The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-07-12


it profitable to expend time cost Of sending for
witnesses to prove the fact Of raising money else
where which, upon little reflection upon the tes-
| tiaany already addneed, is selfeydent.
SEYMOUR AND GREENE ,cks.
The Democracy OF keokuk haze ratified
the nomination Of Horatio Seymour. Prom
inent iii that ratification they made the ratii.
cation Of the greenback policy. They rati-
fed Seymour as though Seymour were PEN
deton. AS though by voting for Seymour
| they will vote for Pendleton's financial poll
/ cy. Let I'd see how this is. We will not
| make any comments OF our own on the slate
| menss Of the speakers at the Democratic
meeting Inst evening. We will let Hcraio
Seymour make the comments.
The speakers shrieked against the bloat-
| ed bondho.ders, and as though rich men
and Radicals were he only holders Of bonds.
| In answer to this Hcratio Seymour said, in
his speech before the New York State Con-
veution, on the 18th Of March last:
! The bonds, so unwisely, wastcfully issued. bare
gone into the hands of innocent holders who, to n
| vast amount are compulsory owners. II isa mis-
take to suppose thas they mostly hold by capt
| taists. Large Gums belonging to children and
widows under the order of courts the action Of
rAstees, have been invested 10 government bonds.
The vast amounts held by FIRE and life insurance
companies md savings banks are. in fact, held in
trust for and the reliance of the great body Of
| active business or 1aborirg men or women or of
" idows and orphans. The savings banks of this
State, which the dcpositaries Of the poor, or
OF persons Of limited means, hold about a60, 000,
900 of government bonds. The whole amount
held in the State Of Now York. in the various
forms Of trust, will not fall below 5000 200 000.
II we look into other States shall see that only
small share Of these bonds are held by men
known rs capitalists, but they belong in fact, if
not in form, to the business men,, the active and
the laboring members Of society. The destruction
OF these securities would make widespread ruin
and distress, which would reach into every work
shop and every district, however humble.
And lest it be assumed that Mr.. Seymour
has changed his convictions on this score,
since the lth of March, we make this ex-
tract from his late speech at the Cooper In
stitu,e, made only the week before the Con-
vention net-made with direct reference to
his getting the nomination. In that speech
he said:
The labor Of the East puts its earnings into
savings banks, life insurance. or other forms of
moncyed investment. Thus they deeply in
terested IN government bonds The amount in
saving banks in this State alone, is $40 900 000
This shows that there must be at least $500 900,
900 Of money thus deposited in all the States. The
average Of the deposits in 1867, in the State of
New York, was $40. The number of iepositors
in the State of New York is about five hundred
thousand {4s7,4I9l. and in the city they number
more than onethird of the population. This will
make the number Of depositors in the MON more
than one million eight hundred thousand. In the
State of Connecticut, in 1855, one quarter of its
population had deposits in sayipgs banks. 1t is
not usual for Of small property toinsure their
lives. The number Of policies given out by all
the life Insurance companies, are about four hun
ired and fifty thousand, and the amount of insur
anee about one thousand and two hundred and
fifty millions. The money invested is held rs
sacred trust, as it is fund laid aside for their
families when the insurers die All of the funds
of savings banks and life insurance companies are
not put in government bonds, but they hold ar
amount which would cripple or ruin them if the
bonds are not paid, or If they paid in debased
paper II we add the trusts for widows and or
phans, wefnd that 100000 persons interest
ed in government bonds, who are not capitalists
and who are compulsory owners at present prices
| under the operations Of our laws.
SO you see that Mr.. Seymour says that it
is not tie capitalists but the laboring classes
tha, are mainly the holders Of the bonds.
A main purpose Of the speeches LAST even
was to array the people against the bonds
holders.
In his llth Of March speech Mr.. Seymour
! said.
RS @fstake q sApfose thu he interest 81 he
beadhotder aad ne tor payers are easaeoaistic
The speakers last evening in ratifying Sey
mour, tired to persuade their hearers that the
Pendleton policy of paving off the bonds in
a deprecated currency would prove great
good 10 the lahoring classes, and is demanded
by the best interests Of the nation.
To their argument on this score, Horatio
Seymour in his 18th of March speech re-
plies:
saving by giving the bondholdcrs debased or
worthless paper must briaR ppon ourselves dis
aster and dishonor which will cost hundred fold
| what we can save. It means that we are 10 give
| to the laborer for bis toll base currency. 1t
means that the honor Of oar country shail he
stained. 1t means that our business shall rs kent
| in uncertainty and confusion. Itmsans that tie
laboring man shall saEcr BY the increased cost 81
the comforts Of life. 1t means that the tax bsver
| shall be burdcned BY government proved to be
corrupt and imbscils BY the ssry depreciation 0:
its money. We Cannot sfford to speculate upon
the nations honor Mt 20 fearful : cost.
The speakers last evening tried 10 per
shade their hearers thatif Seymour was elect.
ed, the bonds would be paid in deprecated
greenbacks.
In answer TO this Horatio Seymour said 10
his 18th Of March speech:
If We come into power there wiz be no diseredit
en- orr currency. no speculation in paying our
bonds in paper.
Yet the democratic cali for the ratification
meeting last evening, ~ published, was,
among other things, for Equal taxation and