Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-03-01
THANKFUL FOR SMALL BENEFITS.

THANKFUL FOR SMALL BENEFIT rs.
The New York Times, in casting about
to find some creditable act in Grants ad-
ministration, has discovered that while a
500 United States bond sold for only $50. 10
-, in gold, when he was inaugurated Presi-
dent, it now brings SlOl, thereby adding to
the value Of the bonds issued By the Gov
eminent S338,O17,41l. The Times asks
triumphantly, lis the Democratic paEy
likely to do better than this?" 1t is to be
bODed that the Democracy WILL for an
increase in the value Of bonds is
not the greatest blessing that could be
conferred on the country. Foreigners, who
hold most of our bonds, win 40 doubt re-
gard Grants craftsmanship" with pecu-
liar satisfaction. Capitalists in this country
who have millions of dollars invested in
bonds on which they pay no taxes viii join
with the Times In lauding the Government,
but the taxpayers who have to furnish the
means to pay the interest on those bonds
will be inclined to think differently. The
New York Guardian, ref, rring to Bout
s'The foreigner sold us merchandise at a
profit, to the extent Of S2,500,OO0,OO0, for
our securities taken at an average at the
rate of not oyer50 per cent. The lowest
interest being 6 per cent, gold, at par, was
equal to le per cent on the 80 received by
us in commodities. Mr.. Boutwell's whole
endeavor has been TO raise the price Of U.
S. bonds, so that any Of our people or our
government who might wish &c purchase
them should have to pay the foreigner for
the bonds sold him at 90, the government
having in the meantime paid, for years, u
per cent. in gold ON its par value. To carry
out this scheme Mr.. Boutwell, had to peTDe-
trate two outrages-by for z d, Wn the
price of gold he not only enabled the for
eigner to get il very cheap, but he forced
down with the price Of gold the prices of
all exportable commodities because the
foreigner would not purchase these com
modities except at rates lower than Mr..
Boutwell, offered the peoples gold.'
IfPresident Grants administration had
proved as beneficial to all other citizens of
the United States as it has to the tax eating
bondholders, the mOnopolists and the Fed
eral officials, there would be some force in
the argument of the Times. But it has not.
MOI long bluC6g d luLubCi u COllluUulC<l-
lions from citizens of New York were pub
lished in the Times, showing that while the
cost Of living had greatly increased within
the last three years, wages, if they had
changed at all, had diminished. The Yves
tern farmer may justly complain that
bUshel Of corn which brought 90 to 81
cents in New York on March 4, 1869, sold
at 70 to II cents the 18th February, 1872,
while at the same time dollar greenback
has but very little greater purchasing power
now than il had in 1869 The Southern
planter obtained 20 to 295 cents for cotton
in March, 1869; last Wednesday it was
quoted in New York at 22s cents. 1t is
evident, therefore, that the Western farmer
and the Southern planter have no cause to
sing hallelujahs to President Grant. They
charge him with having neglected "the
weightier matters Of the law" with having
laid burdens grievous to be borne on the
shoulders of the people, and with having
tramped upon the Constitution he had
sworn to defend. 1t is on these matters lie
viii be judged, and not on his statesman
ship" as looking after the interests Of his
relatives and enriching the bonah0lders at
the expense of the public.