The Superior times. [volume] (Superior, Wis.) 1870-1912, 1895-08-03
Bonds and Tribute Money.

Inter Ocean.
A decision has just been rendered in
Cincinnati which is entitled to much
more attention than its original appli-
cation would indicate. The city pro-
posed to issue bonds to the amount of
nearly four million dollars, making
them payable, interest and principle, in
gold. The court held that, as no law
had been passed specifically author
izing bonds payable in gold, they could
not be issued. The term coin must be
used. The refusal of Congress 10 auth
orizs the Treasury Department to issue
such bonds and the fact that they could
not he issued an act of Congress were
cited. Another argument in the same
limo wos that the Legislature had
passed acts from time to time granting
such authority to municipalities.
If this is good law a halt should be
called all along the line in the issuing
of city, town, county, school, and other
bonds payable in gold or any particular
metal. a bond Of that character is the
same in principle as an agreement to
pay SO much wheat, or any other com
modify. That, at least, would seem to
be the underlying doctrine of the Gin
clnnati decision.
The shipment abroad of gold con-
tnues, onl y on a smaller scale. The
small amounts sent at time since the
renewal of expectation would not iusti-
ty the attention they have attracted
were 1t not that they suggest that there
Is more to follow. The few sprinHIes
that fall from the sky are of no Conse-
quence except as heralds of the com
ming dOwnpOur. Message, Colgate &
Co. have demonstrated that it can be
done to profit. Wall street has con-
ceived an ahsurdly exaggerated opinion
OF the Importance of J. Z. Morgan, as if
he were the uncrowned king of the
United States. To ship gold before DC
tober without the permit from j. =.
Morgan was about as dangerous as
steadyIng the sacred are ofthe Hebrews
IN the ancient days. But the firm hand
tried it, and was not struck dead. Now
Hard u Rand. coffee merchants. are
talking of trying it. The spirit of REBEL
ion is rising. a Wall Streeter, who has
not the pluck to reveal his identity has
plucked up courage enough to state the
case about as it treaty. is. The situation,
as he observes it, is just this:
If want to take trip abroad, have
to 60 and ask Mr.. Morgan's permission.
"hen people 90 abroad thew have to
buy letters OF credit, which are the
same as bills of exchange. Every
American who goes abroad this sum
mer has first to pay tax to the svndi-
cate for the privilege ofgoing, Just az an
importer has now to paw a tax to the
com plnatlon Tor the privilege of selling
his bills abroad. American tourists
nave to pay the syndicate Just about >
cents pound sterling more than is lust
or right. Two cents on a pound NAV
not seem much, but on hundreds of
pounds 1t makes considerable showing;
ana 1t ism I alone the amount Of the tax
1t Is the tax itself 1t is estimated
that importers and travellers will pay
$4,000 to the syndicate during July
and August.
The foreign tourist is supposed TO be
person who can afford to pay for lux
urious travel, and on whom it is not
worth while TO expend much sympathy,
but the same might have been said of
the famous Boston tea drinkers. If
they did not want to pay the extra tax
imposed by Parliament, then let them
drink water, wine, coffee. or New Eng
lands namesake, New England rum.
But those grand old patriots whose
fame will never did held stoutly to that
sublime doctrine, millions for defense
but not penny for tribute" This two
cents per pound sterling is not a great
amount, but still it is tribute money.
paid to a bank syndicate which has al
ready made millions of money out of
the United States government.
These two pieces OF news, the Cincin-
natl decision and the tribute money to
Morgan, have this great point in com
mon, they both indicate the danger of
bas!ng our money upon one metal.
They have common focal point. Time
Is likely TO emphasize the argument in
each case.
Nobleman-I know I'm old, but
love You, Will YOU marry me?