Nevada County picayune., 1892-04-21
THE STAKEHOLDER, BOND
HOLDER AND MONOPOLIsT

from the South, the bondholder APP
reared in the North" SO said An
drew johnson, when, as President of
the United States, he proposed to
paw the bondholders six per cent
interest on their holdings for sixteen
wears more. and then declare the
bonds forfeited.
Since that time the bondholder
has been gradually disappearing
from the North. In his place has
risen the more dangerous beneficiary,
the many-times millionaire, grow
rich and insolent, on the product of
protection, as fostered and forced
on the country by the Republican
tariff. The bondholder of Andrew
Johnson's s day demanded simply that
which was nominated in the bond.
He asked for only prompt payment
OF six per cent on the nominal value
of the bonds. Later he accepted
lower rates, down even to three per
cent
Not so the beneiciaries of tariff
monopoly. When the late war end
ed, after drawing on every substance
that could be made to yield taxation,
the average duties on imports did
not exceed 80 per cent. They had
been forced up to that point from an
average in 1860 of 10 per cent under
the Walker tariff, to supply the
enormous draft made BY the war on
the country's financial resources,
| Public men like Blaine and Thaddeus
Stevens, men like Mr.. Morrill,, the
author of this war" measure, apol-
ogized for the excessive rate as nee
essary to meet the country's obliga-
tions. They never intimated that SO
heavy a tax on the people should be
long maintained. 1t was not to out
last the period of the payment of the
enormous debt the great struggle had
created.
But the pampered monopolists
who were taking the place of the
bondholdcrS who succeeded the old
time shareholders, had discovered
that millions could be added to mil
lions by the operations OF stringent
tariff laws. They had discovered
the power of money aud concentrated
in shaping legislation and they had
readily discerned the popularity of
the claim that high tariffs protect
American industry and create more
work and better wages for laboriug
men. Instead of permitting the sup
porters of the "war" tariff to modify
and revise it as the bonded debt of
81, 700, 900, 900 in 1865 began to de-
crease, and as the Governments ex-
penses in time of peace had begun to
show reduction, they demanded
still further increase in the duties.
American industry was not yet suilic-
iently protected; the American
workingmen' wages were still too
low. Ia fact, these lstter hal never
shown increase proportioned to the
increase inthe articles they were com
PEELED to buy; but the cry Of PRO
lection" and against the "pauper
wages" Of Europe proved all-potent !;
aud in 1883 for the old average Of
30 per cent was substituted an aver
age of A. per cent.
The old stakeholder was no longer
to be dreaded. He was poor and
powerless. The bondholder whose
rise in the South filed Andrew John
son with apprehension, and whose
power he desired to destroy, was
gradually disappearing. Every dol
lar redeemed in bonded debt weak
ened his hold on the legislative tribu-
nails, on the White House. Having
driven out the STAKEHOLDER, he was
in turn thrust aside, to make way
for the moneyed monopolist, the new
dictator, now grown stronger than
the great, powerful political party to
which he was indebted for his. exist
ence.
From ID to 80 per cent, from 30 to
AZ per cent, was merely jump. But
it was not enough. The monopolist
whose million had been increased to
five million under A. per cent tribute
from the people, was not slow to see
that another turn Of the taxation
screw could double and treble his
present store. ami he demanded
more. He was inexorable. His
contributions had saved the Repub-
lcan party from defeat. Their with
drawal and his opposition would rem
der defeat and dissolution inevitable.
He knew his power, and his ultima