Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-10-02
NO. 81.

capitalist and against the people ut large
who are suffering for the want of money.
TIE RICH BoNDHoLDEEs NOT TAXED.
! The bon;lhoIicrs of the country, repre-
senting NOW !. capital OF more than TWO
THOUSAND MILLIONS, are exempted entirely
from paying Il tax to support the govern
ment. They merely sit and draw their in
tereSt an GoN coin. Their demands, how
ever, do not stop here. They insist not
only that they shall pay no taxes and re-
ccive their iatCrCst in gold, but that the
principal Of their debts also shall be paid
in specie. This was no part of the origi-
nal contract, and yet the Radicals say we
are rcpudiatOg8 j. We DO not pay them
what they demand. Let us see, for q mo-
mcnt how the whole case stands a man
who bought one of these bonds in the year
1868, paid for it about forty cents on the
dollar, in specie. Since that time he has
received regularly, in gold, six per cent in
| terost on the whole hundred dollars. But six
per cent. ca one hundred dollars is equal
to fifteen per cent on forty dollars-the
amount actually paid to tho government.
In the five years that have passed this tif-
teen per cent amounts to soventy-tivo per
cent i'll gold, or one huaC(re6 dnd .fice per
cent tn gTee7sdachS, ut the present rate. The
bondholder, therefore, has already gotten,
LII 4utSIcSG computed do IIlO TdG6 OI IdWlul
money of the United States, moro than he
actually paid in gold. He insists, however,
that he shall, in addition to this, receive
as principal, ono hundred dollars in 0Old,
which the government never agreed to give
him. If you have lent out one hundred
dollars in gold the Courts hold that you
may be compelled to take in return only
one hundred dollars in greenbacks; but
the bondholder, who only lent paper, in
sists on having the full amount in gold.
This demand, sanctioned by the Radicals
the Democratic Platform opposes.
HOW THE WORKING CLASSES ARE CRUSHED
The profits OF the entire industry of the
country are not estimated as being above
four hundred millions annually, SO that
the sum the government actually receives
to say nothing of what is stolen by its Off
cials, is greater than this, and hence under
this burden the country is gradually being
Impoverished. The evil appears the more
appalling when you consider that the bur
den has to be borne only by a portion of
the people. Suppose that dozen soldiers,
under the command of an officer were bear
ing with difficulty, on their shoulders, a
large piece of timber and while they were
moving forward with tottering steps, this
officer, to favor four Of the men, should
tell them to get from under the log and
leave eight only to carry it, and then, still
further to crafty the four, should order
them to get up and ride on the log ? The
manufacturers and the bondholders are
riding on the log, and no wonder the farm
ers and other classes are about to be crushed
under the weight of the burden.
THE MONOPOLY OF BANKING PRIVILEGES
THE CAUSE OF THE SCARCITY OF MONEY.
Another gigantic system of oppression is
to be brought to your attention. There is
great and just complaint of the scarcity of
money, not only in the South, but even in
all parts of the North. Formerly, when
Banking was general, money could be bor-
rowed at six per cent, and was thus thrown
into circulation among the people. But
lately Banking monopoly has been crea'
ted, and only n few favored institutions
and individuals are permitted to engage in
the business. The so-called National
Banks obtain three hundred millions of
dollars in the bonds of the Government,
which rest quietly in their vaults and give
them annually eighteen millions, IN gold,
by way of interest. Two hundred and
seventy millions ($27O, 900, OO0) is furnished
them in notes, by the Government, to bank
with ; and they, thus armed, can alone en-
gage in the business. Having a monopoly
they ask their own prices for the use of
money.
| T had occasion to inquire not long since.
lnto the manner ol 4o1n8 business ol some some
OF Tue institutions tI I1ca'eu III tnl9 oIAse'
ana was Iolo tnaO they were ,t cIar8lng loI
loans a' tne rate VI '00 oI1t' nI ~! anu "1I9e
de0 q nay per Cef'I u w0|'". Ihls amounts
TO thltty ana lorty per cenI annual inter
est. AT a, TINS rate tilo wnoie OF Inc ptincl.
pal VIII t ne feS!!r1leu as interest III tllet
years 10y 1hlS system an1 eAno[oitaIl1 !
taXation 'he Wholo country Is DGlne !'raineu e't
anu 1mpoVetlSnea' 1oT 'le ~ saAe ol d 80, lev
wealthy G|'pl'alia''' ~ hLio" ~" AlV'i'
money mere IS III citcula'ion ii 'si1oH6 vs.
No' ion9 slt,Te Ieai'Cct'epio %il' l,.'''''ll !
gus hi''n III a'''' |'loi H',o" w. 1'5I I'
noCH ''nAlo''" ~ i'' itoc ""oo t
r,,.,,,,,tir,, - mi, ,t,rJTpTHr- ONE CENTS
Neither he nor any Df his nCIghbOrS could
obtain that small sum, 1T Hot oeln8 III th"'
part or the country. tho laA 6dt4elcI7 a[s
clutchlng every cent III many places: L
now there were enforced on tho people OF
this state " general cohec['on Oh tle oe
mana" against tneih' IL "o"io pc any e"SS
matter Tor the bankers 70 p''y up; h0C oIS
"hoie countle3 ana peoolne LaIA3; I =. p"! ~
purchasing cntlrc GohGtccSloha1 Distric'S'
tn - n