Page:Speeches, correspondence and political papers of Carl Schurz, Volume 3.djvu/459

Rh held abroad have either been paid off or come over to this country, so that we find between 85 and 90 per cent. of our bonded indebtedness held by our own citizens. And is it true that these bonds are in the hands of a set of “bloated” individuals down East? Every business man knows better than that. Nearly $150,000,000 of 4 per cent. bonds have, within two years, been sold. They are scattered all over the country, especially the West; and who owns them? Mostly small people, who consider the Government funds a better depository for their savings than the savings banks, and who thus invested in small amounts, from $50 upward. You honest farmer or laboring man, who put your little surplus into a Government security, are you aware that you have sunk down to the level of the bloated bloodsuckers, who fatten upon the sweat of the people? But more than that. A very large quantity of 4&frac12, 5 and 6 per cent. bonds are held by banks, by insurance companies, trust companies, savings institutions and in trust for widows and orphans. Thus they form an important part of the securities upon which these institutions are based. They are among their most reliable and most available assets. Probably most of us do not own a United States bond in the world. But every one of us who holds a policy in a life insurance company, or whose house or furniture is insured against fire, or who has a deposit in a bank or savings institution, or who has a national-bank note in his pocket is as much interested in the value of our National bonds and in a certain sense as much a bond holder as the owner of a bond himself; for if the value of the bonds is attacked and impaired the security of your investment goes, to that extent, by the board. Now, my fellow-bondholders, are you aware of the disgrace of your “bloated” criminality? Do you see now who the great, dreadful, bloodsucking bondholder is? It is the American