The National tribune., 1883-01-18
A Suggestive Comparison.

=
Union and those who offered their lives in its
defense, but it seems almost prepOsterous to
attempt any such comparison as this, so
great is the disparity between the risks
incurred by the bondholder and the soldier,
We do not wish to be understood as suggest
ing that the bondholders are not entitled to
the consideration which they have uniformly
received from the Government. On the con-
trary, we regard it as the sacred duty OF the
Government to discharge its Indebtedness to
them to the last penny, and TIE TRIBUNE
viii never courtenance any legislation that
smaclls of reputation. They entered into a
valid contract with the Government, and it
is not at all necessary to inquire whether
| they did so for mercenary reasons or not.
| The fact that the Government needed their
money at the time, and was glad to give its
bonds as security for the repayment Of the
| loan, is amply sufficient to establish the
! Justice Of their claims But when we come
! to consider what measure Of credit should
! be bestowed upon the bOndholder and what
| upon the soldier, for the service which each
rendered the Republic in its hour of need,
tie disparity between the two, as we have
! said is SO great as to make any comparison
almost preposterous. What did the bond
| holder risk? Not his life, not his health,
not his opportunity for gaining livelihood;
simply his money. There were many patIi-
otto men undoubtedly in the early days Of
the war who invested in Government bonds
from patriotic motives; but there were, on
the other hand, almost as many who did so
because they were tempted by the heavy
interest which the investment promised to
yield. Certainly no foreign bondholdar
loaned his money to the United States Gov
eminent for sentimental reasons, and if
money had commanded at the time as high
rate of interest abroad as it did at home,
nothing is more certain than that not dol
lar of our securities would ever have crossed
the Atlantic Nevertheless, every purchaser
of Government bonds undoubtedly risked
the money thus invested; for had the rebels
succeeded in oVerthrowing the Government
they would no more have assumed the pay
ment of the debt incurred in opposing their
arms than would our own Government now
assume the payment of the Confederate
bonds. AS it turned out, however, what
might thus have been fairly termed
risk proved to be no risk at all The rebel
lion was put down, the authority of the
Government maintained, its financial credit
re-established, and on the 1st of July, 1852,
$3,264, O5t ,638.50 had been paid out by the
United States Treasury on account Of
principal and interest on the public dent.
Instead, therefore, of being losers by their
investment, the b0ndholders have reaped a
handsome profit, and there is not one who
would not Jump at the chance to repeat the
transaction.
Let us look on the other side of the pic
ture. What did the soldier risk when he
offered his services to tho Government? In
the first place, he riskcd not only such bust
ness opportunities as were shaped to his
hands, but all prospective returns from his
labor during the period of his service in the
army. In the second place, he risked the
support of all who were dependent upon his
labor for their daily bread. In the third
place. he risked his individual strength and
health, the impairment of which would neces-
sarily permanently affect his ability to gain
a livelihood. In the fourth place, he risked
his life-a priceless possession. These were
the risks which the soldier took when he
volunteered in defense of the Union. Yet
he demanded no bond from the Government
to secure the faithful performance Of its con-
tract with him. He relied simply upon its
assurance that he should receive the pay and
bounty stipulated in its call for volunteers,
and that in the event of his being disabled
or killed in the service, permanent provision
should be made for his support or that OF
his widow and orphans. With that assurance
he went to the front, and fought as never
soldier fought before. The story Of his sac
riices need not be told here 1t is blazoned
on the page Of history, and can never be
ehaced. More than 100000 soldiers of the
Republic persisted in the struggle to main
tain the Union. More than 10000 Ian
guished in Southern prison pens. Nearly
100000 were forced to leave the service by
reason of disability incurred therein; and of
those who came back whole-alas how
many found poverty awaiting them! These
were the risks which the soldier incurred.
How has he been repaid? During his term
of service he received the beggarly compen-
sation Of $13 month, in deprecated cur
rency, while the bondholder was paid in
gold. If he failcd-through no fault of his |
own, but through disability incurred in the |
line of duty-to serve out the prescribed term
of service he was denied his share of the |