The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1894-01-20

pay losses incurred outside of the State. The
question is, why should our people in Maryland
be taxed to pay, to run this vast monopoly o
cOmbinatiye impOsitons exactions, and exemp
tons when it objects to sharing its Just propO.t on
OF the taxes.
There is much more in local taxation which l
will pass by, it may be to refer to it somewhat
hereafter.
will now refer to the subject OF indirect taxa
ton. OF all systems of taxation which strike
indirectly, particularly the producing classes,
whether they be the farm or in the shop.
in the mines or elsewhere, but more particu
larly the farmer, for are not all conditions of
trade labor, tariff taxation, and even option
| dealing and stock gambling, based on the
| amount which can be drawn from the farm, l
| think the condition of the farmers of the county
| fully justifes the statement, that too much has
been drawn for continued prosperity to exist.
Tariff taxation. Time will only permit gen
| eral veiw of this great economic question. Quot
| ing from the Baltimore american, read THAT
| collections from the South still slow, and
principally to pay in notes Credit gomez but this
| will soon have to stop. The only goods now being
ordered Is OF the common stock grades and lowest
| prices. The west buys better goods and larger
supplies when wheat is IS cents to sl.OO busheI,
1
10 cents pound" This is seemingly the key to
| the whole situation. When the farmers products
fall below a profit to the grower, whether
| from a condition of short crops or lew prices
there is nothing for the manufacturer, mer-
chant or laborer to bank on. We find this condi-
/ ton existing under our protective system and
gold standard contraction. We were told land
our club is in it) that to repeal the purchasing
| plauSp n
| rency three and one-half millions month, was
Just the thing to do-confidence and credit would
be restored. the price of our wheat, cotton etc,
| would enhance in price, the laboring men would
| find work, the wheels of machinery would be set
in me ton. The farmers would be in condition to
pay their taxes and perhaps something on their
mortgages, trying the experiment of running new
machinery without oil. The next only thing
now in the way is the anticipated passage OF the
Wilson bill. 1 have shown that by the condition
of the farmers that moro goods than of the
cheapest quality can be sold and only for cash for
the farmers of the West South and elsewhere
have portgaged their farms, tools and machinery,
and credit is largely played out 1 can't see any
way now for business to start up in our manuiac-
turing centres than for the people of these
localities to consume what they produce. This
would be like our brot her farmers of the South
and the West, raising wheat and cotton to sell to
themselves to raise money to pay their mortgages
l have coptended that system of tariff
taxation Il will call it) created competition
which made the price OF our manufactures low to
the consumer. Well, it has, and the price of our
manufactured goods a t the present time is too
low toJustify the manufacture of goods, only by
cutting down the price of la Dor. II our laboring
class would see that when the farm ceases to pay
profit to the farmer there was nothing to base
employment at rcmunerative wages on, and that
whenever the farmer suffered by taxation, disas-
ter, contraction of the money volume, or other
wise, they would rise above party and vote the
farmer into prosperity at the first election. The
truth is our laboring class Dot look for steady
work and fair pay until the agricultural States
enjoy prosperity.
The accumulation OF wealth in our manu- tactur-
ing States has been drawn from the farms. In the
last decade (ten years. the accumulation OF
wealth in the States ofPennsylvania New York,
and New England has been more than all the
agricultural States in the Union. This condition
would have ended years go, only for the system
OF doing business credit basis CFhe farms
have been taxed to meet it, indirect taxation
surely) A dangerous experiment in business
point OF view, Where is this vast accumulation
of wealth-not with the farmers, not wholly with
the manufacturer even, for we read that in the
savings banks of New York and Massachusetts,
there is over 1857 ,95l 1907 OF deposits, mostly
belonging to our factory operatives.
