The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1893-06-30
FINANCE AND TAXATION.
Hon. y. ". Cox Writes of the Duties of
the Democratic Congr' SIS.
To the Americans:

tuT very eXc6lIeuJ anu an e COT
respondent, Mr.. Millikeu, when |
vas in Washington, obtained a
promise from me to write you what
would PROBABLY b4 or ought To bo the
action OF the FIrty-third Congress
in regard to finance aud taxation
o! cOulse / do not know or profess to
go any further than q mere expires
sion Of my Own convictions.
The Democratic party being in fulI
control Of the Government ii must
take the responsibility of carrying
iuCo execution the policies advocated
Ly it. There must be a Democratic
financial policy, aud a system Of tax
alton OF it's own. When President
Cleveland had filed bis first term,
lie left the Treasury Of tue United
States with more money than the
Government could use or needed.
me vaults were 30 full that the Te-
ductiou Of taxation and lesseni1g the
amount OF collections was absolutely
demanded by the Democratic party.
There was no need for the money,
aud it was collected from the people
without pretext Of justice.
B-fo,e the expiration OF President
Harrrsun's four years, he and his
party had drained the last dollar out
and wee seriously considering the
question of issuing obligations OF the
! Government, in the shape OF interest
bearing bonds ip order to obtain
money TO pay tile expenses OF the
Government. The 100000 600 OI
gold understood to be held for the
purpose of maintaining the value o.
the United States notes outstanding
was threatened, and by a stroke OF
book keeping, carried into the gen
eral assets Of the Government. to b.
used when needed. An additions
important fact should be noted: Tn
Bland ALLISON act, which authorizes
the coinage OF not over $4,000 coo o
= silver, aud not les than S2O)O,O O(
every month, was in operation. IN
Secretary exercising his discretion
brought it down to the lowest limit
Tue act Of $780, under construction
Of the Secretary, stopped the coiuag
Of silver entirely, and promises
nay were Issued out in purcns-e G
silver bullion, purchasing 4,5OO,Ou
ounces every month. Tnese neN
PROMISES to be.redeemed in gold O
silver at the discretion OF the Treas
urer. The discretion was exercise
and the notes declared to be pHyRbl
ia gold. The bullion so purchase
being dumped into the vaults, an
~ dead, so lar a. its circulation WI
concerned, aud il it had never be
dug out OF the earth. So when Il
|. Democrats took charge OF the Gov
ernment, it waS and is confro"tt
!. with Treasury al a strain 10 pay Il
, expen.es OF the Government al
L. keep us paper promises, helng issue
4 for bullion continually hosting al
:: redeemsble as now a-sumed In gol
!" Mr.. Cleveland found that in io'
wears the Treasury had been emptie
taxes bad been increased and .
prns4s had reached to SUCH poi
that the Government had TO cole
every wear about one-lhlrd OF lts e
,iIe circulation to meet its neces
lte.. issuing new promises, paysl
% in guld, to plle up silver, with /
-, Que idea in it, and that was to ma
silver high, 50 nigh that 1t would
Y. "a good As gold, ~ the same til
absolutely Ges roying toe mon
:; value of silver by burrying the 81
IL lion i'm vaults The GOvernme
" having abandoned It's privilege
psv these notes, issued for slivet
liver, large corporations begun
he draw their obligations payable
M gold, and the great banks OF
country, also seeing that eVerythi
IS. Aas for gold, tilieu up their Vau
as- md legal reserves with gold. !
)b, .uipue,ts of gotu iuCrea5edi our
Ie- cuntirs returned home, d1mAhdl
ID. soid aud the balance or trade W
H. foreign nations found against
d. Win this financial CONDITION, il
VS. a the expense SIDE Of the accou
!. New uension Laws were passed
. IN. immense roll almost doubl
uutii il threatened demand
5000 100000 to satisfy it. LHgo C
tracts Tor new war Vessels enle
gpr ,uto: ships on the docks on their
Is 20 cumpletiOn, and must be nntst
On, ar rot, and u horde OF new ottiC
,.pdlup on the Treasury. Ii Is
nae surprising that the Naults OF
,ur, Treasury were soon elnPtleu anu
?, al nlAc. Of money piles OF uucO,ned
&C SILVER accumulated. President L
r,s,u had retired under n pOwe
pressure to issue new promises
,. =. nav to get money. As soon as 1t
late xuown that he Was defeated, anC
mo-. h.iup understood that Mr.. Clevel
VA, An enemy OF silver, sch'
- WAS completed to force Congress
,itS5, l-pislate IS near as possible 10 al
par so'ute gold basis. In the Senat
EE. vot. was taken to stop the purcl
i a. Of silver bullion, leaving nothing
assist silver along as money;
. failing to settle any serious ques
Els, tn he effect OF the legislation OF
ia destroying the legal tender a.
~ OF silver money. THIS was
feated by almost two to one.
. IA IA m.xt step was u similar pruposi
p M m the lower house, meeting WIN
a. m rate. In the time a syndicate
a. lady TO unload Its gold for In
D m states bonds, sell them at a prem
and realize millions. The last e
l. M was TO tack on TO an appropr'a
? m b,u I'm the Senate an authUrlt!
. Was claimed given to the oecrel
70 issue bonds at q lower rate OF II
at than thOss issued under the
P. funding act OF 1871
The real meaning was TO nave
,,rsss on record rs fAvOring the ~
A n Of issuing new bonds. ms p, pc