Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-24

[ ty fattens upon the sufierings OF downtrod
den people. Now, supposing our national bond
1 were still in the hands of those who original,
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 no, large
the life the nation was threatened by a mon
5 strous rebellion, that the Republic seemed t,
be in the agonies of death, that il appeared
) uncertain whether the bond bought for 40 cent
I on Monday would be worth 10 or cent OF
Saturday, and that the purchaser of the bono
rlsked his money for the country Just as mucl
! as the soldier risked his blood? Did the
American Government not ask him to take
that bond at almost any price when the Repub
licF was in extremities And now when hs
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 well, against The
predictions and expectations of many, are We
as 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 scoUN
DREL."
/ have known individuals who, when you
had helped them with loan, would feel and
act as If they owed you, not the money, but q
grudge. You would despise such persons as
mean and contemplate fellows. Would it be
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 a 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
| must confess, even if the bondholders OF
to-day still were the same men who during the
Civil War bought the bonds at a low price,
should consider the outcry against them as ut
terly dIshonorable and disgusting, as well as
foolish; as national disgrace as well as a ma
tlonal danger, ruinous to our good name as
well as to our true interests
BUT WHO ARE TO DAY THE "BLoATED "
HOLDERS OF OUR NATIONAL BONDS?
1t is a notorious fact that only an infnites.
inlal 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, 900 900,
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 5000, ooo, 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
1t 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, 1000, 900 OF 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 a Government security, are you aware
that you have sunk down to the level of the
''blcated 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 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 National Bank note
in his pocket, is as much interested in the value
of our national bonds, and in a certain sense
as much bondholder as the owner of bond
himself; for if
THE VALUE OF THE BONDS is ATTACKED
AND IMPAIRED,
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
"bloated' criminality Do you see now who
the great, dreadful blood-sucking bondholder
is9 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
that-disturb that credit syslem--and 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.
Il TO pay debt is not pleasant thing but il
is necessary and also a profitable thing We
have shown the world that we can pay ours
and that we are willing to pay it. In 1866
the total of our interest bearing debt was
1881, $50, 2o4.o6. In 1873 it is SI,7o4 $685..
$50, reduction in thirteen years of nearly
5000, DOC, 900. or one fourth of it. 1t has beef
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 ne
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 per cent bonds into securitie
bearing interest only at 5, Al, and per cent
In 1868 our annual interest charge was $50
o776o7,S7 In 1873 our interest charge il
$o4 S54,473. Thus we have got rid of abou
5 two ffths of the annual interest in NE sam,
period of thirteen years. In a still greater
i ratio the debt and interest has been reduced il
| proportion to population. Thirteen years age
our debt was s7S.25 per capita. To-day it il
S4I.57 per capita. Thirteen years ago tht
| interecf a On 1ar canito nc NOM a. n,