him, “You are a bloodsucker and a scoundrel”? I have known individuals who, when you had helped them with a loan, would feel and act as if they owed you not the money but a grudge. You would despise such persons as mean and contemptible fellows. Would it be more honorable for the great American people to put themselves upon the same level by saying, “Let us hate the bondholders, for they have lent us money”?
But now suppose such a cry be taken up by the American people, and acted upon by a refusal to pay that which we owe, by direct or indirect repudiation of the whole or part of the debt contracted in the hour of need, have you considered what help we may expect in case such an hour of need and danger should come upon us again?
I must confess, even if the bondholders of to-day still were the same men who, during the civil war, bought the bonds at a low price, I should consider the outcry against them as utterly dishonorable and disgusting, as well as foolish; as a National disgrace as well as a National danger—ruinous to our good name as well as to our true interests.
But who are to-day the “bloated” holders of our National bonds? It is a notorious fact that only an infinitesimal part, if any, of our National bonds are still in the hands of the original purchasers. The original purchasers have long ago realized on them, and those who hold the bonds now have almost all bought them at high figures, and in a large majority of cases probably at their par value. And who are these holders? It is estimated that at one time about one thousand millions of our bonds were held abroad. It is stated by the Secretary of the Treasury, who has the best means of ascertaining the fact, that at present the amount of bonds held in foreign countries is less than two hundred and fifty millions, probably not over two hundred. The rest of those for-
