The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-11-14
NlNCIAL AND COTTON
FINANCIAL.

.rox,,,r ius. and intelligent view 81 he
~ pinstxeen the treasury redelnpiions and
<saous is.,;ons In railroad construction and Sc
tfsis rom the Chicago Tribune:
trn@s. building too many railroads, and the
W STATES government is supplying the
ssk..ilh which the speculation IS being run
~ has not for many years voted bond
Etl = srsni In aid Of railroads. but ii is still
~ NM that Tvs policy has furnished the
b. a., their eXtraY0gHnt construction.
X>2,...Sjliar marvel of American finance Is thu
hl.S,h which our national debt is being ex-
fr M In tho three years since October.
tFsSr 800 000,OO of IL have been paid od
sG,tser marvel, less th0ughtof but more re-
t..sis is that In the SAME time this country
2 snill upwards OF u 90 miles OF road at y
fcsO ZOO 900 in cash, and this practically
~, Itt!e help from abroad. In previnuS
" ssreas railroad building Europe ha, .i-
IN rs With most of the capital, This time
r,ney has been mainly drawn from our
~sources II has been taken from the peo-
4, a system Of excessive and depressing
.,Jou far above the needs of the government
y. burden Of taxation has yielned what is
va surplus. But this designation of IL
q. mi,npresents its real character. A sur
I'M me governments deficit for the tax.
y, snd his industries.
gsis de6cit-Mrplus extracted from tbs pro-
I've resources of the country has been paid
y, the bondhOlders, and they have turned
~ and invested il in railroads. A vast
r.nnt of capital that would have been, ifleft
| ~ continually reproductive, has been thus
ps.s,sfuly evicled from the hands OF the peo-
|sly The Ia, gatherer, aud then eyiCted from
|g,sossession Of the bondtolders by the calls of
|..seretary of the treasury. Wall street has
|r.bslic sense of floating IL is the money
|ssSalt the unnecessary Nicsle.plate and the
IS,f l5)0 miles Of road that have been put by
ISlde Of the trunk lines In the eastern states,
[salhAi is building competitive parallels to too
I,.sv Of the western and trGnScontinental lines.
|s,ihj; money that has encouraged premature
|~sprses to stretch hundreds OF miles into the
III west aud south, where running expenses
In hardly DO earned for years to come 1t is
Isnoney that has revived scores of ill.cousid-
Bankruptcies that were laid away for dead in
IanOreue Of 1873.
fsRndholders who were realizing and a
I.,,Cu per cent. on the value of their govern
krk had TO surrender them aud look into
I'm street for other investments Those who
|IIwnseuted to accept from the treasury So
|woat indefinitely in place of per cent
I'm forced to take their money and 20 TO the
las seneys and Stantoras for the privilege
la Investment The community needed TO
|anIed only enough to pay them 3ia per cent
IN bonds Unjust be taxed TO pay 6 and per
|gl syear, to say nothing Of dividends on The
|mk
Dning the last fiscal year the country was
fnished to see itself pay ing Off the debt at the
sl2 GAG, GOO month, but it is now liqui-
|Eag'l5 10000 monthly. Since June 80 this
|nf, NQ423 AS of our bonds have been
sNned.' None OF them were due. They
w only redeemable. Our farmers aud bust.
,@men and working people are now paying
sis TO the amount of $4,000 900 year more
Nm needed to meet the expenses of the gov
nnent and pay the aceruing interest on the
NJ These taxes are poured by the treasury
BIZ Wall street to irrigate Il sterile speculation
inis and stocks. The last congress stOlidly
siRed to reform this excessive taxation, which
hes gambling In the stock exchanges, and
wmOtes river and harbor steals and other
lavish eXtravaganecs in the administration of
ANyemment The people will look to the
Nj gngress for relief, and they ought not to
@S in vain. They are tired of being taxed for
u benefit of Wall street.