The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1892-05-28

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in high places will follow, and the money
power Of tho country will endeavor to
prolong its reign By working upon the
prejudices Of the people until ell wealth
Is aggregated in few hands, and the re-
public is destroyed. I feel at this time
more anxiety for the safety of my country
than ever before. even in the midst Of
the war;
On the Oath Of September, 1869,
many Of the foster children Of Con-
gress went bankrupt. Their greed
predominated their judgment, con-
sequently they grasped more than
they could handle, therefore their
fall. The Oath of September, 1869,
will always be known in history as
"Black Friday, in Wall street."
The going under of these few mo-
nopolies in 1869, affected the whole
of Wall street.
In 1868, an income tax law went
into effect by which "allincomes in
excess Of 5000 and under $4,000
were taxed at the rate of 3 per cent,
and over $4,000, 5 per cent. This
act was amended by subsequent
acts, but in 1871 it was repealed.
By this generous act on the part OF
Congress towards Wall street, two
hundred and fifty men, whose in
come tax yielded the government
for the fiscal year ending June 80,
1868, $41, 455 500, were released
from helping the government to
bear her heavy burden of indebted
ness. The aggregate income OF
those $50 men, in 1868, exceeded
$500, 600, 900, every cent OF which
was drained from our government
for which nothing, virtually speak
ing, was returned.
Under the income tax there was
collected a total of 1916, 9O6, 1873.
This money came direct from ma
tional bankers, national security
holders and other monopolies such
as had been created by Congress,
and it was their proportionate part
to bear up the governments expen-
ses. Why Congress should have
released this favored class of their
duty to the nation and impose their
obligations on the public, is some
thing that has not yet been ex-
planned. Such actions on the part
of Congress were not prompted by
a spirit of equal rights to all with
special privileges to none.' 1t was
the voice of the recipients of special
legislation that went up, and may
be some Of the 100000, 900 of an
nual income, too, that prompted
Congress to do this unjust act.
No sooner had the income tax
act been repealed than the monop-
olies were again knocking at the
door of Congress for some more
needed legislation. The product of
gold and silver was increasing. If
both metals were to be used much
longer as currency of the country,
Wall street would soon cease to be
the direct channel through which
the money of the country would
have to pass to the national treas
ury and back again from the treas
ury, through them, to the people.
The scarcer the currency of the
country could be made the longer
those blessed few could enjoy the
pleasures of bounties and "shares."
Resumption of specie payment
could be stayed off longer, and pre-
miums on gold would move right
along with the country. In order
that these ends might be attained,
Congress again obeyed the voice of
Wall street, at the sacrifice of the
nation, and demonetized silver.
This terrible crime was committed
during the latter part Of the And
Congress, in 1878. It could not he
argued by Congress then that we had
too much silver. If such was the
case, why was not all of the national
securities called in that could be
called in at that time, to liquidate
part of the nations Indebtedness
of 81, 234, 4S2, 993.20, which we then
owed? Both interest and principal
of our government bonds were made
payable in coin when they were
drawn. The give Twenties," which
were drawn for twenty years, could
have been all redeemed by the gov
eminent, at pleasure, any time after
five years from date of issue, and
the Ten Forties at any time after
ten years. Both of the above class
of bonds were at the governments
pleasure to redeem them before
1875. If the great vaults at Wash
ington were being overloaded with
silver at that time, why were the
above class of bonds not all called
in and the interest at 6 and 5 per
cent, respectively, stopped on them 2
BY doing this Congress could have
benefited the public by lessening
her burden Of internal Revenues. "
When those bonds were issued, the
bond holders received them under
agreement that they should be re-
deemed in the coin currency.of our
country, which was gold and silver,
and had been from the foundation
of our government down to 1873.
Neither could IL he arpned nv