The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-09-01
In Whose Interest, the People or the Banks9

To The Statesman:
In view of the demand made by the
Hogg platform, promulgated at Hous-
ton. for repe ! of the federal tax on
state banks, it may be of interest to
some to cast brief Renaissance to
DAYS when all the leaders of Democra-
CIV were united, and, with the patty,
distinguished and respected for emil
nent patriotism, honesty and disinter-
estedness of purpose.
The tax in question is measure OF
old time Democracy. The mover OF 1t
was Senator Benton, than whom a
more sound and staunch Democra
never lived. He was the most ardent
political supporter of General Jackson
In 1910 Mr.. Benton brought forward
his promised bill to tax the circula-
ton of banks and bankers, and OF all
corporations, companies, or individu-
ais, that issued paper currency. He
said nothing was more reasonable
than to require the moneyed interes
which was employed in banking-and
especially in that branch of banking
which was dedicated to the profitable
business of converting lampblack and
rags into mOney-to contribute to the
support of the government. 1t was a
large interest, very able, and very
proper, to pay taxes-and which paid
nothing on their profitable issues
profitable to them-injurious to the
country. This great expounder OF
Democracy here makes decided hos
tile thrust at state banks of issue, now
recommended by the Hogg platform.
1t was an interest which possessed
many privileges over the rest of the
community by laws which usurped
many others which the law did not
grant; which, in fact, set the laws
and the government at defiance
whenever it pleased; and which
in addition to all these privileges and
advantages, was entirely exempt
from federal taxation. While the
producing and laboring classes were
all taxed; while these meritorious
classes, with their small incomes,
were taxed in their comforts and nee
essaries-in their salt, iron, sugar,
blankets, hats, coats, and shoes, and
so many other articles-the banking
interest, which dealt in hundreds of
millions, which manufactured and
monopolized money, which put up
and put down prices, and held the
whole country subject to it's power,
and tributary to it's wealth, paid
nothing. This was wrong in itself, and
unjust to the rest of the COM
murity. 1t was an error or
mistake of the government which he
had long intended to bring to the no.
tice of the senate and the country; and
he judged the present conjuncture to
be a proper time for doing it. This is
the time for bringing forward the
banking interest to bear their share of
the public burdens, and the more so,
as they are now in the act of proving
themselves to be a great burden on
the public, and the public mind is be-
ginning to consider whether there is
any way to make them amenable to
law and government.
Thus spake this great American
patriot and Democratic statesman;
and this measure became, and has re-
NAMED, law. But now in the in
scrutable wisdom of the Hogg oil
garchy it is proclaimed to be meas
ure so outrageous as demands an
immediate repeal; and that
the monopolistic, not to
say dangerous, system of state bank
ing be restored and granted corporate
powers in this state. Where now are
''the fathersn behind whose shadows
a retreat of safety was 30 pleadingly
sought in the matter of the recon-
mendation of loaning the school money
to railroads. Some people believe
that the banking interest is more pow
erful and menacing today than when
Mr.. Benton so vigorously denounced
them in the above mentioned speech,
and that just and greater reasons now
exist for imposing tax on them, and
that it should be increased, instead OF
repealed. Can these people vote for
the candidates who are running on
this odious and un-Democratic plat
form? Gentle "Party crats," whittier
are you drifting? xxx.
Evolution of Army ransportation.