The National tribune., 1893-05-04

the hundred thousand TO sacrifice them
selves on the altar of The country, aud to
give mp hundreds of millions Of dollars in
earnings, besides fighting and dying, but
The moncy-lender must have big pay for
every dollar he risked in loans to the Gov
eminent. u ,9qs
sss
Up 70 this time the total loans to the Gov
eminent were 1888 .so4, a5s, while 1.079, 331
men had volunteered for three years, show
ing that the money-lenders had only loaned
about $3.50 for every man who had volun-
teered for three years. The smallness of
this contribution of the money-lenders to
the cause, compared with those of the men
who gave three years of their lives is start
ling. 1t becomes still more so when we
reflect that while each three-yeaIs volunteer
sacrificed an average of 81 800 in earnings
in order to serve the country, each money
lender drew about S4S in gold interest on his
$3.50, which was equal to s64 in greenbacks
at the price ruling in December, 1862, or
ever per cent.
March 3, 1868, Congress authorized the Sec
rotary of the Treasury to borrow 5000, Go0,0 900
al per cent. in gold, by that time equiva-
lent to per cent in greenbacks. This was
not tempting to the money lenders, aud he
got only S75,0oo00o or one-tweifth what
was needed, and had to resort to various
devices, and make much better terms with
the money-lenders, to secure the remainder.
So matters went on, with the money
lenders squeezing the Treasury harder and
harder every day.
By July, 1864, the gold value of the
green back had fallen to 80 cents On the
backs, the gold value Of which was $3S, and
buy with them bond for 500, upon which
he would receiye Sc in gold for interest, or
nearly Is per cent.
In spite Of this enormous profit, they
absolutely refused to lend any more money
ia July, 1864. 1t was the most critical
period Of the war Grant had fought bis
way through sea of blood TO the intrench-
ments around Petersburg Sherman, after
100 days of battling, was lying before the
y-impregnable works of ATTAIN ia
The fate of The country hung in IN almost
evenly poised balance. Had our armies
wearied of fighting and slaughter aud re-
coiled, the Southern ,ConfSderacy would have
succeeded, and all the blood and treasure
that far expended would have gone for
naught. It was desperately necessary that
troops be supplied, and the sinews of war
be furnished in sufficient quantity. The
Treasury was In the so1sst straits it had
been since the beginning Of the war. 1t
was already $3.50, O0o, 900 behind in its pay
Inents, and every day was adding millions to
the deficit. The harassed Secretary Of the
Treasury rushed Of, TO Philadelphia, New
York, and Boston, 10 have personal inter
views with the moneyed men, and beg them
to raise him $50 100000 for the emergency.
Not dollar could he get.
In his despair he turned to the gallant
men who, with undauated resolution, were
facing the enemy around Petersburg. At
Isnta, and elsewhere He made no mistake
there. They were as ready TO aid the Gov
eminent with their money as they were
with their gallant hearts and stalwart arms,
AID out of their scanty pay they loaned it
oyer $20,o0e00O, which greatly helped to
tide over the crisis. Then they gave the
country a series of brilliant victories that
ilearteBed up ths sordidIy fearful Capital
lists, and medc finances easy. The capture
Of Atlanta and tie victory of the Opequon
sent the gold value Of the greenback up 10
cents on the dollar, and surrender of Lee
and Johnston raised it to 73 cents, where it
had been only 80 cents nine months before.
~
In ALL the money-lendess lent the Gov
erument So ,5s1 $50 a94 in paper money. AS
the average vaiue of the greenbacks in which
these loans were made was about 60 cents.
this represents a gold value of only 81, 428,-
9iS, 190 On this the bondholders have re-
ceiyed nearly S. 900, O0o,ooO in gold, or about
four times the original lending.
On The other hand, the 1000, 900 men who
fought the battles of the Union through to
a triumphant finish, each sacrificed fully
81 500 in the diminished earnings accepted in
order TO serve and save the country. In other
'sords, they absolutely geUe The country ham
dreds of millions of dollars more than the
boadkolde1,s tent il.
Yet the men who, in addition to fighting
for their country rs men never fought be-
fore. robbed themselves aud their families of
their scanty earnings in order to help the
Nation cut of it's mortal peril, have re-
cciyed in pensions less than 81 800, Oo0,O00,