The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-03-21

onslv hnrdensome. Six per cent. interest," on
90 200. 600. 900, The amount Of indeotedness
Sasr;ng cold interest, is $500, 000,0 600. An
immense sum, sir, traly, for our people to
nayayery year. Why, sir, this yearly interest
4 alone. Is more in twelve months than was re-
auired 10 pay MI the expenses OF govern
ment during three years of war with Great
Bfitain. Yes, sif, ,6fly per cent. more; for
the whole expenses of our government during]
that period Of war, lasting three years, and
sincludine cost Of army and navy, was only
seventy-six millions and some odd dollars,
against 1920, 100000 of this yearly interest.
But, sir, this is not ell. Growing out Of
this system of bonded Indebtedness ia an ar.
istocracy taking root in our soil, foarished
by the shoddyites of capital and protected
BY national legislation. Il is not an aris-
tocrary of rank and title truly, but may be
the stepping stone 10 both. Nor Is it an
aristoeraey of intelligence nor yet
of labor. for both intellect and labor are
subseryient TO il and taxed for its support
1t is an odious aristocracy of wealth. Of priv
ilege; and this aristocracy has, as said, the
sanction of law-yes, is directly established
and maintained BY law. Whatever legisla-
ton imposes burdens on one class and be-
slows corresponding advantages upon anoth-
err, is creating and protecting an aristocracy
Now, sir, while the masses of our people are
paving this enormous semi-annual interest,
they are required to pay it, not In that COM
mon circulating medium called money"
which paws ali ordinary debts; which pays
the farmer for his produce, the mechanic for
his labor. the merchant for his wares and the
wounded soldier for his sacrifices and his
services; bnt the masses are required to pay
their tribute in gold. But as gold is no lon
ger circulating as money, but is only a COM
modify of trade, chasing with jewelry and
precious stones, the difference between the
value of the circulating medium and gold
must be added to ascertain the amount
which this yearly interest really costs the
people.
That difference assume to average thir
ty-three per cent, which, added TO the gold
sum of interest, makes $40, 100000 more, or
total of 100000 900 yearly for interest on
only part of our public debt. And, sir,
these bonds. thus burdening our people BY
the continual drain upon our TREASURY to
meet gold interest, are increasing in amounts
daily. The seven-thirty treasury notes are
being continually converted into this class
of Indebtedness. By the middle of July
next the small sum of 5000, 100000 viii be
| added to this gold interest bearing debt from
| the conversion of these seven thirty treasury
| notes alone, thus increasing the burdens 10
the people in paying gold interest on that
| much more bonds. But still further, they
are being increased by another process shown
by comparing any of the monthly statements
of the public debt. Our treasury notes,
| which are a legal tender, are decreasing in
| "a haar hapAs
| increasing in proportion. The notes and
| bonds are both debts against the govern.
| ment, or rather they are evidence of indebt-
| edness to that extent, of the drawing inter
| est in gold, the other bearing no interest
| whatever.
Now, sir. why not reverse this policy and
increase the quantity of paper bearing no
| interest, at the same time and at the same
| extent reducing the amount of paper that
does bear interest? Suppose a man of or
binary business capacity to owe note OF
| 81 900 bearing interest, and another of a
| like sum bearing no interest; suppose, fur
Their, he can make payment of $500 on one
| of these notes, win he hesitate as 10 which
| should receive the payment? Certainly We
| would not expect him TO execute still anoth
| er note bearing interest in order TO procure
means with which to paw off his note bear.
| ing no interest at all. Yet this is Just what
we are doing day by day. Every time that
some "loyal citizen comes to the rescue OF
| his government" and buys its bonds. the
| government, in the exchange, increases the
| debt that bears interest, and, receives in pay.
ment for that debt an equal amount of in
debtedness bearing no interest.
By this process greenbacks are going ont
| of circulation and into the treasury, while
bonds are going out of the treasury into the
| pockets of an aristocracy who are to-day con,
| trolling the financial affairs of the govern
ment. And, as if to make the cnormity u
this proceeding more palpahle, these bonds
are issued in denominations SO large rs tc
| prohibit any bnt rich men from handling
them and then, by the most shameful and
barefaced partiality for this privileged few
who hold these privileged bonds they are BY
law made free from assessment by any state
county, district, or city, and thereby very
large proportion Of the wealth of the country
| is exempted from taxation; and that, as
| have said, in the hands of rich men. But
while this wealth is exempt from taxation
| and drawing its semiannual gold interest, the
| expenses of the government are still going
on and must be paid. And By whom paid
| Not by the rich man, for he has transferred
all his taxable property into bonds and
laughs at the collector of taxes. His mill
ions which in better days bore share Of
| taxation, are now exempt without decreas
| ing the amount to be raised by taxation aye
rather it increases the amount to be raised
| by the partality which gives him gold for
his interest, while the producer gets paper
for his commodity. This greatly increased
amount, then, is paid by the laboring class
es, who now pay the taxes which should be
paid by the bondholder in addition to the
share which Justly falls upon themselves,
| But, sir, even this is not all. Under our
ruinous financial system these same bond.
holders have the privilege ofdepositing their
bonds in the treasury, receiving from the
government an almost equal amount Of ma
tioual currency, sums intended to be adapt
ed to general circulation; and with this
1 machinery national banks are established
all over the country, losning out this eur.
rencv at heavy rates of interest, Sc.
| cured generally by real estate, to the same
| classes of men who are paying the gold in.
terest ON the bonds which furnish the foun.
dation for this currency, thus paying inter
est both on bonds and the representatives OF
| the onds while the bondhoder receives
interest on both bonds and currency, mean
time paying nothing for protection, educa.
ton, nor even the costly and delicate luxury
| of reconstruction. What, then, is in the fu-
ture? Under this system nothing but in
crease of taxes, multiplication of burdens
for the farmer, mechanic, trader, and labor
/ Of