The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-24
RIDPATH's VAMPIRE.

reprints an article by Prof. j. G.. Rid
path reviewing. or pretending to review,
the recent financial policy of the United
States government. The article was
originally printed in a crank magazine
published in an Eastern city, and well
deserves the sensational headlines given
1t by the Populist organ, such as, THE
bond and the dollar, or the genesis and
evolution of a monster; the seven finan-
cial conspiracies condensed with a pow
erful lens" and so on. The monster in
the case is the bonded debt of the gov
eminent, which, Professor Ridpath in
sists, never should have been created in
the first place, or refunded in the second
place, and the interest and principal of
which should have been paid i'm the
cheapest and poorest money the govern
ment could command. OF property de-
stroyed in war he says it rises from
the red and fiame-swept field as a spec
tacular vampire. sucking the still warm
blood of the heroic dead and of their
posthumous babes to the next genera
tion," adding. 1.-THE name of the vampire
is Bond This is not exactly the style
Of historian. nor yet quite that of
political economist or financier, but it is
not out Of place in Populist organ.
In support of his contention that the
government bonds never should have
been issued Professor Ridpath asserts
that theNgovernment could and should
have raised by taxation or, If necessary,
by confiscation the entire amount neces-
sary to prosecute the war and put down
the rebellion 1T had been an act of
infinite mercy on the part Of the govern
ment of the United States" he says. "to
take directly whatever was necessary for
the suppression of the rebellion" He is
quite sure that had that policy been
temperately and successfully pursued the
cost of the war would hardly have been
one-fifth of what it has become; the bond
would never have existed" and many
other benefits and blessings would have
| followed. AS a compiler of facts and
student of history Professor Ridpath
| should know that during the war the
government did raise all il possibly could
| by taxation, imposing unprecedented
| burdens and novel taxes never heard of
| in this country before or since that time,
| and yet the revenues OF the government
! fell very far short of meeting it's con-
slant and pressing needs. Something
| had to be done to bridge the gap and
| save the life of the government. AS a
| probable reader of the Constitution Pro-
| fessor Ridpath should know it says that
mo person shall be deprived of property
without due process of law, nor shall
| private property be taken for public use
| without just compensation" The gov
eminent could not take the prop
| erty of citizens without paying therefor
1t was compelled to borrow vast sums OF
| money and TO issue Understanding
| bonds, pledging its honor and the wealth
of the Nation for their payment. TIE
armies in the field who were paid off with
the proceeds of the loans did not regard
| the bonds as a vampire or monster
nor did anybody at that time There
were no PoDulists then. The discovery
that government bonds are an invention
of Satan for enslaving nations was re.
served for later generation.
other portions of Professor Ridrath'.
article refer to the successive cons pira.
cies" for maintaining the public credit
for the resumption of specie payment:
and for funding and reducing the bonded
debt. all of which are part of the evolu
ton of the spectacular vampire called
Bond The style in which these sue
cessive "conspiracies' are set forth l,
quite In keeping with the spirit of YAM
prism. but not at all in harmony Will
the truth Of history. Although the Pro