The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-04-24

I posed lndI Wnen IneSe oOHuS HldlurSO
the greenback would be par with gold,
and that the holder of the bond would
I get the equivalent of gold for his invest
ment. This expectation has not been
realized fully, although the legal-tenders
have largely appreciated since the bonds
were purchased, and the bondholder may
even if he gets only greenbacks fer his
bond.
The language on the back of the legal
tender is as much a part of the contract
as that upon its face, yet this provision
has been entirely repudiated by the
bondholders' party, and they secured,
through the influence of the President
of the United States, the passage of
law to aid them in their nefarious work.
( They have set bad example, and if it
shall prove that they have overreached
/ themselves, and that betrayed people
call them to account, they may console
! themselves with the fact that they
/ brought the calamity on their own
/ heads.
( Such debt, contracted upon paper
currency payable in a paper currency,
ought not, and | believe never will be
paid in coin.
| If gold and silver must be our only
| legal-tender, it should not become so un-
til large part or the whole of the FIVE
twenty bonds have been paid and cancel
| ed. The Gold Bill was fraud upon
the tax-paying millions to swell the for
tunes of the few.
TAKING Up THE BONDS.
Why do l say that the gold payment
of the hve-twenty bonds was an after
thought and therefore a repudiation of
the original contract?
Thaddeus Stevens, Chairman of the
Committee of Ways and Means, and au-
thor of the Bond and Currency Bill, said
at the time and ever afterward, until his
death, that gold payment was never con-
templated.
John Sherman, Chairman of the FL
nance Committee in the Senate, when
inquired of in regard to it, used this
language: "a bondholder who demands
better money for his bond than he paid
for it, Is an extortioncr and repudia-
tor" This was the sentiment of both
political parties.
If the original law provided for gold
payment, why pass another? Why not
leave the question to be passed upon by
judicial tribunals? My language is
none too strong when l characterize the
whole thing as trick and swindle. l
am willing to be generous to the bond
holders, but not at the expense of justice
to the millions who must pay them by
their sweat and toll The increase of the
greenback circulation TO S400,000000 is
in the right direction. The next step
should be to make them receivable for
custom duties, that gold gamblers may
bs cleaned out of Wall street. Then, as
/ the Secretary of the Treasury may have
funds, he should call in and cancel FIVE
twenty bonds with legal-tender money, at
par, paying the interest only in gold. ac-
cording to the law and the bond. Coinci-
| dent with this action all banks of issue
should be abolished, and their promises
to pay substituted by the money of the
people.
We are told by the contractionists that
no safe business calculations can be made
/ for tho f,turo Y10on O ,lapor rooppv
There may be more or less tomorrow, or
next week, or next year, and thus uncer-
tainty and doubt will characterize all
business transactions. Pray what can be
more unstable and uncertain than gold :?
We make contract to-day upon the
gold basis; tomorrow a financial or civ
il convulsion occurs in Europe, where
our bonds are largely held, and our gold
is taken from US, the basis of our calcu-
lation is at once taken away and bank
ruptcy is inevitable. OF all yard-sticks
or bushels with which to measure value,
gold is the most elastic.
With paper money based upon the
wealth, resources and faith of the Ma
ton, convertible at all times into interest
bearing bonds and vice rersd, and you
you have safe and reliable basis for
business calculations.
We hear much said about the pur-
chasing power of dollar, and there is
an affected sympathy for the working
classes who are compelled to receive for
their labor "depreciated currency"
The working man is more concerned
about how and where he is to get the
dollar, than how much he can buy with
it. 1t has always been good times with
the working classes when the circulating
medium has been abundant, even if it
consisted in worthless bank promises so
long as it would float. A learned advo-
cate of contraction admits if farmer
has purchased a farm for $4,000, and
owes $4,000 of the price, that the dim
mutton of the circulation by a moiety
must lose his farm and all that he has
! paid on it. Why does he not put this
case? If he had invested his $4,000 in
fve-twenty bonds, and the greenbacks
; are half retired, that the purchasing
power of his bonds is $4,000, instead OF
r losing all his investment. Right here,
apprehend, is the secret of the effort on
: the part of the bondholders and money
/ kings to reduce the circulation; that the
| purchasing power of their money may
t be largely increased. With the interest
: on their investments they can buy twice
$ the food and hire two laborers instead o.
: one.
n If we could all start fair, the race
: would be more equal, but unfortunate
n ly the man of money has all the advant
e age. The working man must get hi
}, dollar before he is concerned about wha
: he will buy with it, while the man o
e money has his dollar already, and if hi
e can double its purchasing power, his for
It tune is doubled at once