The citizen. (Frederick City, Md.) 1895-1923, 1900-05-18
"A National Blessing"


This was Jay Cookies familiar say.
ing, and its acceptance as truism
is the parent of our financial degrade
ton, dishonesty and corruption to-
day. Moreover. its offspring is the
pernicious money power which is
grasping our entire circulating me-
dunn and doing out to deluded peo-
pie, at cent per cent. rate, as much
as it thinks the said people ought to
be allowed to have.
Now comes the perpetuation of the
Jay Cooke maxim through the refund
ing scheme which the Senate has just
passed. The bill has become law and
will compel the country to carry the
entire present national debt for at
least another thirty years. 1t will
saddle our iniquities upon our de-
scendants.
But the increasing surplus in the
United States treasury gives every in
dication of being sufficient to pay of
the present bonded Indebtedness Of
$3.50 100000 inside of the nine years
they have yet to run, and there will
be no interest to pay after 1909.
These bonds it is proposed to refund
in new ones having thirty years to
run, and turn them over to the ma
tional banks as a basis for their cir
culation notes, and in this way future
congresses will find it impossible to
bring about the withdrawal of the
latter and replace them with the gov
ernment's own notes or greenbacks. 1t
is destroying the power of the govern
ment to create money and vesting
that power in private individuals.
AS the bonds which it is proposed
to refund into others to run for thirty
years are not yet due, they will have
to be bought in the market at the cur
rent premium if the Senate bill goes
through. This will offer Wall street
splendid chance to send up the
price and make a complaisant Secre-
tary of the Treasury pay it. This is an.
other reason why the scheme meets
with so much favor from the money
trust. AS the bonds to be purchased
are quoted to-day, their purchase will
cost the government almost one hun
dred million dollars above their face
value, and when the law undertakes
to provide for their retirement the
price will, of course, go still higher.
The plausible Republican argument
Is that by the refunding there will be
saving of interest. That thirty-three
year bonds bearing per cent. will be
in better demand for investment pur-
poses than bonds having only eight
years to run bearing 8 per cent. But
if the money for the payment of the
debt is in the treasury earning no in
terest it is the height of absurdity to
pay per cent. or any interest.
1t is a manifold robbery of the peo-
pie 1t robs them Of thirty years in
terest at per cent, o. go per cent. on
$3.50, 100000, or S510000O00; it robs
them of over s109 100000 for prem
iums on the present bonds; it robs
them of the interest on the money
which the banks create on the basis
of the refunding bonds, and it puts
mortgage upon every dollar that
sweating labor earns to its full equal
amount.
AS this thieving scheme is accepted
by the house, then the Republican
party will be confronted during the
coming campaign with wave of in
dignation that will end almost in
revolution.
The people do not yet fully grasp
the true inwardness of the outrage.
but they will be made to understand
that Jay Cookies maxim is the equiv,
alent of the Mckinley prosperity-h
reputation of honesty and the pro.
viding of the rich with safe and profit
able Investments at the expense of all
the people and their reduction to
slavish dependence upon a merciless
money power.