The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-05-20


During the last month the Secretary OF the
Treasury had purchased of A per cent.
bonds $l3, 456, 900, on which interest had
accrued to the amount OF S53,l72. For
these bonds, with the accrued interest, he
was compelled to pay and did pay the sum
OF $l7 ,0l6, 900, or So, $3.50, S3S over and above
the amount OF the principal and accrued
interest, paying a premium OF 26a per
cent During the same time and under
the same authority he purchased SIP, 40i,-
900 OF A per cent. bonds, on which inter
est had accrued TO the amount OF Sos, 900.
For these bonds he. paid $l3,379, 900, or
1857, 600 in excess OF the principal and in
terest, or a premium Of 7 per cent. Thisis
the situation into which the government
in the past to make proper provision
Millions OF dollars arc taken by
law from tho hands OF the people
who earn the money by their labor and
by their skill in the prosecution OF their
business to be paid over to the bond
the bonds. II Congress adjourns without
applying the remedy this unjust process
must 90 on indefinitely. In the presence
~
quarrel over the details. A reduction OF
the revenue, not by increasing taxation as
some propose, but by reducing taxation in
such measure as to afford the largest meas
ure of relief to the people and their in
ing object 10 which everything else should
be subordnated. do not mean that any
industry, however small and apparently
fna ah l... fttll,
sidered in friendly spirit. But | do
mean that the general interests OF the
many should not be subordinate TO the
special interests OF the few. This spurely
practical question. Its consideration
necessarily involves q discussion 10 some
extent Of the principal on which the
power OF taxation is exercised. There
is fundamental and irreconcil-
those who believe that the power OF
taxation should be exercised only for pub
| lie purposes, and that the burdens OF tax
all the people according TO their ability 10
bear them and those who believe ii is the
right aad duty OF the government 10 en-
courage private interests by the imposition
Of higher rates than the needs OF the gov
would venture 10 advocate excessive taxa
ton merely for the purpose OF raising an
excessive revenue. But when the rates
are so adjusted or the objects OF tax
alton 80 selected rs TO give one section
Of the country or one class OF industries adj
yantagcs or supposed advantages over
another section or another class, we find
large number OF able and influential men
10.
at least cxcuseit. This is the sole cause of
the difficulty which wearc n)w encounter
ing in our efforts 10 relieve the people and
reduce the surplus. II is the sole cause
OF the unfortunate delay which has
occurred in the reduction OF the rev.
enue, and II the present measure shall
| fail and disaster in any form shall come
upon the country and the industrial inter
ests OF tho country, by reason Of over
taxation and an accumulation Of money in
the treasury, this vicious feature in our
system will be responsible for IL. When
! ever we propose 10 secure 90 each indi-
yidual citizen the full fruits OF his own
toll, subject only TO the requirements OF
the government; whenever VIC propose TO
remove restrictions, 40 that there may DO
frcor production and frcer exchange, the
alarm Is sounded aud all the cohorts Of
monopoly are assembled 10 hear the her
aids proclaim the immediate ruin OF the
country. We have heard IL over and over
again during this debate. II has been 70
peated over and over again in this hall,
and gentlemen from New England espc-
cially seem alarmed "a 10 the fate that
will bciall their industries in case the bill
should become law.
| n...tt........ -, N.... E,..iouI t,rnIi.lal
In 1916 that the duties fixed by the law Of
that date would ruin their textile indus.
tries. In 1857 all OF the New England
members yo.ed for q still further reduction
| Of 20 per cent. from what they had called
the ruinously low tariff OF 1896 In the
free trade period, asthc Republicans called
the decade from 1850 20 1860, the wool
manufactured product increased ~ per
cent and labor 81 per cent Applause. ]
The increased product In New England
was 62 per cont In hosiery the product
increased ~ per cent In cotton the
product In New England increased 81 per
cent In boots and shoes, upon which the
duty had been reduced 10 per cent, the
increase In New England was 50 per cent
the product In 1860 in New England was
more than the entire product OF the Union
In 1850. This was what the Republicans
from New England had seen under n low
tariff. Within eleven years after the pass.
ago Of this bill the people OF Now England
would vote for a still further reduction, or II
they did not, the people would send some
body here who would. [Applause. This
was what they had seen. They had seen
their manuincturingi growing aud
prospering as mover before. They saw the
number OF their hands constantly increas'
ing and the rates Of wages constantly
rising. They saw the great manufacturing
and agricultural interests flourish NJ never
before. But there was something they did
not see. They did not see great monopo'
lies and trusts created 10 control the pro-
duction and prices OF the neccssarics OF
life. They did not see colossal fortunes
realized by few individuals In n short
period Of time while tho great masses oi
Inc people were struggling hard 10 live
comfortably aud pay their taxes. They
did not sec thousands Of honest labofinp
men out Of employment parading The
streets Of city or tramping TO and fro on
the public highways, demanding work OF
bread. With these things under high
tariff, and class legislation, We have DO
come familiar.
lie quoted Henry Wilson, Of Mavachu
setls, as fayonng free raw mat ria, which
he said, sounded like good old.iashionet
Democratic doctrine. Applause. Th'
gentleman from Michigan (Burowsl hai
stated that the result Of the passage Of thu
tariff acts Of 1916 and 1857 was TO reduc'
the country 10 absolute bankruptcy and y
| "A. a Al. aaN