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No matter how she returned, as a purse-proud bondholder, as a lady of elegant wealth with her attendants, as an old friend suddenly grown jolly and prosperous, it would be all right for her neighbors to go in and see her in the evening.
Morgan of Alabama said the law did not deal with commercial values. It promised coin to the bondholder coin of silver or coin of gold. Mr. Thurman of Ohio thought that the contract provided for the payment of public debts in coin of the standard of 1870, when the dollar of 412½ grains was full legal-tender, and that such dollar would approximate to gold in value. Mr.
How often one heard that iron and coal and land were worth too little and money too much, that only the bondholder could be happy, for his interest was sure and the purchasing power of his money great!
"And, Fitz, what do you mean, by 'full protection guaranteed'?" "To the bondholder, of course, the man who pays the money." "What kind of protection?" "Why, the right to foreclose the mortgage when the interest is not paid, of course," said Fitz, with a surprised look. "Put yo' pencil through that line, quick none of that for me.
Percival lived at that number?" said Frank. "So he does. He is my father. Do you know him?" "No; but I was about to call on him. This morning Mr. Robinson, a broker in Wall Street, told me that he wished to see me." "You are not the boy who caused the capture of the bondholder?" asked the lady, quickly. "Yes, I am the boy, but I am afraid I had less to do with it than has been represented."
On the other hand, if a government bondholder could secure slightly more than three percent by lending to a private borrower, he would return his bonds to the government, take out the corresponding amount in greenbacks and lend it to the producer on his private note or mortgage. This would involve, of course, the possible inflation of legal tender currency to the amount of outstanding bonds.
How long is that bloated bondholder to go prancing round on horseback, wall-eyed and muddle-headed, while his men are starved and butchered, and the forces of this great country are at the mercy of clever rogues like Potty, or respectable mediocrities like Stevenson?" General Piffle's force was, I learn, attacked this morning from across the river by the whole weight of the enemy's centre.
It may have been wicked of us to take Egypt, but if so let us lay the blame on the right doorstep and not abuse the poor bondholder and financier who only wanted their money and were used as a stalking horse by the Machiavellis of Downing Street. Mr Brailsford's own account of the matter, indeed, shows very clearly that policy, and not finance, ruled the whole transaction.
Stocks do not have the solid, honest air that Government bonds do; nothing is more finely and firmly respectable than a Government bondholder. From the blackmailer, corruptionist and defrauder of one generation to the stolid Government bondholder of the next, was not a long step, but it was a sufficient one.
There is no estimating how much this unfortunate policy cost the railroads of America up to the time of the Revolution. The trouble was that the ultimate loss fell, not on those who inaugurated it but upon the innocent stock and bondholder of the roads.
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