Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-06
TAN PAYERS AND BOND HOLD

TAN PAYERS AND BOND HOLD
Our debt, as officially proclaimed by
the Secretary of the Treasury, is in the
neighborhood of $4,000, 900, 900. One,
half of this debt is fictitious. No 49,
5O0,0O0,0OO in gold have been loaned to
the people. 1t was all loaned in green
backs at an average rate of less than fifty
cents on a dollar in gold, that being their
full value in that commodity. We have
received into the Treasury from the hold
ers of the debt 81, 200, 900, 900, and that
amount only are we bound to pay. AL
our vouchers and obligations are for that,
and nothing else. The ten-forty bonds,
| 5000, 000,0 in amount, we did agree to
| pay in gold, or at par in order to distin-
| guish them from the fve-twenty bonds,
which were not so payable. $1,000, 900, :
900 would have suf1ced to pay all our in
debtedness. The new funding bill,
carried out to its legalized specifications,
will make it g, 500, 900, 900. The differ
ence is present made by the members
of Congress to the bondholders. 1t
amounts to more than 81, 800, 900, 900.
This is very fully illustrated by the Gin
cinnati Enquirer, in the following man
ner: Let US look at what the issue of a
thousand-dollar bond, bought in 1868, has
already cost at the hands of the people.
1t was then worth forty-five per cent. in
gold, or four hundred and fifty dollars.
Upon that $3.50 there was an interest of
six per cent in gold. The reader says
that is S27. Yea, more than that-far
more than that. The interest was allowed
to be computed upon 81, 900, which would
be $50. Sixty dollars interest received
upon $3.50 principal, is about fourteen per
cent. Thishas been paid for seven years.
That amounts to ninety-eight per cent.
Thus already the principal loaned has
been paid back in interest. Far more
than that. The State and local taxation
is two per cent, which, being saved by
being put in bonds, would be $40 upon
1000 of legal-tenders. In seven years
that would be fourteen per cent, amount
ing, in all, to $112 already received by
the bOndholder for every 800 actually
loaned. Now, at the end of that time it
is proposed to pay him the sum which he
loaned, say 50. But here comes in the
opposition. 1t is insisted that he shall
receive 800 in gold, which, added to the
1l2 per cent. in interest that he has al
ready obtained, amounts, in seven years,
% 1912. Thus, for every $40 that went
ntO the Treasury $212 is to be restored.
Take it in the aggregate. The actual
money loaned, in gold, was, we will ad-
NIT, in the neighborhood of 81, 200. OOO,-
900. Upon that there has been an inter
est Of six per cent upon 81, 500, 900, 900,
which is $3.50, 10000 year. In seven
years that would be 81, $50, 900, 900 in in
terest the two per cent. exemption
from taxation would be $50, 200, 900
year, or $3.50, 10000 in seven years. If
we pay the principal now as the bond
holders desire, in gold, the account will
stand:
The government in debt to
the bondholders for sum
already received. 200 OOO OOO
The bondholders in credit
with the government in
seven years
10 lnterest...................... 1850, 600 600
To exemption from taxation $50 600 O00
To payment of principal in
d............................. $500. 600. 600
This, added together, amounts TO s3-
100000 as a recompense in seven wears
for the 81, 200, 900, 900. This is drawing
1t pretty strong, it will be admitted. It
Is almost as usurious as the pound of
flesh demanded in the Merchant of
ven'ce by the hard-hearted creditor.
Not content with this, the creditor afore-
said has bribed the passage of q hill in
Congress, by which, for twenty wears,
the payment of the debt is to be con-
tnued, in every year of which the peonIe
are taxed 100000, 900 year. This
would amount, in addition to the 81 600 -
100000 to be paid at the present time TO
81, 500, 600, 900, making in all, at the time
OF The final settlement, when we include
exemption from taxation, no less than
Sc, 200, 900, 600 for the $1,000, 600, 900
actually loaned. THIS was never contem-
plated by the people when they sanctioned
the original act; neither was it so under
stood by the creditors. The present act,
proposing to pay them in gold, and to
postpone it at a reduced rate of interest
for twenty years, is neither more nor less
than a gigantic robbery of the people to
the extent of many thousand millions of
dollars. The robbery was carried through
by the expenditure, doubtless, in tina.
body, of a large sum by the bondholders.