Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-10-17

- DlOatcu" individuals residing OOWl east
or i'll foreign countries, who bought their
new demand 100 cents and high interest
in gold. Thus the bondholder is
pictured as a sort Of criminal
bloodsucker who, with coll-blooded
cruelty, fattens upon the sufferiDgs OF a
downtrcdden people. Now, suppose our
national bonds were still in the hands OF
those who originally bought them, can you
all to remember that, when bonds were sold
ut forty cents on the dollar-and the guam
tity so sold was not large--the life of the
nation was threatened by a monstrous re-
bellion, that the republic seemed to be IN
the agonies of death. that it appeared un-
certain whether the bond bought for 40
cents on Monday would be worth 10 or cent
Saturday, and that the purchaser of the
bond risked his money for the country just
us much as the soldier risked his blood?
Did the American government not ask him
to take that bond at almost any price when
the government was in extremities? And
now, when he has helped us by taking it,
and giving US his money at the risk OF losing
it all, are we, now that everything has gone
we'll against the predictions and expectat,"ns
of money, are we as high-minded people to
turn around upon him who helped us in the
hour of supreme distress, and tell Inn d:
You are u blood sucker and scoundrel !"
have known individuals who, when you
had helped them with loan, would iceland
act as if they owed you not the money, but
II grudge. You would despise such persons
AS mean and contemplate fellows. Would
it be more honorable for the great American
people to put themselves upon the SAINT
level by saying, "Let us hate the bondhold
ers for they lent us money"
But now, suppose such cry be taken W
,l, Il Il ~
refusing to pay thai which we oweby direc'
or indirect fepudiatin of the whole or par'
| of the debt contracted in the hour OF need
have YOU considered what help we may ex
pect in case such an hour of need and dan
/ ger should come upon us again:
| must confess, even if the bondholders Of
to-day still were the same men who during
the civil war bought the bonds at low
price, should consider the cutlery against
them as utterly f'shonorable and disgust
ing, as we'll as foolish; as national disgrace
us we'll as a national danger, ruinous to oul
good name as we'll as to our true interests
! But who a.. to-day the "bloated holders
of our national bonds? 1t is a notorious
! fact that not only an infnitesimal part, il
any, of our national bonds are still in the
hands of the original purchasers The
, original purchasers have long ago realized
on them, and those who hold the bonds
now, have almost all bought them at high
fgures-in a large majority of cases
probably, at their par value. And who are
these holders? 1t is estimated that at one
time about 81 ,O00, 100000 OF our bonds wer.
held abroad. 1t is stated by the secretary
! ascertaiuing the fact, that at present the
amount of bonds held in foreign countries i
less than S250,00U, 0O0-probably not owe
! 5000, 900. The rest of those formerly
held abroad have either been paid Oft O.
come over to this country, so that we hnt
between IS and 80 per cent. Of on
bonded Indebtedness held by on
own citizens. And is it true that thes
bonds are in the hands of u set of "bloated'
individuals down east? Every busine;
man knows better than that. Nearly $3.50,
COO, 900 of per cent. bonds have with
two years been sold. They are scattered al
over the country, especially the west, ant
who owns them? Mostly small people, VIII
consider the government funds a better dc
pository for their savings than the saving
banks, and who thus invested in SINAI
amounts, from $50 upwards. You homes
farmer or laboring man who invested von
little surplus in a government security, ar
you aware that you have sunk down to tn
ers' who fattened upon the sweat OF tn
people. But more than that. A very larg
Quantity of AZ, 5, and per cent. bond
were held by banks, by insurance con
panies, saving institutions and i'll trust 10
widows and orphans. Thus they form a
importantpart upon which these institution
are based. They are among their most r.
liable and most available assets. Probabl
most of us do not own q United States bon
in the world. But every one of us VIII
holds policy in a life Insurance compan.
rc
against fire, or who has a deposit in ban
or savings institution, or VINO has
national bank note in his pocket,
as much interested in the value OF OF
national bonds in a certain sense as much
bondholder as the owner Of bond himsel
for if the value OF the bonds is attacked AL
impaired, the value of your investment go'
to that extent by the board. Now, my fe
low bondholders, are you aware OF the di
grace of our "bloatea" criminality? [
you see now who the great, dreadful, bloc
sucking bondholder is? 1t is the America
people. And you cannot attack or impa
the value Of the bond without not Oh.
disgracing and running the good nan
and creditof the country the world over, b.
without undermining the very foundatiC
of the most important credit institution
the country in which in some way or anot
er the interests .cf you are involved. L
that, disturb tn vt credit system, and yc
may long wait tor that revival of prosperi
; which we SO much need, and which is no
; within our reach-for you have taken ava
one Of its most essential conditions.
Mr.. Schurz shows by indisputab
facts that through the high credit whic
the United States has secured by i
honorable conduct to those who entruste
: it with their capital during the enc
gencies of great war, that we are gail
ing largely in a pecuniary sense; tn:
we have not merely paid almost 5000
100000 of principal upon our publ
debt, but we have reduced the intere
in far greater proportion by bein
able to borrow money at a muc
lower rate of interest; that the annu'
charge of interest in the course of thi
teen years has been reduced from $3.50
. 977, 697.87 to 1894, 554, 473, or a gain {
, over $50, 100000, and to that extent al
nually diminishing the burdens of til
people. Mr.. Schurz's remarks on tt
nobility of debt-paying, and the staff
s tics which he cites to prove our pecun
;; airy gain thereby, are peculiarly int
esting at the present time. when there
a disposition on the part Of too many
deny. their obligations. He says wit
the far sight of a statesman:
To pay a debt is not (: pleasant thing, b'
it is necessary, and also profitable thin
We have shown the world that we can p:
ours, and that we are willing to pay it. !
1865 the total Of our Understanding des
was So .3s1 $50, 294.96. In. 1873 it IS $1,794
535, $50, a reduction in thirteen years
nearly 5000, 00O, 900, or one-fourth OF it.
has been said that we have paid of our DEF
more rapidly than was necessary and pr
dent. In some respects that is true. Br
there is no doubt that this excess of zeal i
discharging our national obligations ha
had powerful effect in Strengthening
our credit, and it is owing to strength
ening of our credit that govern
ment has been able to reduce our annual il
terest to a greater ratio than it reduced tn
debt, by funding our per cent. bonds int
securities bearing interest only at 5, ~ an
per cent In 1865 our annual interes
charge was $15O,977, 697.S7. 10 1873 our ar
nual interest charge is 1874, 554 ,47s Thus "
have got rid of about three.ffths of the al
nual interest in the same period OF thrice
years. In a, still greater ratio the debt an
interest has been reduced in proportion t
population. Thirteen pears ago our det
DIXON bonita nn.Hov Il