustries.o of the country aud make it more
to the interests Of the people to farm
|aUncle Sans" broad acres. than his
bonds. -
TWO HUNDRED AND EIGHTEEN PER CENT
FOR THE BoNDHoLDERs.
That there are small inducements te
cultivate the soil, let me give you an &C
tual illustration from real life, A far.
mer in the West, in 1861, owned two
farms Of three hundred and twenty acres
each, of about equal value. He sold ONE
of them for $4,000 in gold. He soon
after converted his coin into legal ten
der notes, and those into bonds. pureha.
sing to the amount of $4,000. He has
received his geld interest semi annually,
converted it into greenbaoks at an aver
|age Of forty per cent. and loaned them
to his neighbors on mortgage security al
ten per cent. per annum. IF he contin-
ues the process to the end of FIVE years
when the bonds are redeemable, he viii
have as follows: = ''2# s.'a ssl'i .sas
PrincipaE. m $4,000
Profits on investment. 10, ,66s
og 9h .aH t4im nai --7 -
Proceeds Of farm.......,.,........,.,S S30, ,56s
Deduct cost Of bonds......... ........9, ,60t
Net gain 10 five years. e 49,. $50 96I
Equal 10 two hundred and eighteei
| per cent. on an average yearly increas,
of fortyfour per cent. = 8 ''.i'4 sFsa
He has returned his other farm for So,
so per acre. After paying State aud mu
nicipaltaxes his farm has yielded hin
$500 per year, Suppose he received hi
rent semi annually and invested it as be
fore at ten per cent. he would realize a
the end of Eve years s5,494, He offer
to sell the farm for S12, 500 in greenbacks
This, added to the earnings, makes to
tai Of s1S,294. He valued the farm a
1910, 600. Dedutcing this from presen
value, with proceeds added, leaves as me-
gain in five Years So, 294, equal to eighty
three per cent. oran average yearly in
crease of sixteen and one-half per cent
The farming of his bonds has paid hin
two and % half times as much as farnin,
his lands. He was formerly regarded .
plain, practical man, butTnoW5 be is. i
l"patriOtic capitalist, :" who came forBart
and generously aided the Government il
its extremity by investing in her bonds
and this is the testimony Of an homes
lbondholder. This actual case illustrate
the whole subject, and shows how unjus
!; is the claim of the bond holder that b.
should be paid in gold for the bonds