Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1892-08-11

JOO,UUU Ills Is SuIu
more than three times all the ex-
penditures in 1860, and is an annual
tax on each average family Give
persons) of $1,000. And, as | said,
there is no remedy. The next fixed
sum to be paid by the people for a
number of years is the interest on
the remainder of the war debt. This
interest is $37,547,OOe or about
$500 to the average family. Add
this to the $1,000, and we have an
annual tax paid by each average
family-in gold, too, for gold is now
the standard of value, and the law
gives the bondholder qold-the sum
of $1,000. I know that some people
seem to expect that the bondholders
can be made to take silver or paper;
but the courts are in the way, and
it is misleading the people to tell
them otherwise. Is this all? No;
the balance of the principal of the
war debt-nearly a thousand mil
lions of dollars-must be paid. This
is about $500 to the average FAM
lily, and it must be gradually gath
cred in by payday, or all collected
at once when due. If gathered in
gradually for fifteen years C19o7)
the average family will pay $3.50
per annum, which added to the
$1,000 above, makes a debt of $24.50.
But this is not all: The RAIDS
loaned the acifc railroads $64,000,-
900, in U. S. bonds, drawing 6 per
cent. interest per annum, and took
second mortgages on the roads as Sc
c%urity; and the companies declare
they can never pay the debt. The
interest now due from the roads is
something oyer $1OO,OO0,0oo. The
interest on these bonds therefore
and, after which the principal-con-
s~titutes a fixed debt from the t'"p!.
to the holders of the bonds.
This summing up shows us about
how much the average family is
compelled by memorable law to pay
every year. But the average fam
lily pays altogether about $4,000
LIE, 900, 600 of $500, zoe, 900,
which is now the regulation
sum fixed by the Reed Congress.
Deducting from $4,000 the fixed
sum of $24.5O, we have $3.50 as
the annual tax which may possibly
be reduced, but the possibility in
my Judgment, is very remote. A
high priced bale of cotton then may
be set down as the tax which must
for this generation at least be paid
by the average family, and deducting
from this sum what the negroes in
the South fail to pay and adding te
the burden of the whites, you can
begin to realize the magnitude OF
the load.
Can we hope for any relief from
this condition through the Alliance,
the Peoples party, or any reform or
g~anization? By no means: relief tt
you and me will come when deatf
comes. But there is another drair
on our pockets regulated by the
amount Of manufactured domestic
goods we Consume drain which
can be checked altogether whenever
d majority of both Houses of Congress,
and the President determine to do it
This drain Is caused by the extr;
amount added to the real value o
homemade goods, because the heav,
taxes levied on similar foreign-mad'
goods runs the price of them up 81
high that domestic manufacturer
have a practical monopoly of ou1
markets. l can make this clear b,
giving some facts which have com
to the knowledge of the country.
:, The organized merchant tailors
representing all or nearly all the i'm
!, portant cities in the Union, hav
lately sent a memorial to Congress
asking that travellers from this ccun
. try to Europe be not permitted t.
bring back wearing apparel withou
paying the same tax other peopl
pay; and they state that such good
. can be bought in Europe at NOR
: than SO per cent. less than they ar
sold for in this country, and tina
/, the wealthy people car go to Europ
> and save enough to pay the expense
' of their trip by laying in a year
supply of European goods.
!, The law now is that the amour
= of wearing apparel brought bacl
free shall depend on the wealth, sc
+ cial standing and habits of the per
sons bringing them! And yet yo
hear people declare that this is
, government of the people, by tn
people, and for the people!
ii Now this system of+axation com
l pels you, if you purchase an Englls
suit worth, say $40, to pay a ia
of 5000, so that your entire outlay
$1,000. and lie the statement of thes