Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1878-02-16
KING SHYLOCK'S TRIBUTE.
One Thousand Mullins Clear ArisInG
FROM No IuSeStments at ALA
s4tstIIBg E<hihIf.

length on the reconciliation OF silver,
and, in the course OF his very able
speech, he quoted from Mr.. Voorhees,, OF
Indiana, history Of all the bonds which
were sold each year and the prices that
we're paid, and that were given, ard
which revealed the fact that the bond
holders had up to 1869 received over
$l00,00o,000 of profit bfore they even
got the principal of their bonds made
payable in gold by the act of 1889" The
following Is the statement quoted by
Senator Beck, and we recommend it to
our readers as suggestive of the Tapacity
and arrogance If the bondholdiDg class,
unparalleled probably ii !he history of
the world:
In 1862 the government sold 6 per
rent. $50 bonds 70 the amount of $780,
$50, 450, and received for them green
backs at their face, dollar iof dollar,
The demand now is that these bonds shall
be paid in gold st their face and yet,
owing to the depreciation Of green.
backs at the time Of their purchase,
only $44,030,649 in gold was paid
or them, This makes clear
speculation of SIC, 1861, sO1 in favor of the
bondholdcr in the first transaction. On
this clear speculation the bondholders
have received interest for eleven years;
amounting to $il, ,1S7 ,1SS, which, added
to its principal, makes the sum Of $28,.
1873, 989 already received in that single
transaction, for which not one dollar was
ever paid.
In 1863 the government sold of the
same kind OF bonds $l60, $3.50, for
which it received an equal amount in
greenbacks A standard authority placed
the average price of gold during that
year at sl.58 in currency. 1t will thus
te seen that thege bonds cost their pur-
chasers but $lO1 ,8Jl,S5l in gold, leaving
profit of $50 096 500, notwithstanding
the interest. For ten years, however,
the government has paid interest on this
naked profit, this principal, without any
consideration. The interest thus paid
amounts to $35, ,458, OH, which, added to
this fictitious principal, makes $94 ,45j,-
7l3 now in pockets Of the bondholders
on that years operation, for which they
meyer paid anything.
In 1864 the government sold these
bonds, amounting on their face to $751;
292, $50. Again the government received
only deprecated paper for these bond
obligations, and at that time our cur-
rency, was enormously DEPRECATED, il
tried by the gold standard, The price
of gold during that year wa5 st al
average of POI in currency. The sale of
these bonds, therefore, which are now
assumed to be gold bonds, only realized
to the government $lS9 G97 ,636 in gold,
less than one-balf Of their face value.
There was lef. to the capitalists who
speculated in them as purchasers the
immense profit of $l9l594, GA This
was the amount of the brokers' shave,
and on it he has drawn interest from the
people for ten years, amounting at this
time to STA 956,76S. Add this to its
principal, which stands as pure specula-
ton, and we find that the bondholders
have made as clear gain 9s 3omethinG
for nothing, the sum of 1906 sol, ,382 on
the one years transaction OF 1864
in 1865 the government sold bonds TO
the amount of $279, 746, 1870, on which it
suffered discount OF $71 532 060 at the
hands of the capitalists. The interest
already paid by the people on this dis
count reaches S38 ,627 ,S07, making this
years operation realize for tie bond
holders $40, l5J,3G7, toT which not one
cent was ever paid.
In 1866 the government sold 1924 0l4,.
400 of its bonds, for which it received
deprecated paper currency amounting
to SIS, ,59l, 1873 in gold, according to the
then price of gold. The difference Sc,
tween the face of these bonds and the
amount they realized to the government
was $36, 932, ,627. Eight years interest
received on this shave amounts to ST.,
434, 556. Adding this interest and prin
cipal together. and we find that the
bondholders have received $53,757, ,lS;
out of this years s sale Of bonds, for which
not one dollar ever left their Golfers Oh
reached the United States treasury.
In 1867 the government sold of it,
bonds the immense sum of S42l 1863 $50
The purchasers paid tor them S903, 2l5,
503, leaving a clear profit to them on th'
operation of $l18,254,047. Taking tht
interest on this profit for seven years
amounting 10 $40, SCI ,694, already paid
and the spectators have in their pock
cts, if these bonds are to be paid in gold
the sum of $l67,9l574l on this year
brokerage, and for which they never CAV,
arthing in consideration,
In 1868 the government sold its bond
to the still further amount of 1925, ,443,
SOO Their purchasers paid S8t2,926,
1923 for them, clearing by that annua
speculation the sum Of Sl12,6l7, AT
Add six years interest on this bonus
amounting to $40, ,542, 22S, to the bonu
. itself and we find that these tratficker
: in nations perils have received in thi
operation $153, 159,765 of the people
money, for which not the slightest equiv
T alent was ever paid into the Unitet
7 States treasury.
. In addition to the foregoing per cent
bonds, the government at different time
=, during the years mentioned issued an,
! sold $l95, 139, $50 of bonds bearing pc
cent. They realized to the government
t $l22, ,957 ,41O, thus leaving to the pur
s cbasers net profit of S72,lS2, 140. In
E terest already paid on this prof
amounts to S26, l15,724, which, added l.
! the rroft itself, makes the sum of sos
297 ,S64 as the amount now in the pock
cts of the bondholders growing out c
their operations in the 5 per cent, bondc
: and for which there is net the slightes
, consideration.
An account of the bondholders' Clea
3 profits arising from no investments at a.
may therefore he stated in the fOllOwin
! tabular form:
1862 62.......,......,,,, $2S, ,l3S9S
1868 .,.,........,...,,.,.,."b "4,ooo,l
1864 ....., 5uo. 50l 90
1850. .,,,.,,.. Observation-Disclosures. llO,l5936
NEUTRALITY-SUSPICIOUS.. 53,15IlG
lS67...",....,,,...,. ......,....,,""., lbb9l5 "A
1868. 200, 10Y 10
! On account Of per cent. bonds 9S,29ISd
Total......... ....."....."...Sl, ,0l2, $4,000
The most remarkable statement wa
4 as Senatar Beck declared, CAREFUL
| and truthfully prepared" The proof
. in the official records. at will sStisi
the country" said the senator, "an
: ought to satisfy the bOndholders an
}, their advocates, that tney ought not
. . insult suffering people whose har
nnrninna hnun rrnna To enrich fhenn n