The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-08-25

~ 10 " N''l su'tl'V law VI lIulc, lIlNt Una
which is driven from the market is de
stroyed in value. The bonds of the Unite,
States has driven, and is still driving. near
ly every other class Of securities from tn
market,
We see from the reports from the treas
ury department that the sale of 4 per cent
bonds amounts to nearly 81 100000 per day
or about S25,OOO,000 per month, and this il
hcradcd forth daily rs an evidence of grca
financial prosperity and national credit |
is evidence of high financial credit, to be
sure, but will it bring relief to this country
where relief is so much needed! viii it re-
vive the langishing industries of the coun
try! Will it open the workshops! viii il
start the rolling mills and foundrics2 viii
it open the mines, and stimulate agriculture
and commerce. Surely not, so long as these
4 per cent bonds are being sold il thi.
country,
The 5-20's that are 10 he redeemed lS
these sales are mostly held in Europc-wc
are not able to make the exchange in thi.
way. The drain is too great. If the
/ per cent. bonds could he exchanged d.
rectly for the 5-20's il would be good
trade, or if they could be sold in Europe
where the j-90's are held, il would be well
enough; but they are not. But the friends
Of the funding bill say, "Are we not saving
. per cent, interest by selling the per cent
bonds and using the proceeds to redeem the
j-20s. Ie,, sir; we are
They then say we are saving 100000, 600
or more annually, and this is great saving
to the people. Now, that depends entirely
upon circumstances.
If this can be done without injury to
some other interest, it should he done #
it Injuries some other interest more than it
relieves in this, it should not be done.
Now, the accommodation of industry must
pay the bonded debt, interest and princi-
pal. 1t is surely taxing the industry of the
country too much at this time, to pay the
interest and principal,
The surplus capital of the coutry should
BE- allowed to 20 into the industries until
they are revived and resuScitated
The funding law is unjust to the people
and its immediate advantage is only to the
capitalist. 1t withdraws from the taxable
property of the States in proportion as the
loan is taken. The shrinkagc in all other
property cXcep, United State bonds has
made the tax on property almost unbear-
able, all over this county. Property that
a few years ago was considered valuable is
now being forfeited for taxes by the owners.
and 50 long as there are bonds upon the mar
ket exempt from taxation, just 50 long will
the surplus money in the hands of the CAPT
talist bc withheld from all investments that
are subject TO taxation.
Ii the exemption from taxation Of United
States bonds in times of war was iuStitlablc,
il is not 50 in times Of peace. But" SAYS
the Republican, these bonds would not sell
if they were subject to taxation" That may
be 50, and it might be better for the coun-
try if they would not sell; the real estate Of
this country would again come into the
market. and it would soil; and the invest
mcnt Of capital in real property would be
followed by Improvements Of the property.
and the sound of the carpenters hammer
and the ring Of the mason's trowel would
be heard again in our land
The j.20's We're made payable at the OPP
ton of the government, after five years.
The per cents are not made payable at
any specified time but payable at the OPP
ton Of the government after 1907.
The option Of the government to redeem
the j-?Os is lost and swallowed up in this
new loan.
II would be better for the government
and the people to stop this ncw loan at once.
create a sinking fund and pay of the $50
bond, a. fast as money accumulates in the
treasury. Tn people in this country will
never rest unit the national debt is placed
in course Of ultimate extinction.
The per cent bonds look to perpetual
debt \ national debt may be a national
blessing 10 a monarchy but it is a national
curse to republic
Mr.. Lincoln in his Gettysburg address,
pronounced this "a government of the pco-
pie, by the people, and for the people.
Under the rule of his successors it has been
and now is government Of the capitalists,
by the capitalists, for the capitalists. And
now, lei Us make the resolve here tonight,
that the government "uf the people, by the
people, for the people" shall he rcinstatcd
10 the people and shall not perish from the
earth"
We had at one time a law that taxed the
incomes OF all whose income from trade,
business, investment or other soucccs, after
dcducting necessary expenses, exceeded one
thousand dollars, and fiom which the govern
mcnt derived annually a revenue Of from
eight 70 ten miIlonsof dollars. This tax was
paddy the wealthy classes ana rich corpora
tons
Take for example the Mutual Life insur-
alcc company, Of New York, the richest
life insurance company in the world. 1t
had in It's vaults probably $4,000, 900 in
United States bonds, say j-2Os, bearing q
per cent. interest in gold payable scmi-an-
nually, At the end OF the first six months
this wealthy corporation drew from the sub
treasury in New York Sl,j00,O00 in gold.
Thisitconvcrted into greenback, receivingl 10
per cent. premium on gold and realized by
that transaction Slj0,O00. This it loaned
at six per cent. tor six months and made
1880 more. At the end of the year the
company drew 81 800, 600 and converted
that into grecnbacks and received
$lj0,0O0 making the total earnings
from bonds for the year, $3,3O4,jOo now
under the income law of 1865, this corpo-
ration would have to pay the government
S330,l20.
The Astor estate in New York had at the
same time SjO,o00,0O0 in real property
which realized about the same amount in
rents, and paid about the same income to