142 HEREDITY. 



It must be admitted that there is some force in the 

 popular cry that there ought not to be one kind of 

 money for bondholders, and another for the masses. 

 What is the reply to that insidious plea of dema- 

 gogues ? 



The government promised to pay " in coin " the 

 principal and interest of money lent to it in the war 

 for the protection of the nation. Public explana- 

 tions made by the government interpreted the phrase 

 " in coin " as meaning " in gold." Of course " coin " 

 could not mean coin of depreciated value, and worth 

 only ninety cents on a dollar. The whole people, 

 including the debtor class and the workingmen, 

 authorized through their representatives the promise 

 to pay in coin. The pledge of the nation was made, 

 not only to the wealthy citizens, but to foreign capi- 

 talists, and in many cases to those of moderate means 

 in the American population. The war was for the 

 benefit of every class, including the poor widow, who, 

 out of her hoard, gave a little to the purchase of 

 government bonds, as well as the capitalist, whose 

 assistance of the government involved no self-denial. 

 The workingman who purchased government bonds 

 in any degree was one of the persons to whom the 

 public faith was plighted. The war, in which the 

 borrowed money was spent, was for the benefit of 

 every class between the Lakes and the Gulf and the 

 two oceans. The expenditure was pre-eminently for 

 the good of those who now call themselves the debt- 

 or class by eminence. If, therefore, we are to look 

 upon the promise of the nation as a serious one 



