The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1888-01-28
COL. PLUMB'S BOMB"

ne lOChl pau organ OlsSoi iuiuo au-
nounces with wild flourish of trumpets
that the Colonel shove bomb into the
house of representatives at Washington
which created sensation In financial cir.
cles" The p. o. aforesaid proceeds to In.
form its readers that Col. Plumb had long
been recognized by his personal friends
and relatives as a long headed financier."
1t might have added that many others be
sides personal friends and relatives" have
had forcible reminders of that fact. But
let that pass 1t was under the inspiration
of this long medicines, the information is
further impaired, that Col. Plumb began
housing among the old records Of congress
and then and there made the astounding
discovery, that when the famous funding
act of 1870 was passed, by which about
81 800, 100000 of the bonds OF the govern
ment, then drawing per cent and over,
we're refunded into s. Az and A per cent
bonds, redeemable after TO- Is and 30 years
respectively, the clause in regard to the 4
per.cents, covering $100000O,OO0, read, in
the law as 1t passed congress, that said
bonds should be redeemable at the pleas
ure of the government "for' 30 years after
the date of Issue instead of latter" 80 years
But.after the bill had passed both houses
of congress, when II came to be enrolled on
parchment 70 be sent to the President for
his signature, the word "for" was changed
to "after," thus involving a gross fraud on
the part of the enrolling clerk of the Sen.
ate with the connivance, of course, Of the
committee on engrossed and enrolled bills.
But for this fraud, Col Plumb maintains,
all the A per cent bonds might have been
redeemed by this time at their face value,
whereas, having thirty years to run, they
are at a premium of 81 cts. on the dollar,
and must be purchased by the government
at that price or allowed to run the full 30
years, in either case involving loss of over
$500, 1000 to the government.
Being such a "long. headed tinancier,"
Col. Plumb ought, of course, to have known
that government bonds are valuable &C
cording to the length of time they have to
run, the longer the time the more valuable;
and with. that In his mind, 1t ought to have
struck him rs not little curious that the
government should offer to pay per cent
on bonds having but 10 years to run, AZ
per cent on 10 year bonds, and but 4 per
cent on bonds redeemable from the date of
issue The obvious absurdity of such a
provision ought to have suggested to "a
long headed tinancier" whether, after al
he engrossing clerk AMI committee had
not, In copying, the bill, corrected palCa.
BILE clerical error, instead of committed q
fraud. Then prudence should further have
suggested TO this long headed hnancier"
that, before startling the world by the an
nouncement of his Importance discovery
he had not better read the whole bill and
see II there were not other clauses in IL &c
spoil his mares nest. If he had done sc
he would have alighted on the Mfyd sec
ton (the "fraul' he alleges being In the
first sectlon) and there he would have dis
covered, in the provision prescribing the
manner of paying the bonds, that they
were TO be paid IN gold or Its equivalent
after the expiration of the said ten
fifteen, and thirty years, respectively. As
the latter clauses of law always govern
those that precede it, this provision would
have nullified the clause in the first section
even If the word "for" had been lett un.
changed
But in the eagerness to explode his bomb
the Colonel sent II off half cooked, and in
stead of the terrific noise and CONSERVATION
he expected 1t to produce, the result was a
ridiculous fzz; provoking only general
laughter and derision.
#.
If the skilled laborers" are protected
tb..t, no. 81 x,,tt