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Updated: May 8, 2025
The same influence which had resisted the issue of legal-tender notes during the war, when they were deemed vital to the National success, now demanded that they be used to pay the public debt, though depreciated far below the standard of coin. "The same currency for the bond-holder and the plough-holder" was a favorite cry in the mouths of many.
And the man behind all this, the largest bond-holder, the fellow that has pulled the strings, is not the Fly-Trap King, or even J. Collins Prescott, but the man he works for, Ogden Van Lennop, whose present address happens to be Crowheart. What's the answer? Why has a man like Van Lennop who is there on the ground and has long been familiar with conditions, why has he become the largest investor?
I thought this charming, myself; perhaps because it stated my own mind about Altruria so exactly and in terms so just and generous. "Pretty good," said the doctor, in a murmur of satisfaction, at my ear, "for a bloated bond-holder." "Yes," I whispered back, "I wish I had said it. What an American way of putting it! Emerson would have liked it himself. After all, he was our prophet."
"It's very rich float," he said that night as they sat discussing final arrangements. "If I ever find that lead, Red, our working days are over. How'd you like to be a bloated bond-holder, eh, old-timer?" Red grinned skeptically. "I'm from Texas. Yuh've got ter put it in mah hand." "But in case we should strike it?" insisted the other with amused curiosity.
"What is it shares or bonds?" "Shares," replied Mr Sheepshanks; "shares. Of course I know that very prudent people will tell you that bonds are safer. And no doubt, as a rule they are. If a concern fails, the bond-holder is a creditor, while the shareholder is a debtor besides having lost his capital. But in this case there is no fear of failure."
If you can, in this bill and under our Constitution, declare that the citizens, or any portion of them, in this country, because they act in their corporate capacity, shall lose their rights in the federal courts, it is but the next step to legislate that the man who is engaged in rolling iron, or in the manufacture of cotton, or of woolen goods, or is banker, or 'bloated bond-holder, shall not have any rights in the federal courts.
This plausible and poisonous fallacy quickly took root in Ohio, whose political soil has often nourished rank and luxuriant outgrowth of Democratic heresies, and it came to be known distinctively as "The Ohio Idea." The apt response of the Republicans was, the best currency for both plough-holder and bond-holder! Mr. Pendleton was peculiarly identified with the Ohio Idea.
Not the bond-holder; for he receives a fair, full interest on his money. Not the stock-holder; for he looks with eyes of faith toward a great future. It was a sort of triangular or quadrangular or pentangular bargain, in which all these parties were immensely benefited.
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