Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1888-10-05

pIONlSIOl Ol law lIOIl WHICH SuCu d pOhSI
could be derived is found in an appropria-
ton bill passed a number of years ago;
and it is subject to the suspicion that it
was intended as temporary and limited III
its application instead of comforting a
continuing discretion and authority. No
condition ought to exist which would
justify the grant of power to single of
fetal, upon his judgment of its necessity,
to withhold from or release to the bust
ness of the people, i'll an unusual manner,
money held in the treasury, and thus
affect at his will, the financial situation
of the country; and if it is deemed wise to
lodge in the secretary of the treasury the
authority in the present juncture to pur-
chase bonds, it should be plainly vested
and provided as far as possible with such
checks and limitation as will define this
officials right and discretion and at the
same time relieve him from undue res
possibility
VARIOUS RELIEF PROPOSITIONS DISCUS
In considering the question of purchas-
ing bonds as a means of restoring to cir
culatlon the surplus money accommodating
i'll the treasury it should be borne i'll mind
that premiums must of course be paid
upon such purchase, that there may be a
large part of these bonds held as invest
ments which cannot be purchased at any
price, and that combinations among hold
ers who are willing to sell may unreason-
ably enhance the cost of such bonds to
the government 1t has been suggested
that the present bonded debt might be re
funded at a less rate of interest, and the
difference between the old and new secur-
ity paid i'll cash, thus finding use for the
surplus i'll the treasury. The success of
this plan, 1t Is apparent, must depend
upon the volition of the holders of the
present bonds; and it is not entirely GER
tain that the induCement which must be
offered them would result i'll more finan-
Cial benefit to the government than to the
purchases of bonds, while the latter pro-
position would reduce the principal of the
debt by actual payment instead of extend
ing It.
The proposition to deposit the money
held by the government in banks through
out the country, for use by the people, is,
It seems to me, exceedingly Objectionable
i'll principle, as establishing too close a
relationship between the operations of
the government treasury and the business
OF the country, and too extensive a COM
mlngling of their money, thus fostering
an unnatural reliance III private business
upon public funds. If this scheme should
be adopted it should only be done as a
temporary eXpedient to meet an urgent
necessity. Legislative and executive
effort should generally be in the opposite
direction and should have a tendency to
divorce as much and as fast as can safely
be done the treasury department from
private enterprise.
Oh course IT Is not expected that I'M
necessary and eXtravagant appropriations
will be made for the purpose of averting
the accumulation of an excess of revenue.
Such expenditure, beside the demoraliza-
ton of all just conceptions of public duty
which IT entails, stimulates a habit of
reckless 1mprov1denCe not i'll the least
consistent with the mission of our people
or the high and benefcent purposes of
our government Il
/ have deemed If my duty to thus bring
to the knowledge of my countrvmen, as
well as to the attention of their repre-
sentatives charged with the responsibility
of Legislative relief, the gravity of our
financial situation. The failure of the
congress heretofore TO provide against the
dangers which it was quite evident the
very nature of the difficulty must neCes-
sarlly produce caused a condition of
financial distress and apprehension since
your last adjournment which taxed to the
utmost all the authority and expedients
within executive control and these appear
now to be exhausted. If disaster results
from the continued inaCtion of congress,
the responsibility must rest where it
belongs. Though the situation thus far
considered is fraught with danger which
should be fully realized, and though it
presents features of wrong to the people
as well as peril to the country, it is but
result growing out of perfectly pal
pable and apparent cause, constantly re-
producing the same alarming circum-
stances-a Congested national treasury
and depleted monetary condition i'll the
business of the country. 1t need hardly
be stated that while the present situation
demands a remedy, we can only be saved
from like prediCament III the future BY
the removal of its cause.
THE CAUSE SHOULD BE REMOVED.
Our scheme of taxation by means of
which this needless surplus is taken from
the people and put into the public treas
ury consists of tariff or duty levied upon
from abroad and internal
revenue taxes levied upon the consump-
ton of tobacco and spirituous and malt
liquors. 1t must be conceded that none
of the things subjected to internal revenue
taxation are, strictly speaking, necessaries;
there appears to be no just complaint of
this taxation by the consumers of these
articles, and there seems to be nothing so
we'll able to bear the burden without hard
ship to any portion of the people.
But our present tariff laws, the vicious,
inequitab1e and illogical source of unnec-
esssary taxation, ought to be at once
revised and amended These laws, or
their primary and plain effect, raise the
price to consumers of all articles imported
and subject to duty, by precisely the sum
paid for such duties. Thus the amount
of the duty measures the tax paid by
those who purchase for use these imported
Many of these things, however,
are raised or manufactured in our own
country, and the duties now levied upon
foreign goods and products are called
" protection" to these home manufact-
urers, because they render it possible for
those of our people who are 1nanufact-
urers to make these taxed articles and
sell them for a price equal to that de-
manded for the imported goods that have
paid customs duty. So 1t happens that
while comparatively few use the im-
ported articles, millions of our people