Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-06-19

fore, be further considered. The "Five.
twenties are bonds issued after F. brua v
! 1862, when "greenbacks became the Lo;,
IfM money, and made legal tender" for
all debts, public and pricate. except Sin.
terest on the public debt and dnties ~,
Imports These bonds were thrown On
the market and sold for greenbacks frora
time to time. Many of them were bon0bt
when greenbacks were not worth fifty cent
on the dollar.
The Government, however, took tber,
for their face value, so that $39, $40 or S5u
would buy a hundred dollar bond, bear;nC,
six per cent. gold interest. The amount
of these Five-twenties is 81, zoe, 900 600 or
Whereabouts. The annual interest is over
500, 900, 600 in gold. costing the taxpayers
over $139, 600 900 in paper, at present
rates. But this is only a portion of the
interest burden the whole is over S2O0.
600, 900 in lawful money
Now it is easy to be seen, that if the case
is not changed, we will have to pay a sum
equal to the whole principal, every thirteen
years or less, and yet have the whole debt
to pay; SO that our case may be compared
to the tabled Sisyphus, who was condemn.
ed to roll a heavy rock to the top of q hill
but on nearly reaching the point, the stone
rolled back, and he was compelled to com
mence his labor over again.
But tnlS calculation SuppoSeS that the
debt is not over the amount stated by Mr.
McCulloch, and that it will not become
any larger. Let US inquire as to that
The statements of the Secretary of the
Treasury are denounced by high authority
as designedly false. And it is proven from
the suppressed reports of a special com
mittee appointed by Congress to examine
the management of the Treasury Depart
ment, that hundreds of millions of dupl-
cate, triplicate and quadtriplicate bonds
have been issued by the officers of that
corrupt " Harem," and never counted or
reported.
| Hundred of thousands of fractional cur
rency have also been ground out by the
Government mill, on private account Re-
member that all this description of bonds,
etc, is perfectly genuine, and cannot be
distinguished, but must be paid, and are
being paid every day. The amount is not
less than $500, 600, 900, and may be more.
But that is not all. It is perfectly APP
parent now, that Notwithstanding the de-
vouring taxation to which we are subject
ed the Government will be compelled to
issue many millions of bonds this year, or
overdraw the appropriations.
Thirty millions q year is taken from the
earnings of the white laboring men of the
West to feed, clothe and school idle ne
groes in the South. The black man is re-
warded for being idle, and the white man
is punished by fines lin the way of taxes
for being Industrious. A standing army
costing 500, 100000 year, is kept in the
South, to prevent the white people from
organizing a home government and return
ing to their place in the Union. The ma
tural order of society is subverted, the ne
groes and " carpet-baggers are made the
| nj he jc If
So that those who suppose the public debt
diminishing, or likely to diminish, will be
woefully mistaken, if better counsels do
not PREVAIL result not to be expected
from the party in power.
Well, then, as all expectations of paving
the principal OF debt, the amount OF
which is unknown, but which must in
crease and go on increasing, the only thing
to be considered is how to get relieved
from the interest, and by so doing stand
from under the weight of taxation which
is crushing the labor and industry of the
country to the earth.
Fortunately, we can do this in good faith
and without evading or avoiding single
moral or legal obligation. We have refer
ence 10 the So, 70O 600 900 of vetwenties,
or to any bonds passed since 1862, the date
of the Legal Tender Act.
The 'Pendleton Plan, so-called, (which,
by the by, originated with a citizen of our
State, Hon. l.. V. Bogy, of st. Louis, is to
pay off the "Five-twenties" as they fall
due, and the requirements of commerce
demand in legal tenders. This is the kind
of money loaned this is the lawful money
of the nation. and made SO on their back
a lawful tender for ''ON debts, public and
private, except interest on the public debt
and duties on imports" 1t will be seen
hot ;nko Co.,
the holder is concerned are as good secU-
rity as the bond itself For both are prom
ises to pay by one and the same debtor,
Uncle Samuel. The operation of this plan
would, of course, abolish the National
Banks, by taking up the bonds on
which they carry on their gOugi11g
operations by drawing double
interest: first on the bonds and secondly on
their issues. This would give our currency
to all, and make all pay taxes according to
their wealth. AS it now stands, nearly
one-seventh of the whole capital of the
country is exempt from burden.
The entire valuation of kinds of property
is estimated at SIS. 600, 900, 900; ofthis, more
than 81, 600, OOO, O0Ois exempt. The bondhol-
ders, the real capitalists, pay no tax. The
very men of all others who should pay,
if there was any justice This is why we
said before that if "we got into power"
we would take the burden off the laborer
and put it on the idle capital.
But you will be told this is reputation.
This is all bosh; SO far from reputation
that it is more than the Lincoln Govern
ment did, and is in reality the only means
to avoid reputation. It will be seen that
all debts of every kind, public and private,
before the passage of the greenback act
Tin 1862 were creat ed in hard money cur
rency, and payable if demanded in the
same. Now, mark, what was the conse-
quence. The very soldiers, then in the
field, most of them volunteers, and who
were promised the pitiful sum of SIS
month in hard coin, c0ere compelled to take
deprecated greenbacks. This was worse
than Republication; it was robbery. The
Government went back on its word, and
paid all its obligations, of an an
terror date. of every kind, in {" le-
gal tender" such as t 9 bondhollers
now say would be Reputation to make
tn m take. although that was the kind of
monev they loaned; whereas the kind
loaned or earned by the old creditors of