The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-12-29
REPUDIATION-WHATPARTY PRAC-
- TICEG IT.


- TICEg IT.
Fhs speech Of Hon. Wn. Hungen,
against the further payment of the bonded
debt Of the United States, threw the
bondholders in Congress into spasms. In
his speech, Mr. Mungen, disclAiming the
idea that he spoke for any one except him
self, gave reasons for the faith that was in
him thus: EtF--
The claim that they (the bondholdersJ
brought the bonds from loyal motives IS
without foundation, The same motive
prompted the Enghshman TO buy them
which actuated the Wall street swindler
when he purchased. Who Will claim that
the Englishman purchased bonds because
he loved this Government He was as
loyal when he was fitting out the pratt
cal Tallahassee and Alabama as when he
bought bonds. They were all purchased
on speculation. If these bondholders had
never received q cent from Government
their patriotism would have been fully
paid. They have no patriotism, We
should not tax the soldiers and sailors
who fought, nor their widows and or
phans, on the pittance left to them after
their great bereavement to pay those un-
Just debts. Let US wipe them out.
at is not unjust to repudiate these
bonds because the holders have in large
majority of cases received more money in
gold from the Government in the shape of
interest than they originally invested in
the purchase of the bonds, including in
terest on the investment
'.To illustrate seven wears ago q Wall
street capitalist purchased q Government
bond calling for $1,000 for this he gave to
the Government forty per cent, or $400.
During these seven years he has received
interest regularly at six per cent. per
annum on $1,000, the face of the bond, pay
able every six months. Compound in
terest on $1,000 at six per cent will IN
seven years amount to $5l2.56 IN gold,
which would be $76S.S4 in currency. He
has been exempted from all local and mum
icipal taxes. which at reasonable rate
saves him two and one half per cent. per
annum, and which in the time mentioned
amounts on the face of the bond to $l75.
Franklin said that penny saved is as
good as penny earned. Add these items
together, and they amount to $6S7. Sc in
gold, or, in currency, $943.S4. Now, COM
pound interest on $400 the amount in
vested, amounts to $201 As in gold, or in
currency $30217, which, added to the $4OO
equals $6Ol, As IN gold, or $7O2, II IN cur
rency, leaving difference in favor Of the
bondholder over the man who invests his
money honestly of $50, Ii in gold, or $22l, :
81 in currency If we deduct from this
two and one-half per cent. from taxation
it still leaves SIG, IL in gold, or $l79,67 in
currency in favor of the bondholder Is
there anything wrong or unjust IN repud-
iating such debt? The people have
paid the bonds, and are entitled to have
them cancelled Just as much as a person is
entitled to have his promissary note can
cled when he pays it up in full with inter
est. 1t is gross injustice to grind the
laborer, the merchant, the mechanic, the
widow, and the crippled soldier to the
earth to pay these bonds second time,
and this, too, for the sole purpose of keep
ing up bloated and insolent bOndhold-
ing and banking aristoeracy."