Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-05-24
IRONTON. MO-. THURSDA
More Bonds-More Taxes.

Another movement in the gold strug-
gle is shortly to be made in Europe,
and thoughtful students of current
events will watch with interest its effect
on the situation here.
If our financial system were of the
peoples making-that is, if it were
framed to fit our own conditions and to
conform to the demands and necessi-
ties of our Industrial and productive
forces, the effect of a new demand for
gold in Europe would be represented
by cipher. If We were permitted to
take advantage of our own resources
and commercial power, our whole stock
of gold might gradually go abroad to
ease the situation in Europe and raise
prices there, and not ripple would be
created on the surface of the situation
here.
But, unfortunately, our financial sys-
tenn has been practically dictated by for
eign bankers. The bunghole of the
peoples treasury has been tilted toward
Europe, so that when there is chill IN
Lombard street there is rigor in Wall
street, and presently the evidences of
an ague in our treasury. AS banking
Institution the treasury department OF
the United States is run almost entirely
in the interest of the agents of foreign
bankers who make their business home
in Wall Street. We are so situated that
when the gold dealers in London touch
the button our treasury is compelled to
do the rest.
If our currency system were upon the
broad basis of bimetallism our people
would care nothing about the struggle
for gold that periodically takes place
in Europe. For instance, the news that
Austria is about to issue a new gold loan
would fall upon Indifferent ears. But
now, with gold as the sole basis of our
circulating medium, new demand for
the yellow metal in any European state
becomes of immense Importance to the
people of tide United States.
Therefore, the announcement that
Austria has again taken a step toward
the accumulation of gold is of surpass-
ing interest to those who are watching
with curious eyes the deadly results to
business and trade of the increasing pur-
chasing power of the dollar based on
gold. The lower house of the Austrian
parliament has just passed resolution
providing for the withdrawal from cir
culation of $67 900, 900 worth of silver
notes and the depositing in the Austro-
Hungarian bank of 500. 10000 in gold,
the gold to be bought by the state.
The Importance of this announcement
rests in thefact that a new gold debt in
Austria Or in any other European state
means a new gold debt for the people
of the United States.
This statement represents the facts
and the logic of the situation. A few
months ago Austria had occasion to is
sue bonds on which to borrow gold.
Following this, Mr.. Carlisle conceiv-
ed it to be his duty to saddle the peo-
pie of this country with $50, 900, 600 of
debt in ordor to borrow gold. His ex-
cuse was that the funds of the treasury
were running low. But there we're plen-
ty of available funds to tide the treasu-
ry over. 1t was the gold he desired to
replenish. He had taken down every
barrier between the peoples gold and
the foreign bankers, and the result was
that every dollar of gold that the Aus
trian loan called for had been drawn
from the fund held in the treasury to
redeem the greenbacks.
We have heard of the man who sneez-
ed when his master took snuff. That
was voluntary tribute. The tribute
which the single gold standard compels
the taxpayers of the United States to
pay is to saddle themselves with new
interest-bearing debt every time one of
the European monarchies wants to add
to its stock of gold.
Already since the 1st of April some
thing like $21, 100000 of our gold sup
ply has been exported, and every dol
lar of it has come Or will come out of
the treasury reserve. Every dollar of
the $53, ,000,0 of gold necessary to
take the place of the Austro-Hungarian
silver notes will come out of the treasu-
ry reserve. Then Wall street will dis
cover that there is a threatening neces-
sity for a new bond issue of $50. .OOO,-
900 or 800, ,OO0. 900 and then. when
Wall street gives the word, bonds will
be issued. The beauty about these
bond issues is that the people are not
consulted about them.
Even congress is not asked to give it's
consent. Compared with this system
of fastening an interest-bearing debt on
the people, taxation without represen-
tation is the essence of liberty and just
ice.
But the levying of a new and un-
authorized debt is not more serious than