The Caucasian. (Clinton, N.C.) 188?-1913, 1895-06-20
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The Washington Post 10 . gold
bug paper; but even an honest gold
bug paper must admi, the physical
fActA II sayE
IF gold 10 to be the medium Of uiti-
mate redemption, then there
should be gold enough TO redeem our
paper or the paper Is comparatively
~unsound." For example, the Comp
troller OF the Currency tells rs that on
the Sd Of October, 1885, there were in
the national banks Of this cou atry
81 .4Sl LEA $50 Of individual deposits.
Suppose that, on the sth Of October.
these deposits we're drawn oat and tue
money paper Of course presented for
redemption in gold. Could il have
been redeemed. Against the vast sum
OF their liabilities 10 depositors the
national banks held in actual gold coin
only $l29, 80, 43s. The difference To be
paid out in notes. certificates, &c,
would have been 81 81 ,3SS. s9a. Where
was the gold To meet il! In one OF his
speeches at the South Mr.. Carlisle
stated that there is in this country
$685. .OOO. 200 Of gold, but that is not
II 81 1888 ,SS2, or even the half OF that
sum. Even supposing the national
banks could have obtained every gold
dollar in the country TO meet n sudden
they would still have been
$6s6. 1888 ,sy2 short Of . settlement. Ina
word their paper would have realized
only q small fraction over forty-five
cents on the dollar. At pinch, in
fact, the gold mans paper would not
have made as good a showing as the
much despised and greatly disparag-d
silver dollar under controversy"
If the banks are not "busted"
under this statement we don't know
what "bust" means. Every bank
must keep an eye open to being able
to meet the demands of their de-
positors if there should be a run on
the bank. They are therefore al
ways trying to stay in q position to
meet run. They must therefore
have gold on hand or know where
they can get it. This makes an
awful demand for gold, and this
makes gold worth too much for ordi-
nary business. Now lets put silver
back where it was before 1873.
Make it equal to gold. by law. There
is about as much silver as there is
gold. This would double the ere
demption money" and this "redemp-
ton money" would be twice as easy
to get as it is now, because there
would be twice as much of it. Gold
is money because the law says it j.
money. Silver will be as good az
gold if the law says 80.
What Wealth Has Escaped.
Editorial in New York World.l
The overthrow Of the income Ia,
by the money power is nothing new
1t is only a continuation of the sue
cesssful efforts Of wealth to escape
Federal taxation ever since the enc
of the war.
In 1866, the year after the close o
the great struggle, there was collected
1896, OOO, 600 from internal taxes tina
were within less than ten year
nearly all repealed. These wer'
taxes, for the most part, upon wesltl
that Is, they were levied upol
those who had the greater ability I,
pay. There were taxes upon incomes
upon banks, upon sales, gross re
ceipts and dividends, upon legacies
distributive shares and succcessiobs
together with stamp duties.
One by one all these taxes wer
repealed. Corporations and rich mel
employed the lobby at Washington
to help them escape taxation. The
elected men to Congress to secure tn
repeal of these laws, until in 1877
only $l0,0OO,0O0 of these taxes re
manned. Ten years later every We,
tige of internal taxation upon wealt
was gone, and only taxes upon uni
versal consumption-whiskey, beef
tobacco, &c.-remained.
Wealth had escaped.
1t was not because the expenses o
war account had diminished ths
these war taxes were repealed. l
1866 the interest on the war debt an
the pensions, the continuing war el
penses, called for $l4S, 100000. /
1875 they required $132, 900, 900. Br
last year they demanded $l6S, 900
900. In other words, the increase
cost of pensions has outrun the n
auctions ON interest account.
} 1875 the interest charge was SOB
600. 900 and the pension cost $40
OOO, 900. Last year the Intere
, charge was $27 ,0O0, 900 and the pei
sion list cost Sal 900, 900.
These figures show that while e,
penses on war account have increase
, $50, 000,0 900 in twenty years. ever
: internal revenue tax on wealth orig
nally laid to meet them has BET
abolished. The whole burden Of go
eminent is left upon the NECESSARY
of the people, of which the poor al
the people of moderate means pay
! per cent.
= If this injustice can be remedi'
b in no other way, verify the Justic
/ of the Supreme court are right
7 saying that the constitution shou
|. be amended.
o DEAFNESS CANNOT BE CURE
by local applications, as they cam
d reach the diseased portion Of the e'
sr There is only one way to cure De-
ness, and that is by constitution
e remedies. Deafness is caused by
l. inflamed condition of the muce
n: lining of the Eustachian Tube. WI
l. this tube gets inf1amed you hav
4 rambling sound or imperfect he
2 ing, and when it is entirely clo'
-. Deafness is the result, and uni
y the Inflammation can be taken I
. and this tube restored to its Dorr
" condition, hearing will be destro.