The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-04-07


equitable negotion? Did these sinister
omens give promise of fair :transac-
ton with the capitalists and money
changers? Will Wealtfseek no adj
vantages from individual or national
distress Is amassed capital unself-
ish? Does it seek 10 more than its
own when the straits of poverty or
peril drive men or governments into
| its power? Such is not the. expert
ence of mankind, and such was not
the experience of the American peo-
pie when under the stress of mighty
Affections they become borrowers and
rendered their bonds for the repay
ment of the sums obtained. I appeal
to the facts of history within the
knowledge and memory of all who
hear me.
The capitalists of this country dis
counted the credit of their government
in its struggle tor life, more heavily,
shaved its notes in the broher-shops
more deeply, than was ever known
before under similar circumstances in
the annals of civilized nations. They
drove the hardest bargains ever known
between citizens and the government
which protected them. They trade
with less conscience upon the fuctu-
ating fortunes of the flag than any
other class of beings that eyer drew
breath beneath its folds. Their keen
eyed cupidity kept watch upon the
imperiled standard of their country,
and the. measure of their axactions
was gauged according as it was ad-
vanced full high in the hour of victo-
ry or borne back in gloom upon the
ebbing tide of defeat. Aud disaster
brought them their richest banquets.
The clouds that so often filled our sky
with darkness, were to them relieved
of golden lining. Speculation hov-
cred over the fate of our armies, and
fattened like the vulture upon the un-
buried dead of lost and stricken fields.
Death and the sordid greed of gain
held high&arnival together, and min
| istered to each others ferocious and
insatiate lusts and appetites, from the
opening to the close of the dreadful
conflict. I stand prepared to sustain
these statements. [ am fully aware
of my responsibility in making them
but knowing as / do the facts as re-
corded in the archives of the govern
ment, l here solemnly assert and shall
prove that vast proportion of the
| public debt, as it is stated upon paper
has no existence whatever in reality /:
that it is fiction created by unjust
and scandalous legislation, and still
more unjust and scandalous perver-
sion of the true contract that it is a
fraud fastened upon the labor of the
nation, utterly without consideration,
either legal or moral; that It is sheer
and naked extortion from the wants,
the necessities, the helplessness of the
people and the armies when they were
wholly at the mercy of capital. l
have made my calculations, and made
them safely. have underestimated
the wrongs of the people and the enor-
nous advantages of the bondholder,
rather than overestimated them.
desire those who receive my state
ments as authority, to feel amply Sc
cure from successful contradiction. /
wish to enable them to challenge de-
nial everywhere, as do hero
The first step in the creation of the
present interest-bearing bonded debt
was taken by the government in 1862.
In that year there were issued bonds
amounting to $69, ,092, 2,450, bearing six
per cent. interest and due in twenty
years from date. The average price
of gold at that time, as given by high
authority, was 1857 in currency. At
this rate the purchasers of this first
sale of over sixty millions of bonds
paid for them only S44,030,648 in gold.
It is now demanded that they shall be
paid in gold at their face and
not according to their considera-
ton. If this shall be done, the bond
holder in this comparatively small
transaction will receive S16,951, ,SO1
more than he paid to the government.
This is bonus, a gift, absolutely so
much out of the pockets of the tax
payers for nothing at all in return.
But the obligation as now constructed
stops not here. On this bonus, not
one dollar of which the government
ever received, interest has already
been paid to the amount of $6.102, ,654,
and the interest yet to accrue on this
fictitious claim will reach the sum of
$14, ,239.526 when it falls due. The ac-
count, therefore, in 1852, stands as
| follows: sr.1flJ
Amount of bonds sold. $50 Os2 49,
Amount paid for them. .-.... a, ,O3o, $40
Amount of bonds clear gain to
Interest ter already paid on bonds iSfoa SGOaS51 S5l
Interest yet to be paid on bonds. IA 239 526
Amount paid and yet due the bond
holder, for which he never paid
cent u, ,293 166
Thus it will be seen beyond ,cavil
or question, that upon an. investment
of a little over forty-four million dol
lars, the trafficers in national bonds
obtained the obligations of the gov
ernment for over thirty-seven million
| dollars, not one dollar of which ever
! left their Golfers or found its way into
the vaults of the treasury. am treat
| ing simply of that which is clear gain.
leave out of view their bonds for
which they paid. | shall in this con-
nection discuss those only for which
they did not pay; shall separate the
fraud from the reality; I shall draw
its startling outlines so that all men
may hereafter behold it and know
their rights.
During the year 1863 the records
show that the government issued its
bonds again to the amount of $780,
SS7, 800. Estimating the price of gold
at 15S in currency, which will be found
too low instead of too high, it will be
seen that those who bought this issue
of bonds paid to the government only
the snm of $40, ,S90,S being the vast
sum of $59,096, ,596 less than their face
at which they are now being held over
the bended shoulders of weary and
over-taxed industry. This was the
original discount-the brokers' shave
in the beginning. The amount nomi-
mated in the bonds is unreal and i'm
aginary and represent only the grasp
of the remorseless creditors. But the
bonus of over fifty-nine millions by
which we procured the accommoda-
ton of capital in our days of distress
bears also its six per cent. interest,
and enables the usurer literally to reap
his annual golden harvests where he
has sown no seed. The people have
already paid upon it as interest in gold
the sum of $17,729,010. This is inter
est paid upon nmoney never received,
and which the people do not owe.
L IL l. 4 /