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This fact is made apparent when we consider that bondholders receive from the Treasury upon each dollar they own in Government securities 6 per cent in gold, which is nearly or quite equal to 9 per cent in currency; that the bonds are then converted into capital for the national banks, upon which those institutions issue their circulation, bearing 6 per cent interest; and that they are exempt from taxation by the Government and the States, and thereby enhanced 2 per cent in the hands of the holders.
The affair made a tremendous stir. Some of the bondholders of the A. and B. happened to be men of prominence, and able to make a noise about their injury. As several millions were involved in this one branch of the case the suit of the bondholders the newspapers treated it with the consideration and dignity it deserved.
There were many millions of subsidies and guarantees still to come from the state, but they would come only as the road was completed, and meantime construction had to be financed. The partner-owners could not provide the ready cash needed for completing the gigantic task. The bondholders had no inducement to do so unless further guaranteed by the state.
At the Palace of the Luxembourg Louis Blanc was permitted to hold a series of great labor meetings, a sort of Socialist convention, and to inveigh against "capitalists" and "bloated bondholders" in a style that was much more novel then than it is now.
"Then you don't intend to consider bondholders as having a voice in matters?" "No." "Well, they're stockholders as well." "Minority stockholders, that's all," Lee stated, coolly. "You've said this is a matter of cold business. Very well; I'm the majority stockholder and have the control. I consider it cold business to build the drops of concrete as planned.
The bondholders still refused to accept the reduction, and the Supreme Court in 1883 described the ordinance as a violation of the contract of 1874 but a violation without a remedy. Meanwhile the Legislature, after consultation with the bondholders, had agreed to a slight increase in the rate of interest; and in 1884, this compromise was ratified by an amendment to the constitution.
Moreover, if they are troubled with any forebodings, the voice of common sense is likely to be hushed by the reflection that they personally will not be the sufferers, but the great body of taxpayers, or in the case of actual default, the deluded bondholders; and that in any case, the trouble caused by over-borrowing and bad spending is not likely to come to a head for some years.
Eustache and several others offered themselves; it was noble in them, and our ministers should recommend their example to the bondholders. But had the city the right to surrender them? Assuredly not. The right to security is absolute; the country can require no one to sacrifice himself. The soldier standing guard within the enemy's range is no exception to this rule.
Nearly the whole of the Egyptian loans was held in England and France; and in 1876, when Ismail was floating swiftly down stream to the abyss of bankruptcy, the British and French bondholders cast about them for means to secure their own safety. They organised themselves for the protection of their interests. The Khedive consented to hear the advice of their representatives, Messrs.
Riaz was so placed as to be between two influences one, the bondholders seeking their advantages; the other, Tewfik, seeking to retain all power. Riaz of course wavers.
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