The Labor enquirer., 1882-12-30
that concern all classes Of the American

that concern all classes Of the American
people.
|. Il can well conceive how that to the
mind of business man the lament of
the individual, Uncle Sam, that he was
getting out of debt too rapidly should
for the moment provoke a laugh. The
universal struggle among the. business
classes is to get out of debt. IF / could
only pull out.of debit" is the cry that is
heard on every hand as the new year
approaches and the merchants cast
retrospective glance over their business
concerns. But the president of the
United States, as mouthpiece for Uncle
Sam, after reconnting the enormous sur
plus available for paying off the national
debt, through the public revenues, pro-
ceeds vigorousl. to sound the alarm
"That such rapid extinguishment of the
national debt as is now taking place is by
no means cause for congratulation; it
is a cause rather for serious apprehen-
sioD," u
Serious apprehension, to whom? ask.
Can the rapid extinguishment of this
debt be a cause of regret to the Iegiti
mate business classes, who are ham
pered by every species of obtrusiVe rev.
enue tax by which to raise the interest
upon it? Can the rapid extinguishment
Of this debt be a cause Of regret to any
body whose capital is. invested in pro-
ductiVe industry, or even in houses,
lands or stocks? Certainly labor, upon
whose shoulders the whole debt ulti-
mately sits, has no cause for grief over
the rapid lifting of the debt. Who,
then, finds such cause for serious appre
hension over its rapid extinguishment? I?
The bondholders, of course! and chiefly
that class of bondholders represented by
the the 2,269 subsidized national banks
whom the government permits to rob
the people.
According to the report of the secre-
tary of the treasury, III new banks have
been started during the past year, which
is the greatest number organized during
any year since 1872. The existence of
the 2,269 national banks hangs upon a
perpetuation of the national debt as rep
resented in United States bonds. The
secretary tells US that these banks now
hold S22O,OO0,00O Of United States bonds,
which are payable at the pleasure Of the
government. We are told that nearly all
of the banks whose corporate existence
has expired have renewed their charters,
and that 3O5 banks, whose corporate ex-
istence will expire before February 25,
1888, have given notice of an intention
to extend their existence under an act
passed at the last session of congress.
A great harvest is then projected for
the national banks in the coming years.
Without plenty of bonds the banks can
not be kept up. In spite of all the
schemes of thievery and extravaganza
that congress could possibly put into ex-
ecution the surplus in the hands Of the
treasurer with which to liquidat bonds
increases. The national banks hold 1920
Oo0O0l which the government can
liquidate at it's spleasure But if the fod-
der be pulled away from the OK where.
with shall the beast fatten? In this
pressing dilemma the president of this
great nation sounds the alarm. He tells
Us that it is bad thing for nation tc
get out of debt too rapidly. The finding
in it's Golfers by nation of the means
wherewith to pay its debts is not cause
for congratulation, but rather cause fol
serious apprehension!
Close upon the heels of the president
comes the secretary of the treasury. He
too, is alarmed, and devotes his best Wit
and wisdom to stealthy and infamous
budget of sophistry, in which, under
cover of the danger of contraction on
the part Of the National Banks, he
brazenly suggests the removal Of the
slight tax that is now imposed upon
them, or an INCREASE Of their subsidy.
But under no condition shall their bonds
be taken from them. If it doth appear
that possibility threatens of not being
able to steal the surplus fonnd In the
treasury as fast as it accumulates, then
reduce the tax on coffee and tobacco
That will serve to pacify the working
people, Till no more surplus available for