The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1876-05-20

as to suit the gold rings the greenbacks
were 70 b. a legal tender for everything
except interest on plt.'e debt ard duties
IN imports Now, If Congress couldNsup-
ply the treasury with q sufficient amount
Of legal tender tokens, greenbacks, to pay
the officers, soldiers and all needful si.D-
plies for carrying on the war, wherefore
create a public debt Wherefore stop
issuing greenbacks and issue bonds paya-
Bile in grsentack If the necessary
amount Of greenbacks, say one billion, had
been issued, it would have been amr.c 70
supply the treasury, and neither bonds
nor a public debt would ever had exis-
lance. But it was manifest to the gold
RINGS that such nolicy would leave them
no margin, and therefore it was, that they
stopped the issuing Of greenbacks before
one-half the amount needed TO supply the
treasury had been made. Bonds were
issued payable in greenbacks, and tax
laid upon the labor Of the country to pay
the interest, with the proviso that the
bonds were not to be taxed.
Now, we viii give the result of that pol
icy
There we're issued, from 1862 to 1868,
lars, and l 235, $40, 4l6 dollars was received
for them. These figures, which | fonnd
upon the record in the Treasury Bureau in
1870 show loss TO the government Of 6lS,-
$50 734 dollars, and a gain to the bond
holders Of that amount. The record shows
that the bonds were sold for an average of
ifty-hye cents on the dollar that is to say,
the purchaser Of the bond received credit
upon the National ledger for fifty five
cents cash, and by profit and loss account,
fortyfve cents.
But inasmuch as the bonds were made
payable Is greenbacks at our own treasury,
thus keeping the debt a home debt, the
loss to the government was q gain to her
individual citizens, and was not, therefore,
loss to the nation.
After the bonds were put on the market,
the greenbacks that would purchase bonds
we're denounced by the gold rings as a
legalized fraud, In order to purchase the
greatest amount in greenbacks with the
smallest amount Of geld, then turn the
greenbacks into a bond, bearing a semi
annual interest Of per cent. in gold.
la 1864, &, 800 in greenbacks we're pur-
chased with 81 900 in gold, then converted
into 6 per cent. bond for 81, 800 The
gold interest on the s., 800, collected semi
annually to the present time, will amount
to twice and half times the amount Of
gold paid for the greenbacks that were con
verified into the g, 800 bond; and. to-day,
the holder Of the bond can get x, POO in
gold for his q, 800 bond-a sum three
times, plus 5000, greater than his first out
lay-having received meanwhile -, 800 in
tercst in gold.
Now, can any one believe that the hold
ers Of the B. 20 bonds desired to alter the
contract they entered into with the govern.
ment, when they purchased bonds that have
proved to be so good an investment foI
their money.
No, the scheme for altering that contract
did not primarily originate with the holders
Of the 52O bonds. 1t was plan laid by
the money brokers Of England TO get con.
troi OF the money power of the American
Republic. by using ex-Secretary McCullocl
and Jay Cooke as condults in making con.
nection between the money dealers in Eng
land and the gold rings of Wall street, who
control the legislation of Congress in regard
to the financial question.
Now, this operation must be founded on
facts, or supported by circumstancial evi.
dence, in order to be convincing.
ITO be continued