The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-23

if there is no decision of proper authority
to the contrary, the doubt is most certainly
taken advantage OF by the taxpayer.
The amount of money, which is without
any doubt exempted by the law quoted, is
as follows:
Said to have been in circulation January
l, 1894: United States notes, 500, 81 S1l; tt as
ury notes. $151, $50 267, making q total Of
$454, 507, 0S1 which is nearly a half OF a
billion of money exempted from state,
county and municipal taXatiOn-an amOLnt
greater than all Of the taxable values of
the state of Georgia, including railroads. for
the year 1893.
AS a democrat it is extremely gratifying
to be able to say that the lower house of
congress has had under discussion during
the past ten days bill to permit the taxa
ton of these notes by the states and the
bill has passed the house.
Mr.. Editor, the financial legislation of the
republican party during the past thirty
years needs, in the interest of the people,
reform as radical that demanded lor the
tariff legislation of the same period. If we
are to nave class legislation, should not
such legislation be in the interest OF ttat
class winch contributes most to the wealth
ana prosperity of the country?
In the year of 1855 the people of the
United States bought from foreign pro-
ducers and manufacturers the sum of
$o4i43f,oS4 worth of products at custom
house valuations. How was this enormous
sum paid? Not with money, but with pro-
ducts, for during the year 1893 our people
exported to foreign lands the sum Of $751;
1911 worth Of products of all kinds, wnich
sum made difference in our favor of over
$l000lWO. What classes of our citizens
and how much each class contributed to
this great international barter transaction
is shown by the following table:
Exports for year 1893. go. go. 1884, 1871 III
Agricultural products -9fk ,a,
Manufactured products. .... 2Oa4 per cent
Forest productS.... :. :. ....3M per cent
Mining productS.... :. .. ....2la per cent
flShefleS'. IL per cent
MISCELLANEOUS products. ..12 per cent
With these figures in full view and taxi
ing into consideration the necessities fur
nished to our own consumers by agriculture,
is it not safe to assert that 80 per cent
of the foundation on which the prosperity
of this great country rests is agriculture?
The south alone, though laboring under
fearful financial disadvantages, contrib
uted through her producers of cotton the
sum of $204, 106, 023 to this international bar
ter transaction in 1898, and that contrbu-
| ton, over % per cent Of the Whole amount
OF exports, was made during d season of
steady shrinkage in values.
Yet, Mr.. Editor, in the face of these facts,
! when those engaged III agriculture, and who,
as the figures show, SO magnifcently up-
hold the products OF their toll the great
mess and prosperity OF this country, ask
for financial legislation which Will free
them from the shacllles of monopoles, they
are told that our financial policy must ac-
cord with that of England, and that Eng
land is not yet ready to consent to such
a change in our national financial policy
as is now demanded by the producers of
this country.
While the foundation of this country's
prosperity is agriculture, Englands basis
of prosperity is found in her manufacturing
interest, as is shown by the fact that
in 1893 the Omitted Kingdom" commonly
known as England, exported to her colo
MES and other countries the sum of about
S409 600 900 worth of merchandise, not one
dollar Of which was either an agricultural
product or what is known as raw mate
rial" Yet, during the same year, this
country, with over double the population of
England and territory in which England
would be lost exported only about $1l9-
100000 of manufactured articles. These
facts show that the vital interest or the
basis of prosperity of the two countries
are entirely different; then, why should not
their national financial policies differ and
each be adjusted to the building UP of that
interest on which their prosperity rests?
If the producers or manufacturers conn
plain Of shrinkage in values and low prices
of products they are met with the reply
that "a dollar Will buy more now than ever
before but they are not told that the
converse of this statement is just as true
to get a dollar now the producer has TO
give more of his product than ever before.
If a demand is made for an increase in
the volume of currency, the reply IS that
"the circulation is now $500 per CAPITA
which is enough" but no mention is MAIDS
of the arithmetical method used to get this
per capita average. This method is to taka
all the money coined or issued by the gov
eminent and from this amount suptracF
the amount in the treasury OF the united
States on a certain day and take the result
as the amount of money in clrcuiatloh az
that day No allowance is made Tor Soid
or silver. coin in vaults, strong boxes, stoch-
ings or holes in the ground, or for gold com
held or recoined in other countries, anu
nothing is allowed for paper currency OF
such large denominations as to be useless
for general circulation.
Our paper currency outstanding on jan
uary l, 1894, was the sum of SLIGO ,065,
of which amount there was $S2,5S3,070 in
the denomination of $780, $40 500 in the
denomination of $500, $G3 500 in the de-
nomination of $1,000, $14415,000 in the denom-
ination of $4,000 and $67220 in the denom-
ination of $4,000 being q total of $246 1875, 070,
over q per cent of the entire paper circu-
lation of such denominations as to rob
this vast sum of money of it's parity as
circulating medium with currency of less
denominations. Such money is not a money
for the people.
Mr.. Editor, the democratic party is row
confronted with condition. it is in
charge of the government, placed in charge
by the ballots of over five million voters,
who are most anXiOusly looking for a, full
and speedy redemption of the pledges made
in the Chicago platform, as interpreted by
the people. They care nothing for fine spun
theories on finance, nor for the opinions
and wishes of the crowned heads of
Europe" They have faith in themselves
and confidence in the unbOunded and unde-
VelOped resources Of their great country.
The party must squarely face the c)n~
dition with which it is confronted; DO
lodging; no makeshifts; let the leaders do
their duty; the privates are ready, Wiling
and waiting to support them. Let the
slogan of the campaign of 1891 be fe-
deem the pledges"
JAMES w. ROBERTSON.
HE STILL BELIEVES 1T.
Senator Allen Is Confident the SuBan