The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1877-10-12


paid each year in gold, making IN all
Sol 0OC, 0O5 per annum, out OF which they
have paid to the government So, 060 OOJ a
year to defray the running expenses OF
~fe machine, leaving them nett annual
profit of 81, 94p,UUU. liza. IL to say
The government has loaned its credit "a
/ the banks, without compensation, fIrth
than the reimbursement of its own ex-
penses in the Transaction, TO the nverage
extent of S3U6 OUO, OJU annually for the
last thirteen years, and in order thar the y
might make n clear gain of S+7,gIU, OUU
per annum. il has subjected the produc-
tive energies OF the country to an aver
age annual tax during the whole of that
lime amounting ia the aggregate TO the
euormus sum OF S663 OOu,uJO. which il
could just AS easily have saved TO the peo-
pie By issuing its own notes at the start
tor the amount OF National bank circula-
ton, aud withheld the amount OF ITS
bonds upon which that circulation Is
( based.
But this is not all. Estimating the MAJ
tiouHl bank circulation AT $500 5000
on the average from the beginning, We
have paid every SIX months the sum oil
/ 900 600, IN coin as interest upon the
I bonds pledged tor its redemption, amount
/ ing he aggregate TO 50, U,u,UUJ. winch
IS gone from as aud our mems forever,
/ while we sui owe the principal, und
/ when we will be able TO pay mat, the
/ Lord ia his initiate wisdom only SHOWS.
. Now it - morally certain that e.tcA ouc
1 f tuose Instruments Of gOiI Interest was
/ Iut 10 breeding 3,idIuOutl profits IuIue.
/ uIatety upon OcIug lald Ia, aud lis IN
{ crease Ia llAe manner. Ii 50 the sum
/ accLmuiated as Interest upon the inter
/ est We have paid upon those bounds up 10
7 the present moment amounts 10 u more
I thuu - 49, $4,000, that Is, over So1tUJJ,-
UJJ more than the principal suppose
then tnat instead oil lssdtus ats bonds 40
the extent OF c34U, JUOJ, the govern
ment had on the list OF January, ISj4e
issued -5JO, pUO, OJ0 IN treasury notes, Had
! then every SIX months thereafter, had set
( apart out OF as gold receIP =, ami pas TO
/ conn ouuding god interest al semi annual.
/ interest, SUCH sum, As with u;erest'
would equal the inreresi on $40 600 ooO.
thus compounded what would Ue our
/ financial condition on the lst day Of Juu-
uary, 1879 when the greenbacS is to be
seat TO its long hume, and The places that
/ now Auow il, shall know II no more for
ever. We should certainly owe $40 0OO,-
ono less than we now do. We would
probably have $3.50 600 900 treasury notes
/ outstanding while estimating the huOEnt
of coin on hand derived from other sour
cts at the same time, we now have. We
would have nearly five hundred millions
OF gold and 81 YER in the Treasury. But
more thau this with the certainty OF
such IL constantly accnnulptiug sum on
hand, sacredly Dedicated 10y the govern
meut 10 the redemption OF lis treasury
notes the so-cailel resumption act " hich
hangs like n pail upon the PROSTATE
energies Of our country to-day, would
never have found place upon the pages
Of our statue books.
Our paper. would long. lon ngo. have
been ut par with specie, and we would
have had for years, the souniest and
most convenient currency in the world
currency uniform. stable, and distributed
over an parts of the country, and among
all the departments OF business, under
the benign and healthful operation Of the
natural law of demand and supply.
50 much for the profits of the "sile
shows" 50 much for the operations ui
this wheel within - wheel this little
attachment. Now let Us return 90 the
main machine and see how IL has swelled
the golden grist OF the capitalist, while
grinding he face of the people.
