The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1878-03-22
wnAr MAnns INN sImEs ;

When the magnificent scheme ef is
suing bonds for the redemption of the
public debt was first broached, by some
it was considered a glorious idea. Now
this is how it works the hondholdera
have become ncn-producers, many Ell
them have sold their interest in their
factories, and put the proceeds in bonds,
and have abandoned all other business,
for that of sitting still, and like YAM
pires drawing the life blood from the
people, in the way of interest on bonds.
1t might not be so bad if they took this
interest even, and put it to use, so the
people could get hold of it again, but
they don't do that, they go and buy
more bonds, hence it is in the nature of
compound interest, interest upon inter
est, forever eating into the substance of
the people. Such system as this con-
tinued for twenty years would ruin the
country. There has always been ma
jority in both Houses Of Congress to
vote down any measure proposing taxa
tion of these bonds. The moment such
action is mooted the bondholders cry,
No these bonds are Forbidden Fruit /;
we bought them with the understanding
that they were never to be taxed, and
it would be bad faith now to break this
system. However heavy the burden is
to the people, it must be carried. Yet
if they bought them with this under
standing it is evident they bought them
with the understanding they were never
to bo redeemed Although they can be
redeemed by putting at work the ma
chinery in the U. s. Treasury depart
ment at Washington, making green
backs and redeeming the bonds there
with-it beingtke same currency with
which they were bought. If not as
good as gold the greenbacks are as good
as bonds, for the government That is
good fer the bonds is good for the green
backs. But, says the bondholder, you
cannot take my bonds, which were to
be paid in gold, and give me greenbaeks
which are not worth as much, dollar for
dollar, as gold. Yet without making
war on the bondholders this can be
done, say, by throwing in scoopful
more or less, and making it equal to
gold, for it is not right that they shall
stand forever blocking the wheels of in
dustry and preventing the progress and
prosperity of the people. At the pres
ent rate one thing is certain, either they
will never be redeemed, but will go on
drawing interest till they quadruple in
repayment the price for which they
were bought, or they viii have to be
taxed, the taxes being paid in green
backs, which will even then diminish
their gold-born interest so slight that
they will remain, as now, stagnant but
desirable investments Supposing the
bonds are redeemed and the bondholder
has the greenbacks instead of the bonds,
he desires at once to invest the money,
and obtain interest, therefore he says ::
"It will not do for me to keep them
locked up in the safe, producing moth
ing" And so he is compelled to do
something besides cutting off coupons.
he must go to manufacturing, agricul-
tpre or in some other line of business
where his boarded wealth will do the
people some good, and in which he will
be compelled to call on the toiling mass
es for their services. He viii say to
the people, 'you have been idle long
enough. Come here and | viii give
yeu something to do. have the cap
ital and you have the bone and sinew.
Come and aid me in this enterprise and
l will divide with you. All I want is
to get fair interest for my capital and
you may have all the rest" Where is
the laborer that will not como on that
Now by such remedy as this every
man, woman and child would be en-
ployed.
As it now remains, the toiling masses
have the interest of the bonds to pay,
in consequence of which the country
has become impoverished. This is what
makes times hard.