The Daily state register. [volume] (Carson City, Nev.) 1870-1872, 1871-07-27
THE NEW LOAN.

1t DClhS W tllCLl u IliltS4 VI IL
joicing that the Government credit
should be at a discount in Europe"
The intended thrust is sufficiently
foiled by the recorded .fnt that the
Government credit has beens so
good as when under the direction
and control of the Democratic party.
1t is not the purpose of this
communication, however, to review
the erratic notions of the Union.
which seem not to be based on any
well defined principle of political
science, but to be spasmodic efforts
in some particular case, and for spe-
cial reasons. Thus We find it refus-
ing to rob the people for tie benefit of
railroad companies, and adroca,ing
this robbery in a worse because more
insidious form, for the benefit of
manufacturing monopoiists: defend
ing the rights and the dignity of the
American laborer on n day, and
invoking the influx of hordes of
Asiatics on the next !; and so on ad
nduseam.
But to return from this digres-
sion. 1t is the desire of the writer
to submit to your readers the views
of a private citizen, which have been
forced upon him by a just regardfor
the rights of the people in relation
to the financial policy of the Repub-
lican party from its advent into
power. From its inception every
financial move has been to place the
laborer of the country at the feet of
p~eculators, monopolists, bond-hold-
ers and bankers. The record is in
exorable. In 1861 they enacted the
Legal Tender Bill, flooding the land
with paper money. REGULATORS sud
denly became millionaires. In 1868
they enacted the National Bank Bill.
giving to whatever bond-holders
who might desire to permit the Gov
eminent to safely preserve their Fed
eral bonds for them, and would take
the trouble to come after the money,
three hundred millions more. And
now comes the GROWING outrage
upon our delving taxpayers in this
proposition to fund the Federal debt.
What is the proposition, stripped
of its specious DISCUSSES? Let us
examine it by the light of facts and
the suggestions of reason.
Our total Federal debt is about
two thousand five hundred millions.
Our bonded debt may be stated APP
proximately at two thousand mil
and our debt pavablein green
backs at sixteen hundred millions.
If the whole debt be funded at five
per cent, to be paid in gold at
some future day, the currency
of the country must be reduced
to a gold standard. What will be
the effect on the tax-paying people?
The sixteen hundred millions of
greenback bonds were purchased
with greenbacks worth less than sixty
cents on the dollar in fact, many.
many millions with greenbacks worth
only forty to forty-four cents Oh the
To convert these greenbacks
into gold bonds is to add six hum
bred and forty millions to the bur-
dens of our over taxed citizens for
which they have received no equiva-
lent whatever. While the debt is
thus increased, the ability to pay is
diminished by the return to
a specie standard of currency. Let
us see the effect of this policy on
labor. Our circulation of paper
money at the time these Federal
Bonds were thrown upon the market,
was about seven hundred and fifty
millions of dollars. This paper was
a legal tender and bought bonds at
par, and was the standard of value