Democratic Sentinel, Volume 1, Number 33, Rensselaer, Jasper County, 28 September 1877 — Pay the Bonds with Greenbacks. [ARTICLE]

Pay the Bonds with Greenbacks.

The interest and tax on the bonds are too great a drain upon the productive labor of the country to be endured without seriously affecting its prosperity. The interest and tax upon the bonds are at least $130,000,000 annually. In getting rid of the bonds the original bondholders or their representatives would get more than they paid for them, and the public credit would be sustained,and our financial trouble would cease.— Forney's Chronicle. Two THOUSAND MILLION DOLLARS at 4j per cent., with the interest added to the principal quarter-yearly for this time, will amount to $8,279,000,000. Deduct the $2,000,000,000 of principal, and you have as tlie accumulation by interest to be paid by the present generation $5,279,000,000, or over three times the amount of the principal. Now, under tlie operation of the greenback system, the interest and principal of tho debt can be honestly and honorably discharged in less .than a generation (thirty-one and a quarter years), a cost of but 58f per cent, of the amount required to pay the interest for thirty-one years under the bankers’ and financiers’ system.—Campbell. The banker invests his money in bonds, which lie idle, doing nothing, earning nothing, but drawing 6 per cent, interest which the people have to pay. The banker not only draws his 6 per cent, interest on the bonds, but the Government loans him an amount of national currency equal to 90 per cent, of the bonds, at 1 per cent, interest, and taxes neither the money nor the bonds. On the same principle, whenever a man buys SI,OOO worth of Government, land, the Government should loan him S9OO for an indefinite period, pay him 6 per cent, interest on the SI,OOO it received for the land, charge the man but 1 per cent, on the S9OO, and exempt both the land and the S9OO from taxation of every nature forever afterwards. Blood is the circu l *“* l “er medium in tae human body, and money is the circulating medium in the industrial body of the nation. Four millions of Frenchmen own the national debt of France, consequently, when the yearly interest of it is paid, the money circulates ‘/'in their country.” European bondholc’ /rs own the greater part of our national debt, and when the yearly interest is paid on the same the money circulates “ out of our country,” hence business li£re is paralyzed, because there is not money (alias blood) enough left in the Union to lift the arm of labor. The French keep the milk in their coeoanut, and we pour it out of ours.— Labor. Six times in England, within tho last 100 years, the banks have suspended specie payments, and once for twentyfive consecutive years. In twenty-one years 321 banks failed, and paid less than 50 per cent, of face of their speciebasis notes. In the United States the following years marked the number of suspensions of specie payments, via.: 1809, 1814,1819, 1825, 1834, 1837, 1839, 1841, 1857, 1861. These suspensions have invariably occasioned great public distress, and in several instances have involved the entire country in bankruptcy. On each of these occasions the free presentation at the banks of issue of the “ bank notes founded on a specie basis ” occasioned these panics. There was but little gold to pay the notes with, consequently they could not be paid. This has always been the upshot of all attempts of basing nlbney on specie. The history of the world is my proof, and I defy any one to show any other result of this system of money.— A. F. I)., in Bunker Hill.