The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1880-05-06

of the government with which they
were bought. If the government
can legislate resumption it can and
has legislated equivalence between
greenback and gold, and the bond
holder cannot refuse payment un
der an act which he himself has so
long recognized, aud for which he
has spent his money, his time and
his toll to perpetrate. This adjust
ment would increase the currency,
diminish the debt, and compel the
bondholder to invest and become
interested in the industrial interests
of the country. 1t would also aid the
states to adjust their Indebtedness
by affording the people a means
with which to pay taxes without
oppression. hope to see the day
when this can be done. l hope
also to see the day when In Ten
nessee no taxes state purpose
shall be levied on real estate. Since
L have found that this can and has
been made practicable 1 have cher
ished the idea and heartily wished
its contamination in Tennessee. To
the agriculture of the country and
the labor which tills she soil, every
business profession and avocation
where man and oeast are to be sup
piled, they look for their subsist-
ence and necessities of life.
The labor and soil being the
support and maintenance of man
and therefore of the Government,
1T therein and thereby becomes the
very life of all government and so
ciety, and should not be held to
pay revenue to the institutions
which owe their very existence to
its enjoyment. The state of Penn
sylvania affords her sisters of this
Union a useful lesson in this par
ticular. No tax is levied on real
estate in Pennsylvania for state
purposes.
The total tax receipts of that
tate for the yea 1879 were over
100000, and yet even the per-
sonal property produced of that
sum only $547,017. Most of the
larger revenues of the state are
derived from taxes on corporations.
Witness the following: Tax on cor
porations and their stock $2,0S6,
800; tax on foreign insurance COM
panies $500,887; tax on coal COM
panies 1882, tax on bank stock
1894 278; Communication of tonnage
tax $46O,000; collateral inheritan ce
tax $37S,029; license taxes 1884 30;
tax on writs, wills and deeds $l79,
lob; and tax on net earnings or in
come $45,626. While in Tennessee
during the year 1878 the total re-
ceipts of the state from all sources
amounted to $626,52S "a, and more
than one half of that amount raised
by taxation on real estate.
In the State of Delaware for tbs
year 1878 out of the total tax re-
ceipts of about SI55, 900, only about
$4,000 were raised from revenue
on real estate, the balance being
from taxes on corporations, prlvl
leges and personal property.
NATIONAL BANKS.
Returning again to Federal al
fairs, desire to call your attention
10 another stupendous fraud upor
the rights of the people known Al
the system of National Banking.
These banks seem to have beer
the pet children of congressional
legislation, manipulated by the over,
reaching money power of the United
States. They are an exclusive class
of corporations, and no man or sci
of men can obtain their benefits
and privileges unless he be bond
holder.
The very statement of the law
shows to my mind the injustice
done the masses of the people by
this system. The law provides
that whenever any number of per
sons shall deposit 100000 in
bonds with the Treasurer of the
United States they shall be entitled
to organize themselves into a Ma
tional Bank and Issue 100000 OF
circulating currency.
Now mark you, the bonds con-
tinue to yield an annual interest to
the original owners, in addition to
which the bank loans its circula-
ton to the people at ten or any
other per cent. they see proper.
The deposit nearly, if not always,
justifies the loan of the entire
amount of the circulation. Hence
this exclusive class of citizens draw
interest on their bonds, say 5 per
cent, making So, 900, and 10 per cent,
low estimate on currency, making
$4,000, an income authorized by
law of SD, 900 per annum on an in
vestment of 100000 in the way OF
interest alone, not counting profits
by exchange, shaving notes, DC,
&C., and the people have it to pay.
Can any citizen make this invest
ment with his neighbor? Is he
permitted to do so? No sir. He
must be bondholder or he cannot,
though he be worth a billion, enjoy
the fruits of this system. 1t is now
commended upon the authority of the
Treasury Department at Washing
ton that no state interest laws can
restrain or affect National Banks,
and they can charge whatever inter
est they see fit. Thus here in Ten
nessee this favorite class can be-
come usurers and extortioners and
defy all state usury laws. In my
opinion this should be changed and
congress should, by appropriate leg
islation, put National Bank stock
holders on the same footing with
other citizens in any state where the
bank may be located.
Every cent Of interest paid on
these bonds, every cent of interest
or usury paid to these banks, comes
from the toll and labor of the peo-
pie. Can you, my countrymen, can
the farming and iaboring classes of
the people of the United States af-
ford TO maintain a system which
requires them to pay IA per cent.
on every 500 OF over one-half OF
the entire circulation of the money?
This is what you are doing, for
of the entire volume OF the currency
now in circulation over one-half OF
it is of National Bank notes. Sen
Il L q II - H.