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

shall show that in a great measure the indi.
vidual credit and the interest of most OF us
rests upon the same thing It has4become
the fashion Of many politicians and public
agltatorS to cry out against the bOndhol dersi
and thus excite prejudice against the bond
which is an embodiment Of national faith:
The bondholders are represented rs set OF
A." bloated" individuals residing down east
or in foreign countries, who bought their
new demand 100 cents and high interest
in gold. Thus the bondholder is
pictured as a sort of criminal
bloodsucksr who, with celd.blooded
cruelty, fattens upon the sufferings OF
downtredden 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-
DclllOus tllht CuC IcpuUllC oVCIASN w w IA
the agonies of death. that it appeared UNI
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
as 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
of money, are we as high-minded people to
turn around upon him who helped us in the
hour OF supreme distress, and tell him
"You are blood sucker and o scoundrel"
have known individuals who, when you
had helped them with loan, would feel and
act as if they owed you not the money, but
grudge. You would despise such persons
as mean and contemplate fellows. Would
it be more honorable for the great American
level by saying, "Let us hate the bondhold'
ers for they lent us money"
But now, suppose such cry be taken up
by the American people and acted upon by
refusing to pay that which we owe by direct
or indirect repudiatin of the whole or part
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
ing, as we'll as foo; sh; as national disgrace
as we'll as national danger, ruinous to our
good name as we'll as to our true interests.
! But who arc to-day the "bloated " holders
of our national bonds? It is a notorious
fact that not only an intinitesimal part, if
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
probably, at their par value. And who are
| these holders? It is estimated that at one
time about 81 200, 100000 of our bonds were
held abroad. It is stated by the secretary
of the treasury, who has the best means OF
ascertaining the fact, that at present the
amount of bonds held in foreign countries is
less than $250,000, 000-probabiy not over
| 5000, 00O, 900. The rest of those formerly
held abroad have either been paid of OF
come over to this country, SO that we lind
bonded indebtedness held by ou1
own citizens. And is it true that These
bonds are in the hands Of a set of "bloated'
individuals down eastg Every business
man knows better than that. Nearly $780,,
OOO, 900 of 4 per cent. bonds have with !.
! two years been sold. They are scattered al
over the country, especially the west, ane
who owns them? Mostly small people, wh<
consider the government funds better de
pository for their savings than the saving!
thanks, and who thus invested in small
amounts, from $50 upwards. You homes
farmer or laboring man who invested you
little surplus in government security, ar
you aware that you have sunk down to tn
level of the "bloated blood.suck
ers" who fattened upon the sweat of tn
people. But more than that. A very: larg
quantity of ~, 5, and 6 per cent. bond
were held by banks, by insurance com
panies, saving institutions, and in trust TO
widows and orphans. Thus they form al
are based. They are among their most re
liable and most available assets. Probabl
most of us do not own United States bon
in the world. But every one of us VIII
holds policy in q life Insurance company
or whose house or furniture is insure
against fire, or who has deposit in q ban
or savings institution, or VINO has
national bank note in his pocket,
as much interested in the value OF GU
!
bondholder as the owner Of bond himself
for if the value of the bonds is attacked an
impaired, the value of your investment goe
to that extent by the board. Now, my fe
low bondholders, are you aware of the di
grace of our "bloateu" criminality? D
you see now who the great, dreadful, bloc,
sucking bendholder is? 1t is the America
people. And you cannot attack or impaj
} the value of the bond without not op]
disgracing and running the good nam
and credit of the country the world over, 81
i. without undermining the very foundatio
of the most important credit institution
the country in which in some way or anotl
er the interests of you are involved. D
that, disturb TINT credit system, and 20
may long wait tor that revival of prosperit
which we so much need, and which is no
within our reach-for you have taken ava
one of it's most essential conditions.
Mr.. Schurz shows by indisputabl
facts that through the big III credit whic
the United States has secured by il
honorable conduct to those who entruste
, it. with their capital during the enc
gencies of great war, that we are gail
d ing largely in a pecuniary sense; thu
We have not merely paid almost $500
100000 of principal upon our publ
OCOJs UNC VIC uhtC ICOuCCO UAO 1AUCAO'
in far greater proportion by bein
able to. borrow money at 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 $94,554, 473, or. a gain {
over $50, O00, 600, and to that extent al
/ nually diminishing the burdens of til
people. Mr.. Schurz's remarks on tt
, nobility of debt-paying, and the stati
kkf1ics which he cites to prove our pecun
! dry gain thereby, are peculiarly inte
esting at the present time, lwhenethere
. q disposition on the part Of too many
deny their obligations. He says wit
the far sight of statesman::r u
l., To pay q debt is not q pleasant thing, b
= il il necessary, and also a profitable thin
We have shown the world that we can ps
ours, and that We are. willing to pay it..
1866 the total of our Understanding del
was '$2,3S1 $50, 294.9 6. In 1873 it IS $1,794
635, $50, q i, reduction in thirteen years ,
, nearly $6OO, ZOO, 900, or one-fourth of it.
10 q. 1.oasA ~ III khpk NO ave mid 01f Our ID