/ will not insult your intelligence by
an argument TO show that according TO
the-{erms Of The law under which the tive-
tw ~ bonds were issued, and put upon
the market the principal was to be paid
in legal tender.uO'Ls. Whoever has read
that law kuo,cs il to be so. I might pity /
the imbecility of the drivilling idiot who !
has not sufficient capacity TO appreciate I.
d truth so paIpable, but must be pardon /
ed for susp ccting the integrity OF the IN
teligent mind " Mich Pretends not TO see
it. The fact is, the purchaser Of these
bonds had notice in writing. plainly en-
dorsed upon the back of every green back
bill he paid for them. that the principal
was TO be 80 paid. NotwIthstandtng This Z.
however. the government, after having
sold over 81. 100 90 uOo worth of them
for greenhacks ut their fac vutIut. vine
O. h.,j species OF currency was deprecated
90 the lcIIIiI extent have mentioned.
lud with the Distinct undermining ot
every honest. intelligent mind ia the
country that The principal WAS tp De paid
N legal tender notes, on tne !Nth of
Narcu 1859 with cool uub'u-hiuE dis
-egurd Tor Ils obligations 10 ITS own peJ-
be from which the devil himself would
ave shruuk with shame, deliberately Al
ercJ the terms Of the contract without
he slightest shadow Of "A consideration,
N solemuly pledged the faith OF the
United states. that the whole amour,
Il these bonds principal, interests and
"a sioud be pad IN coin
IL seems 70 me that TO characterise the
nut.erable iufnmy Of this transaction in
aytf--ug like appropriate terms .w5UlI q
.iukruPt the ycruacu.ar, aud l shall moi
ttenpt 10. Suffice o. 90 say. the Iuststl- q
gucous effect OF This astounding piece OF
ratutto IS class legislation was a. large
= enuuncr the market value OF the binds
d tie hands .of their fortunate holders, 81
al linus Aid untold millions more TO he
ireuIy mountainous prVnts Ot "a favored
NV.
The capitalist knew however, AMI tie o
ovrrnment knew tina, the net Of March
5 1859, was au infamous outrage upon y
ne great m rs OF American tax payers
fraud 50 disgustIngiy gross ana palpt
le that even the most sensitive and au- e
easoniug stickler for the sacred invioIl
ttity of pIighteI pubic talth could not
,r IA ,ment recognize its binding force.
hey knew that II was itself breach OF '
ubic faith at once the most atrocious Z
nj inexcu=abie-A breach of the faith IL
hi n the government hat years before, u
a its hour OF supreme peril and distress D.
i GIFTED 70 its otyn generous and coufiing o
eopl., when 1t promise them that their p
normous debt 10 the bond holder should q
q paid IN the same kin OF money IL had ~
,rced upon the pillow holder; aud know :
~ this they feared the dty Sht come. II
heu that same open haEded, unsuspI c.
IOus people, gOadeI 10 frenzy by the tor 81
nd grooming under burdens they could b
o longer bear, would turn upon their IS
xtortiouers, like the blind giant of old a
pom his tlskmasters, aud sweep away c.
OF only this infamous enactment, but Ia
he whole fabric, bonds, principal, INFER n
81 and ali, in Que Wild hurricane of iu- o
ignution aud despair. Consequently the o
cry next year the 'Fuuling Bill was n
tssed providing for thc payment Of these Is
ouds par ia coin pee'Iily as pos -
bile, or 90 transmit them int other bonds p
"A lower rate of interest bearing upon q
heir face the express stipulation that tue II
rinc pal rs we'll as the interest should -
e paid in coin. You will remember how +
lany hundred millions of dollars worth c
those bonds were pad of, and can C
.lleI under the provisions OF this act u
ct IN gold and silver, not IN greenbacks a
I their face value dollar for dollar ac r
ordiug to the terms of the contract, but q
II currency with the premium on gold =
Ode i, thus pouring millions upon mil 0
ions more into the money chests of the
Ivored class at the expense of the un
Inspecting masses of honest toilers.
In the meantime the careful, coo headed 4
money breeder, had kept an account of he /,
RATS upon natures vaults for IN IRE than
,yentv years The summing IN showed !