The Ottawa free trader., 1878-02-16
KING SHYLOCK's Tribute.

n KING SHYLOCK'S Tribute.
IN One Thousand Millions Clear Arising from
No Investments at ALA Startling Exhibit
In the United States Senate recently Senator
y Beck, Of Kentucky, spoke at length on the re
monctization of silver, and, in the course OF
il his very able speech, he quoted from Mr.. Noor
+, hces, Of Indiana, Il history Of all the bonds
which were sold each year and the prices that
=. were paid, and that were given, and which re-
Il vealed the fact that the bondholders had IN
3 TO 1869 received over 100000, 600 of profit
D before they even got the principal of their
ponds made payable in gold by the act of 1869 -
Inc following is the statement quoted by Sen.
ator Beck, and we recommended il To our
: readers as suggestive of the rapacity and ar.
; roganee of the bondhoding class, unparalleled
T, probably in the history Of the world
In 1862 the Government sold 6 per cent 500
bonds to the amount of $609S2, 40, and re-
cclved for them greenbacks at their face, dol.
lar for dollar The demand now is that these
bonds shall be paid in gold at their face; and
yet owing to the depreciation Of greenbacks at
the time OF their purchase, only SH 03O, $40 in
gold was paid for them This makes a clear
speculation of Sl6,0jl S0l in favor of the bond
! holders in this transaction. On this clear spec
ulation the bondholdcrs have received interest
Tor eleven years, amounting to ll,1S7,1SS
which, added to its principal makes the sum
OF S2S,l3S,DS9 already received in that single
transaction, for which not one dollar was ever
paid.
! In 1868 the Government sold of the same
| kind OF bonds SlG0,9S7 800, for which il re-
ceivcd an equal amount in grcenbacks. A
standard authority placed the average price of
gold during that year at Sl.5S in currency 1t
will thus he seen that these bonds cost their
purchasers but $l01 800, ,Sj4 in gold, leaving a
profit Of S5O00G,G06, without including the in
terest For ten years, however, the Government
has paid interest on this naked profit this
principal without any considerations The in
terest thus paid amounts to S3j, ,4jS,017, which
added to this fictitious principal, makes S94,-
455, 7l3 now in the pockets of the bond-holders
ON that years operation, for which they never
paid anything.
In 1864 the Government sold these bonds,
amounting on their face to S4Sl ,292 ,2j0. Again
the Government received only deprecated pa
per Tor these bond obligations, and at that time
our currency was enormously deprecated f|
tried by the gold standard. The price of gold
during that year was at an average of POI in
currency. The sale of these bonds, therefore
which are now assumed to be gold bonds. only
realized to the Government SlS9G07 ,G3G in gold
less than onc'half Of their face value. There
was lett to the capitalists who spcculated in
them as purchasers the immense profit off
Slol ,5ol6l4. This was the amount of the
| brokers' shave, and on it ha has drawn inter
est from the people for ten wears, amounting at
the time to$ll4,0567 7GS. Add this to its prin
| cipal, which stands as pure speculation, we
find that the bondholders have made as clear
gain, as something for nothing, the sum
I, OF S3O6,15l ,3s2 on the one years transaction
of 1864.
In 1865 the Government sold bonds to the
amount of S970 746, $50, on which it suffered a
discount Of S7l ,j32 06O at the hands of the
capitalists. The interest already paid by the
people on this discount reaches S3S, ,G21 ,301,
making this years operation realize for the
bondholdcrs Sll0, lj93G1, for which not one
cent was ever paid.
In 1866 the Government sold S12l0l4. 400 of
its bonds, for which it received deprecated
paper currency amounting to SSSj9l, ,133 in
gold, according 10 the then price of gold. The
difference between the face of these bonds and
the amount they realized to the Government
was S36332G27 Eight years interest rcccv-
ed on this shave amounts To Sl74345jG. Ad-
ding this interest and principal together and
we find that the bondholdcrs have received
S53, ,I5i, lS} out of this years sale of bonds for
which not one dollar ever left their Golfers or
reached the United States treasury
In 1867 the Government sold of its bonds
Chascrs paid for them S3O3 2lj,j03, leaving Il
clear profit TO them on the operation of $l1s,-
2jiOil Taking the interest on this profit for
seven years, amounting to Si0G6 ,69i, already
paid, and the spectators have in their poCk-
cts, If these bonds are to be paid in gold, the
sum Of Sl610lj,1ll on this years brokerage
and for which they never gave IA ilrtning in
consideration.
In 1868 the Government sold its bonds TO the
still further amount of Si25, il3,s00 Their
purchasers paid S3l2,32G ,323 for them. clearing
by that annual speculation the sum of SIP
lGl1 AZ. Add SlX years interest on this bonus
amounting 10 SiO,542,22S, 10 the bonus itself
and we find that these trailickcrs in "a nations
pcrilS have received in this operation 1888, ,l59
40 of the peoples money, for which not the
slightest equivalent was ever paid into the
United States treasury.
In addition 10 the foregoing & rcr cent bonds !
the Government at different times during the
years mentioned issued and sold $l9j 139, $50 |
OF bonds bearing J per cent. They realized to !
the Government SIZE, ,S59.il0. thus leaving to !
the purchasers a net profit of ST. 1S2 40 In |
tcrcst already paid on this profit amounts To !
SEQ ll5,121, which, added 10 the profit itself, |
makes the sum of SOS, 20, .S6i rs the amount |
now in the pockets of the bondholdcrs grow !
ing out of their operations in the ) per cent
bonds, and for which there i not the slightest !
consideration.
On account of the bondholdcrS' clear profits |
arising from no investments at all may there |
fore bc stated in theiollowing tabular form:
lNh: ..... ........ ........... ) ~, lbs $50 |
/ lSbi.. ................ 9Li51.1l3 |
I lobl..... ....-........ 3O6jjl .IS2 |
/ 1866. 5....... ttot,ugG, |
i>nb. Gee. ....... -.--..-..... l3.,j1, - 1
] 1861. ....... lG.oiS-u
. 1 -.