The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-10-23
ONE-HALF CENT.


eminent Of this republic was preserved
for posterity, 1t found itself, however,
in the grip OF python, from which,
after thirty years of writhing. 1t is less
able to free itself than ever before since
the close Of the conflict. In the course
OF the war and just afterwards II was
discerned by those who held the nation
al debt, as it had been discerned by
some OF them from the beginning. that
1t was good thing for the possessors.
A great interest had been created by
the battle of the national Union for its
life-the interest OF the bond.
1t were vain to conjecture how many
sincere patriots found themselves pos
SCISSORS OF the interest bearing obliga-
tons OF the nation. For III such there
is no animadversion, but rather praise.
1t were equally vain to conjecture how
many held those obligations simply for
the profit and advantage and power that
were in them and with no concern about
the welfare OF the government or of
the people of the United States; but the
latter class, whether many or few, in
creased, until the bondholding inter
ests were consolidated in the hands OF a
party having its bifurcations in New
York and London.
The party OF the bond became skilful
and adroit. 1t began Immediately to
fortify itself. 1t took advantage Of the
mex perience OF the American people
and OF their legislators. 1t profited by
the mistakes and misplaced confidence
Of both. They who held the bonds were
wise by ages Of training in the old
world and the new. They understood
the situation perfectly, and adopted as
their method policy embracing two in
tentions. First, to perpetuate the bond
and make 1t everlasting by the post
ponement and prevention OF payment.
Second, to increase the value OF the cur
rency in which all payments were to be
made; that is, to increase the value Of
the units of such payments as the pay
ments should become due, so that what
ever might be the efforts OF the people
TO discharge the debt it should increase
in value as rapidly as they could reduce
it. And the honest people, abused to
the soul by the politician and by Shy
lock, know not that 1t was so.
For thirty years this game has been
persistently, skillfully and successfully
carried oat. 1t has been play worthy
of the greatest gamesters that ever lived
We do not call to mind any other such
stake among the nations as that placed
upon the issue; and the bondplayers
have won upon every deal. They have
succeeded on both counts OF their policy.
They have turned over the debt into
new forms OF bond and these again into
newer, under the name of refund
ing, persuading the people that the
process was wise and needful, and ca.
| joling them with the belief that the rate
Of interest was each time reduced for
the benefit OF the nation. 1t wac done
'in the interest OF the peopler We,
the holders Of the bond, being patriots,
labor only for the interest OF the people.
1t is true that each act OF refunding
aud Transforming the national debt has
lowered somewhat the nominal rate of
interest; but at the same time il has
heightened the period OF payment. At
the beginning the date OF payment was
at the option Of the government. Then
it was at five years from the making OF
the bond then it was at ten years; then
at twenty years; then at thirty years
Now the period OF possible payment has
been extended until the second decade
OF the next century cannot witness the
end OF the game. II the treasury should
have today, or in the year 1900, a sur
plus Of six billions OF gold the govern
ment could not call and cancel its bonds.
They were not made to be called and
cancelled but to be refunded and per-
petuated.
Besides. the reduction in interest has
been reduction only in name. In no
case has the reduction been made until
the value Of the dollar OF the payment
has been so enlarged as more than to