The Sunday herald. [volume] (Washington [D.C.]) 1866-1887, 1881-01-16
THE FUNDING QUESTION.

While so much nonsense is being talked
in Congress about the Funding Bill we cheer
fully reproduce part of an article full of
" horse sense from the Chicago Tribune:
During this whole debate the reader will search In
vain for suggestion Of the real points which should
govern the action Of Congress In this matter. They
are briefly: ~ The Government has no revenue save
what 1t obtains by taxation. t2) There is yearly
surplus varying between fifty and hundred
millions Of dollars above the needs Of the Government
which is conclusive that taxation is that much too
high. cay This surplus -taxation is taken from
the hands OF the people, taken from the wages or
working fund Of the country and is worth to the peo
pie In their reproductive industries whence 1t
taken, from to 10 per cent. There hundreds
OF millions Of bonds and mortgages and other debts,
bearing from to 10 per cent. interest, Issued by
private persons and by corporations engaged in every
branch Of productive industry. These bonds and
debts are ten times as great as the national debt.
Such persons want this money to pay their debts
and to enlarge and improve their own business
Every manufacturer and agricuturist In the land Is
crippled and Injured because Of this tax, by
which portion Of his working capital is taken from
him every year. The annual value Of these hundred
millions OF dollars OF unnecessary Federal taxation to
those from whom 1t is taken is the real and the only
true figure by which this proposition to exchange
per cent. bonds for and per cent. bonds can be
measured. Is Is wlse Just rational to take sl00,
900 Of the working capital of the country, worth
to those who hold 1t from to 10 per cent? to pay OF
debt which I've extended Indemnity at per cent
Let Mr. Mills ask any of his Texas constituents
who Is In debt and paying 10 per cent. interest
thereon whether he would like to change that debt
into per cent. obligation and let 1t run for con-
siderable time to let 1t continue at to 10 per cent
interest and struggle to pay 1t of In few yearsthis
high interest In the meantime eating him up. The
1870 000 0O0 OF debt which Mr. Hurd demands shall bt
paid In ten years Is mortgage on the business and
property Of the country. VIII Mr.. Hurd ask any Of
his constituents whether lie Is In favor OF paying
the money used by him In his business, and worth t.
him from to 10 per cent. to take mortgage bear
Ing only per cent interest," when that mortgage
be extended at that rate as long as he needs 1t?
This f670, 600, 900 is mortgage falling due, bu
which may be extended twenty thirty forty years
at per cent interest. 1t Is proposed by these hgl
taxation and rapid debtpayers that this OF none!
be taken from the pockets Of the people, to whom 1t
Of immediate at value OF to 10 per cent, ant
| pay on the per cent mortgage. And this PROPOSE
ton Is advocated defended and justified the gr0unt
that is saving 3per cent interest Isitnot ito thu
hOmely but not less expressive term saving at TIN
spigot and wasting at the bungf One hundred extr
millions taken annually from the people is loss 4
them average OF say to 10 per cent. to use
pay per cent. bonds 10 to per cent interest
| net loss s5, 600, 900 year. The interest pc
cent bond for twenty years Is 60 per cent. the los
the extorted from the people to pay that bon
computed at per cent. for twenty years is lGo pc
cent and yet the House OF Representatives has 10
days echoed with the frantic claims called states
Insisting that to take the money worth In business
per cent TO pay debt bearing only per cent interes
| is "saving :" to the countryside very embodimen
OF financial wisdom
Let Congress fund the debt at the lowest practicabl
rate Of interest and repeal the wartares under wbic
the country is plundered unnecessarily from $50,
600, 900 to si00 900, 900 annually. That is the tri
way to save and 10 benefit the American people.