The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24

!. bought them, can you fail to remember that
when bonds were sold at 40 cents on the dol
lar,-and the quantity SO sold was not large
the life of the nation was threatened by mon
strous rebellion, that the Republic seemed t
be in the agonies of death, that it appeared
uncertain whether the bond bought for 40 cent
on Monday would be worth 10 or cent OF
: Saturday. and that the purchaser of the bone
risked his money for the country just as mucl
as the soldier risked his blood? Did thu
American Government not ask him to taxi
that bond at almost any price when the Repub
lie was in extremities And now when h,
has helped us by taking it and giving us hi
money at the risk of losing it all, are we now
that everything has gone we'll, against til,
predictions and expectations of many, are we
as a high-minded people to turn around upor
him who helped us in the hour of supreme dis
tress, and tell him,
"YoU ARE A BLooD-sUcKER AND A sCoUN
DREL."
i have known individuals who, when 70,
had helped them with loan, would feel ane
act as if they owed you, not the money, but
grudge. You would despise such persons a!
mean and contemplate fellows. Would it be
more honorable for the great American people
to put themselves upon the same level by say
ing, "Let us hate the bondholders, for they
lent us money"
But now, suppose such cry be taken up by
the American people and acted upon, by re-
fusal to pay that which we owe by direct or in
direct reputation of the whole or part of the
debt contracted in the hour of need, have
you considered what help we may expect in
case such an hour of need and danger should
come upon us again
t 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 outcry against them as ut
| terly dishonorable and disgusting, as we'll as
foolish; as national disgrace as we'll as ma
tional danger, runous to our good name as
well as to our true interests.
| BUT WHO ARE TO DAY THE "BLoATED y
| HOLDERS OF OUR NATIONAL BONDS :?
| 1t is notorious fact that only an infnites.
imal 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 figures
in large majority of cases, probably, at their
par value. And who are these holders? 1t
is estimated that at one time about ST. 900 ,ooo,-
900 of our bonds were held abroad 1t is stat
ed 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 $3.50 ,ooo, ooo-probably
not over $500, 900, 900. The rest of those for
merly held abroad have either been paid off or
come over to this country, SO that we find be-
tween IS and 90 per cent. of our bonded in
debtedness held by our own citizens. And is
it true that these bonds are in the hands of a
set of "bloated" individuals down East
Every business man knows better than that.
Nearly $50, ooo,o 900 of 4 per cent bonds have
within two years been sold. They are scatter
ed all over the country, especially the West,
and who owns them? Mostly small people
who consider the Government funds
A BETTER DEPOSITORY FOR THEIR SAVINGS
THAN THE SAVINGS BANKS,
and who thus invested in small amounts. from
from fifty dollars upward. You honest farmer
or laboring man who invested your little sur
plus In Government security, are you aware
that you have sunk down to the level of the
'sblcated blood suckers" who fattened upon
the sweat of the people? But more than that.
A very large quantity of Al, 5 and per cent.
bonds were held by banks, by insurance COM
panies, trust companies, saving institutions, and
in trust for widows and orphans. Thus they
form an important part upon which these in
stitutions are based. They are among their
most reliable and most available assets. Prob
ably most of US do not own a United States
bond in the world. But every one of US who
holds policy in life insurance company, or
whose house or furniture is insured against fire,
or who has deposit in bank or savings in
institution, or who has a National Bank note
in his pocket is as much interested in the value
of our national bonds, and in certain sense
as much a bondholder as the owner of bond
himself; for if
THE VALUE OF THE BONDS IS ATTACKED
| .-t.. AND IMPAIRED, 5s.
the security for your investment goes to that ex-
tent by the board Now, my fellow bond
holders, are you aware of the disgrace of your
'sbloated" criminality? Do you see now who
the great, dreadful blood-sucking bondholder
is2 1t is the American people. And you can
not attack or impair the value of the bond
without not only disgracing and running the
good name and credit of the country the orld
over, but without undermining the very founda
ton of the most important credit institution in
the country, in which in some way or another
the interests of all of you are involved. Do
lIlal-ulStuID lllat CIeult SyStem-anQ you may
long wait for that revival of prosperity which
we so much need, and which is now within our
reach, for you have taken away one of its most
essential conditions.
To pay debt is not pleasant thing, but il
is necessary and also profitable thing We
have shown the world that we can pay ours
and that we are willing to pay it. In 1865
the total of our interest bearing debt was
$2,38I, $780, o4.96. In 1873 it is $I,7o4, $685..
$50, reduction in thirteen years of nearly
5000, 900, 900, or fourth Of it. 1t has beer
said that we have paid off our debt more rap
idly than was necessary and prudent. Ii
some respects that is true. But there is nc
doubt that this excess of zeal in dischargine
our national obligations has had powerful
effect in Strengthening our credit, and it is ow
ing to strengthening of our credit that Gov
eminent has been able to
REDUCE OUR ANNUAL INTEREST
in greater ratio than it reduced the debt, BY
funding our 6 per cent bonds into securities
bearing interest only at S, a, and4 per cent
In 1865 our annual interest charge was $I5o
o77,6o7,S7 In 1873 our interest charge il
$o4, 554,473. Thus we have got rid of abou
two ffths of the annual interest in the same
period of thirteen years. In still greater
ratio the debt and interest has been reduced ii
proportion to population. Thirteen years agt