The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-07-18
Wednesday. July Is, ls77.
1ntsrconyertable Bonds. .

management Of the finances of the country.
The discussion of this question interests
all, and It's rightful solution will require all
the light which knowledge and experience
can shed upon it. As we have just said,
our correspondent speaks for himself.
THE ARGUS speaks for itself, whenever it
desires to be understood as giving its own
opinions. We make these observations,
not with any special reference to the sub
joined communication, but as being equally
applicable to all who have heretofore. or
may hereafter, express their views through
our columns as correspondents.
Editor OF THE ARGUS:
AS Mr.. Lloyd wants reasons why the
interconvertable bond system is objection
able, let me name few cogent ones,
If Mr.. Lloyd, as is most likely, agrees
with Mr.. Streeter that though the bonds,
after the war, were fraudulently made
payable in gold, and that this fraud on the
tax payers must be fulfilled, he, of course,
agrees with MIR. Streeter that these bonds
cannot be honorably paid in greenbacks by
alaw repeating the fraudulent enactment
to pay them in gold instead of greenbacks.
To continue paying the bonds in gold
would be to destroy nine-tenths of the
benefits to be derived from the greenbacks
as currency, equal to coin. And why2
Because the present bond holding gold
gamblers would gobble the remaining
greenbacks and convert them into incon-
trovertables at 3.65 per cent. interest.
These bonds, though at lower rate OF in-
terest, they would never reconvert into
greenbacks, for their prime object is to
destroy them rs their paid tool Mr.. bher-
man is now doing This would increase
our interest bearing debt, and is reason No.
one.
The prime object of the greenback
party is to render justice to the producing
classes, the tax payers, against the fraud
ulent class legislation of corrupt congress
in favor of the non-taxed bondholders, by
paying them, as first promised, in green
backs, as we paid the soldiers and sailers;
and by making them a legal tender for all
public and private debts and liabilities. If
this is to be done as a necessary act OF
justice to the producing class, why 10 the
name Of common sense, shah the govern
ment again issue interest bearing bonds TO
be paid for in greenbacks to supply Sher
mans bonfres2 But the bonds, says Mr.,
Lloyd, are to be interconvertable. Exact
ly. But at whose option? The bond
holders of course. And when they get
these intercOnvertables they will buildOze
weak, or purchase a corrupt congress, to
give them a better bargain, as it it did after
the war, by giving these public robbers
bond spayabe in gold for bonds payable in
greenbacks These foreign and domestic
Shylocks have purchased their tools
aud know how to use them; and sharper
tools than Hayes and Sherman cannot be
found in our political hardware stores,
This is reason No. 2.
If the greenback party absndons the
vital desideratum Of paying the bonds
10 grsenbacks and making them legal
tender for all public and private indebted
ness, il had better disband at once, aud
surrender the interests of the producing
classes 20 the tender merCies OF the mex
orable money power OF the world.
On the other hand, if the party, by a
legal and constitutional repeal of the
present unjust law and the re-enactment
of the law of 1862, iuaugurates its tunda
mental financial theory to pay the bonds
as FIRST promised, in greenbacks, it would
be an egregious blunder, il not a crime
for the party to ask congress to issue in
terconvertable bonds for the present bond
holders to gobble. This is reason No 3
The Hon. Amasa Walker, on thi
question says: ITO invest in such bond
from time to time, drawing interest at SO
per cent as proposed and hold them unit
the moment most favorable for an intended
movement, and then at the shortest motto
convert them into money, wherewith t
food the local market, must be as great
convenience to one who is operating for
corner as any Wall street operator coul
desire"
Mr.. Walker understands the crafty de
signs Of the Wall street money gamblers
and there is no doubt that this iuUercou
vertible bond plan was started to pull tn
wool over the eyes of the greenback men
and lead them into political ambuscad
where they will be signally defeated by tn
bond holders, and that with their chose
weapons Of defence the interconvertabl
bonds-or rather with those chosen fc
them by the crafty bond holders of Wa
street.
After the close Of the Revolutionary wa
an able and sagacious Englishman sal
that: IF the states shall adopt our funC
ing schemes and system of banking, the
boosted freedom will prove to be but
mere phantom" UndOr the influence
Gen. Hamilton and against the urgent OF
position of Mr.. Jefferson, the federal GO
eminent adopted the British funding an
banking system, and to-day the produciu
classes OF these states are as completed
despoied of their pecuniary rights as the
fellow producers OF Great Britain I'll
funding aud banking system in Englan
has placed the land in the possession Of
very few monopolists, and reduced Il
farmers to destiny but little better tha
that Of serfs; aud this has resulted 10 9
alarming increase of pauperism and Grim
as proved by the British reviews-Tor
Wing and Liberal. Unless the produciI
classes, through the ballot. box, defer
their pecuniary rights this sad fate avail
them in the near future. Farmers, III
chanics aud laborers read the followr
clipped from the New York Times az
judge for yourselves the fate 10 store #
you aud your children:
1t is a change of ownership of the sol
and the creation Ct class of land owne
on the one hand, aud Of tenant farmers {
the other, something similar in Dol
cases, TO what has long existed, and no
exists, in the older countries of Europ
and similar, also, to system that is cor
mon in our own state of California
This scheme for the Ferfdom of Il
American masses, the Times elaborat
with apparent sincerity. both as to its be
e6cial results, and the certainty of
adoption.
fthe wholesale robbery of the produce
by the funding and banking system, is
crime against humanity, the proposed r
tail system of the intercouvertibe bond
also crime-perhaps of less magnitud