New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-29
ing analysis of the causes of the strike, Will
be found elsewhere.
TIM CRIME or THE BONDHOLDER


before seen. OF course ignorance and unthrift
have always felt resentment against the pros
perity of others. As long as envy is human
passion, those who have little and know littic
will feel harshly against those who seem 10
have the advantage of them. But never before
has this mcanest of passions been directed so
savagely and so exclusively against the cred
itors of the nation. Every other form OF wealth
is readily forgiven by the blatant reputation
orators. The manufacturer is cOddlcd and SYM
patlized with in their harangues; the mer-
chant is assured that initiation will bring to
his door the tide that leads to fortune. The
lord of broad acres is treated with respectful
hattery. Gov. Allen, who is himself rich man,
makes haste to free himself from any suspicion
of ever having lent money to the nation. lie
sometimes cries out, in voice distinctly audi
bic in adjoining States 81 90 not own dol
"lar of property, except in land, the creation
"of God Almghty.' He seems to think, and
the strange infatuatiOn is shared by more
people in his State than we like to admit
that there is something crooked and sinister
in the fact of mans buying and holding
Government securities. Their papers and
stumpers are redOent of abuse of this hateful
class. They are daily held up to public repro
baton and contempt. They are accused OF
suborning legislators and debauching the in
tegrity of politicians The mildest scheme OF
punishment yet suggested for them is to take
away their i'll gotten gains from them, and MIR.
Kelley, not satisfied with that, suggests that
laboring men shall move Immediately upon
their breathing apparatus.
You rarely hear any reason given FOR this
furious and irrational abuse. Most OF the
orators content themselves with eiitiets and
metaphors in referring to the cOupOn-clippers,
the vampires, the blood suckers who are drain
ing the country of its life When they do
cOndescend to details they have only two
crimes to lay at the door OF these miscreants !:
one is that they get their money in gold, and
the other is that their bonds are not taxed.
This il the head and front of their offending.
We will not at this moment consider the
moral question whether it is right to keep
promises and contracts solemnly made, but
simply look for moment to see if the holders
of national securities are especially favored in
their investments.
1t is true they receive their interest IN gold,
but certainly those who denOunce that metal
ard glOrify printed paper should not so saw
agcly envy those who get the worse currency.
The only object and effort of resumptiOnists is
to make the paper money as good as gold, and to
annihilate whatever advantage may lie In
favor of god-bearing bonds. But because
these bonds are considered better and safer
than any other form of investment. they bear
a higher price than most others. They produce
to the holders only five per cent, or less, on
the money invested. This at once disposes OF
the charge that they pay no tax. a man In
Ohio who has money to lend, counts upon re-
cciving ten per cent interest Although the
usury law of that State allows but
eight ten is everywhere paid. This, of course,
is subject to taxation, so that his net income
from money lent is only seven or eight per
cent. The man who buys Government bond
pays this tax, in the cost of his bond and the
low rate of interest, the Government getting
his money for half price. After ne has clipped
his coupons, drawn and sold his gold, the bond
holder has less income from his money than
would be considered a living rate of profit
from any other line of business in the State.
This is the case, properly and naturally enough,
in every civilized country in the world. Gov
ernmcnt securities are and ought to he the
safest, and consequently the least productive,
of all forms of investment.
II seems hardly worth while to refer to the
moral bearings Of this question, as the class of
men who devote themselves to the cause OF re-
pudiation may be presumed to be destitute of
any moral perceptions whatever. If any glim-
mcr of honesty remains in man who is
temp.ed to act with the reckless dcmagogues
who are trying to get into office by destroying
the public credit, he has only to remember
one fact. The national debt was incurred in
the effort to save the life of the nation. If
these bonds had not been bought, we would
now have no national existence. They could
never have been placed except under the
pledge that interest and principal would
be paid in the only currency recOg-
nized throughout the world. The regularity
with which these obligations have been thus
far met. has enabled us to fund them at a
lower rate of interest. IL this miserable ras-
cality and folly of the regulators had never
been heard of, our credit would to-day be as
good as that of any other country on earth,
and we could borrow, il desired. at the lowest
rate of interest. In short, every convention
which Hampers with this question of national
honesty, every blatherskite who makes a
Cary or an Allen speech, hurts in some de-
gree the business standing of tliis country
and makes its paper less valuable. besides
committing shameless Oficnse against
law and honor and against the spirit OF the
commandment which fOrbds men to steal.
THE REIJ-PTNCH IN POLITICS.