The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1874-07-02
For the EAGLE.
The Hard Times

A. the members of the oranges of
our county are about to assemble on
our national birthday TO celebrate it in
becoming manner, with toast and
speech. aud song aud feasting, will you
allow a brother granger to suggest a
few simple facts and figures for the at
tention Of the thoughtful something
for the merchant, the mechanic, the
day IabOrer, as well as the farmer. TO
think over and talk over on the day
that gave birth aud freedom to ou- ma
ton.
According TO the best authority
the comptroller of the currcncy-the
bankers of the country have deposited
in the treasury of the United States
abontiour hundred millions of L. 5.
bonds, upon which the government
pay them an annual interest of six per
cent in gold, payable scmi-annually.
These bonds are not taxed; and the
taxes and premiums on gold would
equal another, four per cent, making
an annual interest of ten per cent.
In this way the people of The United
States pay yearly tax of 40 millions
on these bonds, which cost originally
only about two hundred millions in
gold. One naturally supposcs that this
would be VERY fair income on the ORR
g;nal Investment. But il is not all.
The bankers 90 to Washington and de-
post these bonds in the L. :. treasury,
and, in consideration of the fact these
bonds--on which the people are already
deposited in the Keeping of the govern
ment, they are permitted to draw on
the treasury for ninety per cent. of the
bonds in national bank notes. Ninety
per cent. of four hundred millions is
just three hundred and sixty millions,
making these money kings just $780,
100000 richer by such POLITICAL leger-
demain.
AT any rate according TO the comp
trollcr, the people to whom this money
is rc-loancd, pay an average annual
rate Of fifteen per cent. on the entire
amount. Fifteen per cent. of $500, OO0,-
600 is S5i, 900. 600. or an additional an
yearly tax TO the people of that amount
of money.
Thus, for an original OUTLAY of about
$200,0o0, 900, these priuccly fellows en-
joy yearly income of nearly $780,
0O0, 900.
Ia this way the people have paid over
TO these bankers, according TO the
comptroller, within the last eleven
years the sum of over $500, 100000 in
addition 10 the interest paid by tho
government on the bonds. This would
amount 10 over half as much more. or
a sum greater than halt of the whole
national debt.
We need not be surprised at the
vasiness OF these figures, since the real
Notwithstanding TO these estimates,
Wultu llc NOupiltss ptioN latuti tii'tH
above the actual facts-that is paid by
the bonds and national bank notes add
ed together would make all annual
five per cent. and more on the original
$500, Zoo, 900, loaned to the country by
these men. If we bear in mind that
this vast interest is compromising it.
self every six TO three months, we cease
to wonder 1T the result. Ii single
cent, put at compound interest at the
time of Christ. and compounded once
ycai, amounts 10 sum in gold whose
bulk equals in volume a globe several
times as large rs the earth Itself, the
question naturally come up, low long
a time would il require for sum of
5000, O00, 900 at forty-fve per cent, and
compounded at two to four times year.
ly, to absorb the entire profits Of the
industry of the country.
With this view of the facts Of the
situation we get some small CLEAN OF
light upon hitherto dark subject, viz:
Why it is that, while the productive
industry of the country during the last
decade, has been vastly greater than |