The Conservative. (M'connelsville, Ohio) 1866-1871, 1870-04-01

'hStlluleu anu Suarueu ny our
selves.
Thesc arc briefly the main fea,
lures of this scheme, invented and
about to be fastened upon the peo-
pie by the corrupt tools Of the mo.
neyed power Of the country. Lei
it come, as from present appearan-
ces 1t must come, and there will
then DO but one alternative left the
people, and that is to repudiale ev-
cry dollar of the debt, principal
and interest. Tho BondholdeIt
have already received from the
Government, in interest and exemp,
ton from taxation, q greater sum
thar they loaned it. Still they are
not satisfied. But if they will not
now take their principal according
TO the face Of the Bond, but will
demand O sum twice the AMOUNT
by them paid out, let them go with
out q red cont. 1t is better these
Bondholders should loose a small
sum than the people should loose II
greater one.
Lei rs look a little further into
this system, and see how it piles it
self up, and Q how the labor Of
the country will be taxed TO sustain
1t.
II the Government, instead OF
funding 400 million of dollars Of
the fve-twenty Bonds now about
due and payable, should issue that
amount Of legal terders and take
up q corresponding amount of the
fve-twenties, there would be in the
space Of ten years, a saving OF 200
million Of dollars, in the amount Of
interest proposed by the funding
project. The legal tenders thus is
suod would become q circulating
medium among the people without
interest, and at this time, ard as
long as they lasted, would be a
great relief to the country.
The 400 million of dollars worth
of gold interest bearing Bonds
would be cancelled, and in their
stead We would have that amount
of greeEbacks upon which no utter
est would be payable.
II the reader will go back and
examine the provisions Of this pro-
posed funding system, he will see
that the first 400 million of dollars
is made redeemable in coin, at any
time after ten and within forty
years, and bearing interest at the
rate of five per cent. per annum,
payable semi annually IN CON-
Now, let any one set down and
make his calculation on 400 million
of public debt, running forty years
at five per cent. annual interest,
and see the enormous drain there
will pc upon the industry of the
country in that length of time
The circulation will show that at
the end of forty years, the Govern
ment will be required to pay the
PRINCIPAL, 400 millions, and IN that
time have paid on that sum, in in
terest alone, the enormous sum of
800 million of dollars. All this
great sum of money will be taken
from the pockets of the taxable
and laboring people of the country
and put into the pockets of an es-
.ubllshed and permanent a~rlstocra-
cy, who, all this time, fail to con-
tribute one cent to the payment of
taxes for all various purposes as
sessed and collected. At the end
of ten years it will amount in prin-
cipal and interest 10 to 600 million
of dollars /; at the end Of twenty
years, to 800 million of dollars, you
double the original sum at the end
of thirty years, 1000 million of dol
lars, and at the expiration Of forty
years, to 1000 million CT dol
Iars-the present amount of the
whole of the fve-twenty Bonds
Then 400 millions being one-thlrd
of the whole Of the 6ve-twenty
Bonds, funded rs proposed, will, at
the expiration of forty years, equal
the whole Indebtedness and that
payable IN gold DIN ; whereas, the
contract as it exists, calls only for
legal tenders, the kind of money
every man, aside from the Bond
holder, is bound to receive.
Next Monday, April 4th, Is the
day appointed for the Township
Elections. Also, at the same time
an election Will be held for Corpo.
ration Officers for the Village Of
McConnelsvIlle.
Under the law passed by the lie.
gislature, all the officers of the Cor
poraUIon are elected 10 serve two
years, except three of the six Coun.
cIImen, who are elected for one
year.