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|- (V. editor)
But we always get the money when the foreigner gets the bonds. That is a lie. Here is some sample evidence of it.
When our parasite hears of another large jewel reaching London from the African mines, he says he must have it for madam's tiara, and taking a small matter of $500,000 or so of securities, he goes over, and when we next see him the securities are gone. But has he money in their place? None whatever. Madam's tiara is safe, but this country is not one cent of money the richer by the transaction.
And when it is time for a husband for Miss Parasite, the two old birds start over with bulging grip to get a mate for the sweet damsel - for she is sweet, as they all are, bless them, whether they belong to the millionaire's brood or to the laborer's - and it freezes our blood when we think of what is sure to happen if the dread machine gets to work here as it did over the way - to get, we say, a mate for the damsel, and when he is found there must be money down and this money is obtained in exchange for the bonds, and remains in the same country where the bonds and titles are.
This has been a losing transaction all round, for, alas, the dear one herself goes over in a few days, and when we next hear of her she will be calling on her big brother to go and thrash the whelp that our money purchased.
It does not look like business to make purchases abroad with income producing property. But when they buy, say $50,000,000 of government bonds at a clip, as did the late Wm. H. Vanderbilt, they turn the interest as fast as it comes in into more income producers, and this leaves their cash-till comparatively empty, so that when they need money quick, for there is much competition among this gentry, as in the case of a big jewel or a princeling, they have no option but to be up and away, and our securities being pie to them over there they grab a lot, and then the rush begins.
Nevertheless there must not be the semblance of injustice done to these foreign investors in our securities when they arrive here to make terms. We have the right to stop the interest, but the securities themselves we must redeem. But redeeming them all at once in gold being out of the question, and as that is the only kind of coin that is now acceptable to the foreigners, they must either wait until we get enough of gold, or until they think better of silver, and are willing to take that metal in part payment, and in the meantime while they are making up their mind, about it they must accept the best we are able to give them, namely non-interest bearing bonds.
It is against the grain to bring the unsavory Bond on to the boards again. But looking at him closely, as he now appears, You will notice that he is well broken and as we have no better we must use him to bring in the rest of the untamed band to which he once belonged. Neither should our visitors complain about this form of payment. If all of our obligations from abroad were paid in coin, assuming that we had enough, it would fill Europe with idle money, and as we have always been a good customer, and always prompt in our payments, they should be reasonable, and admit that it is no worse to have idle bonds than it is to have idle money, so long as final payment is assured. Neither should they expect, par value for what did not, in many cases, cost them fifty cents on the dollar. We will pay them market value no more. And do not imagine that these people have been kept waiting very long to find out these terms. For so positive are these leeches, here and elsewhere, of being able to maintain their hold that those we have just finished with will not make a move to come here until the New Bill of Human Rights has become the law of the land.
And this foreigner whom we are done with, so far as his power to injure us goes, is the counterpart of our own millionaire, and the scowl with which he leaves these shores means another crunch of the iron heel on the necks of his own slaves, and it is only the magnitude of the work that is before us, which none but the blind will deny, in the subduing of our own masters, that makes it a sad necessity to refuse aid to the oppressed the world over. One thing is certain however: whether Bunker Hill led to the fall of the Bastile or not, the liberation of the slave in the New World will show way to his liberation in the Old, and in this way do we render him a service, even if we cannot see our way to help him in any other.
The foregoing should make plain how the principle of Confiscation will work in the case of railroads, and all other paper-represented property that can be, and is, owned elsewhere than where the property itself is found.
And there is no need of interfering with or changing any of the functions of the different branches of our Government in order to make Confiscation a part of our organic law any more than there would be to increase the duty on imported wool and to collect it. The machineries of the law making, judicial, and executive branches of our Government, are sufficient for any calls that Confiscation can make on them. Any other construction that may be put on what has been said heretofore or may be said hereafter, is all error. If insisted on, what then? Have we run up against the impassable? It is sufficient to say that what is ours is ours to change when the need is evident, and the Constitution itself is not, an exception to the truth of this.
The laws regulating the rising and the setting of the sun are not of our creating, and we cannot hasten or retard its coming and going one iota of time, and we do not live in the age when it could be done.
But the Constitution is a man-made thing, and when growth has made it a straight jacket then the time for ripping has come.