We have had at various periods several condi-
tons OF tariff taxation, and never a condition OF
continued prosperity under either. Take the
Henry Clay tariff moderate compromise tariff,
and We find that on the 3lst oil December, 1888,
all ad valorem duties of more than 20 per cent
shall be reduced one-tenth. On the 31st day OF
December, 1885, there ST. all be another reduction
of onetenth on duties OF the same class; another
equal reduction on the same class and the same
principle the 3lst day of December, 1887, another
December 81, 1889. On the 3lst day of December
1871, onehalf of the residue of s;;ch excess to
taken off, and from and after the 3Oth OF June,
1872, the remaining half excess to be taken of,
leaving maximum OF 20 per cent. From this time
until 1887. the country prospered, the government
was not only out of debt, but distributed
SIS, ,646 OF surplus revenue among different
States. The currency had increased from
Sol,OOO,OOO in 1880 to Sl49,OOO,OOO in 1887, Then
came the demand for coin from England together
with the specie circular from PresidentVan Buren,
which required all payments for land to be made
in specie. As result the banks failed the
money fed the country, and the people suffered.
Then again the Walker tariff of 1915. another
moderate tariff. The circulation increased from
S9O,OOO,O 900 in 1913 to S2l5OOOOOO in 1851 Begin
ming with 1850, steady export OF gold had taken
place. Congress demonetized all foreign coin
February 2lst, 1857. and drove it from the coun-
try. A run was soon made on a few banks which
disclosed the fact that specie basis fraud,
and general panic ensued. All this under the
lowest tariffs of modern years.
Then comes the Morril tariff of 1851, until the
Mckinley tariff OF $780, In 1873, under this highly
protective tariff, came the most destructive tariff
of the century. Here again.is found the cause in
greenbacks called in and destroyed, and other
paper currency retired until the aggregate
volume of currency had been reduced from
81 1868 400 2l7 in 1856, fiytwo dollars per capita,
to $685.. S96,762. In 1873, silver was practically
demOnetzed, and general financial restitution
prevailed. Since that time the currency of the
country has been steadily contra tied, and with
perhaps the highest rate of duty the country has
ever known. the panic of the present year has
eliminated. The lessons to be learned, drawn
from these statements of facts That in spite
OF the benefits which may result from either Free
Trade or Protection, hard times and distress will
follow when the volume OF currency is reduced
below the wants of business which it is now, and
credit used in the place of money, indirect taxa
] ton OF the most dangerous form, when persisted
| in that is when confidence steps out, which is
| when the farmers crops cease to pay profit 70
| the producers.
| Another form OF indirect taxation is the
| amount oil wealth in our national banks and life
insurance companies, drawn from the hand OF
labor. Copying from one OF our leading reform
| papers the following questions why farming does
not pay, and where has the lost value gone that
was formerly in our farms, the writer infers that
it can be found in the stocks, bonds, notes, mort
| cages, and other Indebtedness, lit strikes the
| farmers of Cecil county with its one million OF
mortgages, ditto one million of promisSOry notes,
| and not cent OF taxes paid by the hOlders), as
| well as into the only means of lquldu alton
money, and TO prove this assertion the writer
gives the selling price OF stocks in national banks
! and insurance companies, largely in New York
City The accumulation in forty-hve Of the
| principal banks shows average OF Si33 share
| Tor the stocks of these banks, their par value
| being 500 share, an accumulation OF 1888 a
share, drawn from the farms or the products O.
labor wholly. Then twenty of our principa
insurance companies we find about the same
condition exists-ayerage price Of stock about
| three times the par value. Now here is vas
| accumulation oil property confronted py II class
officials that do not produce ball of cotton,
bushel OF wheat, peck OF peanuts, drawing
salaries az high $4,000 yearly. Enter these
palaces of banking and insurance, view the
extravaganza, in the way of costly and elaborate
furnishing add to this individual extravaganza
in way of dress and sumptuous living OF tn
officials, and we find the true beau ideal, thu
masterpieces of sweetened perfection. For
Never prospered horse, in stall, more sleekl.
| grOOmed,
| Never sweeter rose in bloom, more perfumed,
r Never ShyIock Tor plumber, more intent.
Than these exquisite officials for the cent, per cen
Continue these researches in the matter o