Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-04
THE WAY FIG URES UP.

Some OF the Radical papers are re-
iOicing over the fact that the Administra-
ton of Grant has raised the United States
bonds to par in gold Now, let us see
who has cause for jubilation-the privi-
legged few or the tax-paying many. In
1868, says the Cincinnati Enquirer, Mr,
A., bondholder, lent the Government
$40, 900 in greenbacks, when they were
worth forty cents on dollar in gold. The
Government gave him its bond for that
amount, with the interest at six per cent,
payable in gold. Reduced to gold stand
ard, upon every forty dollars lent there
was six dollars paid-that is, fifteen dol
lars hundred. As there were but 81, 900
in the loan, it would be $500 year upon
the entire amount. In seven years, from
1868 to 1870, that interest is equal to
81, 200. Thus Mr.. A. has received
in interest from the Government 5000
more in gold than he loaned to it. But
this does not tell the whole story. His
81, 900 has been exempt from say two per
cent State and local taxation. That is
$50 year, or $3.50 in seven years. This,
added to the 5000, makes $3.50 surplus
over that which went out of his hands.
He has not, therefore, been very badly
used. He has got his principal back,
with nearly twenty per cent in addition.
But still he has not been paid. 1t is pro-
posed to pay him the face of his bond in
greenbacks when they were worth, not
forty cents, which was the bargain when
he loaned them, but eighty cents on
dollar. He refuses to take it, and the
Grant Administration, hearkening TO him,
employs its whole force to bring his bond
at par with gold Thus, if it were to be
paid now, the account would stand:
Loaned Government, in
gold ACKNOWLEDGEMENTS. 3t,VUO
Received from the Govern
ment interest in seven
years. .......................... = 4,2oO
Exemption from taxes....... $50
Face of the bond............. 10000
-$14, 76O
For $4,000 there is to be repaid $l4,-
76O in seven years. This is Sc, 600 more
than the people were legally or morally
bound to pay. The tiye-twenty bonds do
not ask for gold. They can be paid in
currency valued at not more than they
were worth originally, viz: forty cents on
a dollar.
We do not deny that there has been an
exploit in this matter, but 1t is very sorry
one for the people. How many of them
hold these bonds, which have thus, under
a hot-housc process, nearly quadruplcd
themselves in value in the short space of
seven years? They pay for the increase,
| but they do not receive it. 1t goes to the
| monetary and aristocratic lords of Europe
and to the wealthy cotton-spinners, ma
| tional bankers and merchants of New
York and New England. The Admins
| tration deserves the thanks of these little
classes. They can say 70 it, ''Well done,
thou good and faithful servant" But the
people have a right to.visit their tiercest
| Indignation and strongest explosives upon
! it. 1t was the duty of the Administra-
| ton, instead of trying TO raise the securi-
| ties of the few, to increase the monetary
facilities of the many for their payment.
Every step it took in that direction les
| sened the price of the farmers products
and cheapened the rates of labor. In
other words, the many were oppressed to
aggrandize lordly monetary caste which
has bought up and owns this Administra-
ton.
The Norwich (Ct) Adcertiser gives
an account of queer ''donation party,