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Updated: October 28, 2025
The extent to which this sort of absurdity might be carried would depend solely upon the desire of the confederation of finance to have interest-bearing government bonds on which they might issue national bank notes, since the Executive was apparently willing to yield interminably to their greed, in the belief that he was protecting the public credit by encouraging the financiers to attack that credit with their raids on the government gold reserve.
If this work is to be promoted by the usual financial methods and without the aid of this Government, the expenditures in its interest-bearing securities and stock will probably be twice the actual cost. This will necessitate higher tolls and constitute a heavy and altogether needless burden upon our commerce and that of the world.
Wherever an industry could pay a dividend, his ferret eyes found it. The process was always the same. He brought together its rival houses, capitalized the new combine for ten times its actual value and bound the burden of this enormous fictitious value as an interest-bearing debt on the backs of the consumers of the goods.
In 1892 an exchange of income bonds for fixed interest-bearing bonds so increased the fixed charges of the company that, as a result of the panic of 1893 and its ensuing depression, the great Santa Fe system suddenly found itself in the hands of a receiver.
The reduction proceeded for the entire twenty-three years between the first and last dates named, at an average rate of $62,906,975 yearly, or $5,225,581 each month, $174,186 each day, $7,258 each hour, and $120.47 each minute. The interest-bearing legal tender notes were first paid off.
In addition to the amount subject to payment and cancellation prior to November 1, there were also paid before that day certain of these bonds, with the interest thereon, amounting to $5,072,350, which were anticipated as to their maturity, of which $2,664,850 had not been called, Thus $107,341,800 had been actually applied prior to the 1st of November, 1886, to the extinguishment of our bonded and interest-bearing debt, leaving on that day still outstanding the sum of $1,153,443,112.
It was their task to solidify a conglomerate mass of interest-bearing burden, to operate the property with the greatest efficiency possible, in order that it might support the burdens laid upon it and yet other burdens to come as the land waxed rich, all burdens being ultimately passed to the broad back of the Public, where burdens seem naturally to belong.
The Republic was at peace with other nations, and the military and naval forces, which had grown to such enormous proportions during the war, had been economically reduced, but the Treasury was an immense, overgrown organization, with its collections of customs and of internal revenue duties, its issues of interest-bearing bonds and of national bank-notes, the coinage of money, the revenue marine service, the coast survey, and the life-saving stations, all of which had been expanded during the war until the clerks and employees were numbered by thousands.
Nor should our condition be such as to oblige us, in a prudent management of our affairs, to discontinue the calling in and payment of interest-bearing obligations which we have the right now to discharge, and thus avoid the payment of further interest thereon.
The air was obscured by other matters. But in this work I have said so much on the subject that I need say little now. The joint stock banks now keep a main part of their reserve on deposit with the bill-brokers, or in good and convertible interest-bearing securities. From these they obtain a large income, and that income swells their profits.
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