The herald., 1895-01-09

tax to meet the Obligations OF said bonds,
there shall be immediately due and payaole 10
| the comptrol er of finance tax on tho leaI
ana personal property said stat roii sn -
| hcient to meet aid payments and costs on co i
| Letting the same !: and the same shall DC COZ,
| leeted by any person or persons uppoihttso
| therefor by the comptroller of finance, VINO
shall have power where said tax IS not PM NJ
within 80 days alter it is levied, TO coliec. ,ng
same by seizure and sale upon warrant iss ISSUE
| by any judge ex parte Of any court OF orlglIIai
| jurisdiction, state or national, having 1ur sun
ZION OF the property The United s.ate' ne Re.
dempt on may be made within one year al, ,e
sale, By paying tie amount due on tne e 81
costs and interest thereon at 10 per cent. IIo-
vded that no bonds shall be purchased mere
under except such as by state laws are haoe
subject to the terms OF this act ac-
SEC. 81. That as the currency notes shall ~
cumulate in the treasury of the government
from revenue or otherwise they shell pc re-
turned to ci culstion am ng the peopis III
paying the current expens OF the govern,
ment; by the purchase of suitable grounas anu
the erection of suitable buildings Tor post
Offices and other of the government, py
the construction of such other WORKS as snalt
be deemed by congress or the pest inte Tnade
annually, in each state, territori or ulstIici as
nearly as may be in proportion 70 tns hnps
of its Inhabitants. The expenditures mere
under ii, n he as III rected from time TO time
by congress-
Under section 4, electricity of volume to
meet the increase OF business by reason OF IN
Gre ased population is provided for The use
OF gold and silver is left to be met as the oe'
mands OF business require.
Section subjects all run for gold on the U ..
treasury to the discretion OF the secretary and
president 1t provides for replenishing the
treasury gold from sources within the leglt-
mate control OF the government. 1t in TINS
respect makes the banks, which are creatures
OF the law. cooperate in replenishing the golo
reserve. This action also p Divides Tor inter-
national clearings, thus reducing the export
and import of gold to minimum.
Under present laws this nation is subject 10
foreign iun on gold The free or available
gold OF the world is absolutely controlled by
about dozen men and corporations. Ihese
have pooled and can run on the people OF any
nation for gold. VIII Il they do this the re-
manning gold is boarded through fear and the
gold syndicate control the market, and by eX-
porting the gold from any nation hey smash
the financial conditions and business to pieces
This was done in the Argentine Republic and
gold went to premium OF $50. The same
was done in Australia and the value OF all
property was reduced TO 10 to 20 cents on the
dollar.
The same thing is now in operation in the
United States European gold owners are
Withdrawing gold by the ems of millions and
are rapidly creating a cooperating lear and
the boarding of gold. Any shrewd tinancier
knows what this means-the others wilt find
out soon enough.
The financial system of the United states
has, since $50. been either ine ntionally or
ignorantly worked in the inter st of foreign
and domestic money spectators.
Section s., above referred to- closes he door
to all such work, and tor that reason will met
with heavy opposition.
"a tbo icSu hal
first retire all forms OF outstanding currency.
Vast sums of such currency are daily paid into
the United States treasury This should be
cancelled and the new no es issued Tor current
expenses The currency redeemable in gold
on demand would soon be retired and re-
placed with a currency that could not be run
in for gold for speculative purposes.
This section also provides for the issue OF the
currency to national banks on sound financial
principles Under this local elasticity is pro-
vided for to meet fuctuatng demands OF trade
perfectly as under any system ever pro-
posed When the volume cf money is not
needed TO, business it will retire to the United
States treasury and 10 idle at nobody's cost
until business demands again call it out.
Section 81 is directory or decorative OF
policy. Under it the unemployed labor of the
nation would obtain employment aud the
people of the nation would receive i'll return
needed improvements for the public good.
This section in practical operation today
would solve the tramp and unemployed prob
lem.
Today it is not possible for the nation to en-
ploy many for the simple reason that it has no
available money. ,t-4
Two things are absolute Y necessary for the
prosperity ofthe American people A revision
OF orr financial system and of our labor system.
EThe pro er changes will give the American
people currency as sound us our nation,
will stop money speculation and give us active
circulation.
None of tie present bills in congress propose
to issue money. They on Y proaoss to issue
evidences of bond deb S. That l., the banks
are to be allowed 10 charge interest on leir
debts. while the borrower is to pay them inter
est on is debt.
Two parties swap debts and one gets interest
on his debts-the other does not. Neither
debt is a legal tender Meth r deb. is money.
Only the nation can Issue money 1t is en-
powered to coin gold. silver or paper into legal
tend-r money. The proposed Carlisle and
Baltimore banking bills are financial absurdi
ties and monstrosites, and will be SO regarded
before the debates in congress exposing them
close.
Tar