The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-05-31
HOW THEY DO IT.
The System by Which the Gold Specula-
tors Enriched Themselves.

tors Enriched Themselves.
Senator Beck. in a speech delivered
in the United States Senate, January
18th, 1874, stated that the bondhOlders
had made, since the first bonds were
issued up to 1859, at which time the
bonds were made payable in coin, One
thousand million dollars profit. The
Senator proved his statement as fol
lows:
In 1862 the government sold s per
cent. 5 20 bonds to the value of $50, $685.
45O, for which it received, however,
only 81 O30, $40 in gold. That is, the
greenbackS which it received for the
bonds and which were destroyed, were
only worth that much in gold. Here
was a clear profit of $16, 951, Sol in favor
Of the bond buyer in the first transaC-
ton. Besides, the bondholder has re
ceived also in interest from 1852 to
1874, 81, 1877. 188 on his bonds, which
added to his first profit, makes his total
prof up to that day on the first deal
$28, 139, 8S9. 4 clear steal, for which
they did not give in return one cent.
Who had to pay this? Why, Of course
the farmer and producer.
In 1868 the government sold bonds
again to the amount of $3.50, 9S7, $50, for
which bonds it again received green
backs. At that time gold was worth
81. So in greenba:ks. It will be seen
now that the bondhOlders paid only
SOL, $50, 854 in gold for them, which
gave them a net profit of fifty-nine
millions, n~inety-siX thousand SIX hum
dred and ninety-six dollars, adding the
interest for ten years, which amounts
to $35, 45S, OF, we have a clear steal of
$94 $50, 713, out of the pockets of the
people, for which they never received
one cent Of value or labor.
In 1864 the government sold bonds
to the value of 1881, 292, $50, received,
however, therefor deprecated paper
which at that time was worth very
little. One dollar in gold then would
buy $2.01 in greenbacks. These bonds
brought the government only $780,
697, 633 in gold, less than n e-halt their
nominal value. The spectators made
also the interest on these bonds which
the dear public paid, amounting to
$114, $50, 768 in ten years. In the year
1864 the robbers took from us, without
our consent, 1906, 551, 382.
In 1865 the government sold bonds
to the amount of 1919 746, $50, it re
ceived therefor, however, only $685.
213, 900. The robbers retained for
themselves 81, 532, $50. The interest
on these bonds amounted to $37, 627, 307
Or they received a total net profit of
$40. 159 367. How do you like it?
In 1865, the government sold bonds
to the value of 1924, 914, 400, for which
we received $88, 591, 783 in coin. Or
the spectators made a profit of $780,
332 627; add to this the interest for
eight years, which amounts to ST.
757, 1872, and we find that they made a
total profit of $53, 758, 1872 out of that
years bond issue out of us.
In 1867, the government sold bonds
to the value of $421, 1859, $50. The pur-
chasers paid, however, only 1903, $685.
SOB. therefore giving them a profit of
$118, 254, O47; add to this the interest for
several years, which is $40. 661, 1914, and
that year they took from us by legal
theft $167, 915, TAI, which you and l
have had to pay these patriots(O since.
In 1868 the government sold bonds
to the value of 1925, 443, 800, for which
i~treceived 1912, 626, 1926, clearinga profit
for the spectators of SIP, 617. 497; add
to this the interest for six years, $40,-
542, 288, and you were swindled out of
$153, 159, 765 that year.
Besides these five per cent. bonds,
the government also sold 6 per cent.
bonds during that time amounting to
1895, 139, $50, for which it received only
$l22 957, 40 A profit for the money
sharks of $72, 1872, 40; add to this the
interest paid them, 1926, 115. 724, and
they have made a clear profit on these
bonds of $98, 295, 1854.
The following table of profits or steal
ings from the American people, with
out a doll lr of equivalent having been
given, therefore will explain itself: