The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1878-04-13
Weston Democrat
Saturday, ANvA tS
KING snYLocK's TRIBUTE.
One Thousand Millions Clear Arising
From no Investments at Ail--A
Startling Exhibit.

Senator Beck, Of Kentucky, spoke at
length on the reconciliation Of silver,
an1, in the course Of his very able
speech he quoted from Mr.. Voorhees,, Of
Indiana, history Of all the bonds
which were sold each year and the pri-
ecs that were paid and that weT5 given,
md which revealed the fact 'lhnt the
bon1holdcrs had up to 1869 received
over 500, Oo0,O of profit before
they even goL the principal Of their
bonds made payable IN gold By the
act Of 1862, The following IS The
statement quoted by Senator Beck, end
we commend it to our readers as sug
gcstiTe Of the rapacity and arrogance
Of tho bondhOlding class. uuparaI!eIe!
probably in the history of the world:
In 1862 the Government sold 6 per
cent. 500 bonds to tho amount Of
$50, 9S9, $50, and received 70! them
grecubaeks at their face, dollar for dol
lar. The demand now is that these
bonds shall be pHil in gold st their
face; and yet, owing to the dcp-ccia.
ton Of grCcnbacks at the time Of their
purchase, only 81 ,09O,Ci9 in gold
was paid for them. This makes clear
speculation Of SIC. 95l sol in favor of
the hondhOljcrs in this frst transaction
On this clear speculation tho bOnlholl-
crs have received interest for eleven
ycars, amounting to Sll,lS7,ISS,
which, added 10 its principal makes
tho sum Of S2S,l2S. $50 already re.
ceivcd in that single transaction, for
which not one dollar was ever paid.
In 1868 the Government sold Of the
same kind Of bonds $780, S7, 900 for
which it received an equal amount 10
greenbackS. A standard authority
placed the average price Of gold during
that year at 9l5S in currcpc5 It.
will thus be seen that these bonds cost
their purchasers but SOL, S0O,S54 in
gold, leaving profit Of $50, 09G, COG,
without including the interest. For
ten years, however, the Govcrnmen,
has paid interest on this naked profit,
this principal, without any cOnsidora
tion. The interest thus paid amounts
to S35, 1850 which, added 10 this
fictitious principal, makes $9,i 49,.
7l3 now iu the pockets Of the bond.
holders on that years operation, for
which they never paid anything.
In 1864 the Government sold thcOo
bonds, amounting on their face to
1851, 202, $50. Again tho Govern.
,neut received only deprecated paper
for these bond obligations, and at that
time our currency was enormously
deprecated, if tried by the gold stand.
ard. The price Of goll during that
year was at an average Of POI in cur.
rcncy. The sale of these bonds, there.
fore, which arc now assumed 10 be gold
bonds, only realized to the Govern.
meut SlS9, 697 ,G3G in gold, less than
one-hulf Of their face value. There
was left to the capitalists who specula
ted in them as purchasers the i'm.
mensc profit of Sl9l. 594,Gl4. This
was the amount Of the brokers' shave,
ind OIL il 10 has drawn interest from
tho people for ten years amounting at
this tine to Slll ,0j6,76S Aud this
to its principal, which stands US pure
speculation, aud We Gpd that tue bond
holders have made ms clear gain, rs
something for nothing, the sum d
$SOG,5jl ,3$2 on tic one years traus.
action Of 1861.
In 1865 the Government sold bonds
to tho amount Of S279,7lG,I $50, Oh
which 1t suffered d.scouat Of ST..
49,, 0G0 at the hands of the capitalists
The interest already paid By the people
on this discoun! reaches SIS G2i .&g7
making this years operation realize for
tho LondacIdcrs $llQ. ljy, SCI, for
which not one cent was ever paid,
In 1856 the Governmeu. sold
sl4i,9l4,4Q0 0! il bonds, for which
it received appreciated paper currency
amounting to SIS, jJl, 7@& in god
according IL the then price Of gold.
The difference brtwceg the face Of
these bonds aud the amount they
realized to the Government was 49,.
So .627. Eight years interest &c.
ceiycI GU this shave amounts to
Sl7,434. jjt. Addias tAis Interest
ahd principal together, and We find
that tho bUuLh Olicrs have received
$j3, 7j7, lS3 gu! Of this years ta!e OF
bouds. fer which not one dollar ever
lett their Golfers or reached the United