Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-04-22

4
cent only of the population of the
United States, and this per Ct. pay only
about per cent of the $500, 900 900 or
the revenue collected each year TO sup
port the government. while they re-
ceive probably 80 per cent OF the annual
income Of the nation. Nor do the taxes
which wealthy individuals and corpora
TONS pay through custom houses and In
We way Of internal revenue. which are
MEASURED largely by population only.
represent thSlr Just share OF expendi-
lures used III protection to their proper
ty. Obviously and necessarily TO
greater extent than the less favored
they are constantly calling into re-
QUESTION the executive and judicidl
arms OF the government and ns con-
sequence expenses are Incurred for their
special beneht. During the year 1895
there was expended s50i ,7SO.05 In pro
tecting property in the hands OF receiv-
ers" and the expenses of the depart
ment of Justice Increased S2,3iS.0O0 for
that year. Where the ad valorem sys-
tent of taxation prevails which reaches
and lays its Just proportion of the
burden upon every cluss of property, as
in our state affairs, an income tax is
not 20 important, but in Federal affairs
where this system does not obtain It Is
essential 10 remedy inequalities. Re
versing their decisions Of century. in
proceedings which aEtonished the coun-
try and emphasized the danger to our
institutions OF irresponsible power and
life tenure OF office the supreme court
by bare majority, has held the law
unconstituticr al. The principle In
volved in the measure is sound. the ma
tional Democracy is thoroughly COM
mitted to 1t and should propose and
press an amendment to the constitu-
tion of the United States under which
an income tax may be imposed, par
ticularly to assist in raising the neces-
sary revenue for the payment OF Just
and reasonable pensions. Such tax
bringing an annual revenue from $780,
100000 to $30,000,000 would tend to lay
the burden Of the pension roll more
equitably over the entire country and
serve to Impress upon the people who
seem unmindful OF II the Injustice of
this enormous expenditure of money.
No greater revenue should be col
lected by tariff taxation or othrwlse
than Is sufficient TO pay necessary ex-
penses OF government economically
administered. Within these lines and
so as to accomplish this purpose
strictly protective and prohibitive du-
ties should be reduced to revenue
basis favoring the necessares of life
and the exhaustless raw material OF
our state saved from hurtful discrim-
nation. The policy OF admitting raw
material free into our ports and pro-
tecting the manufactured article Is
double protection to the inanufac-
turers. ManIfestly 1t invites destruct-
i've competition between our producers
and foreign countries, and shuts out
competition with these countries in the
sale of the manufactured article with
out material help to the consumer. 1t
only benefits the Eastern mnnufac-
turers already enriched by protection.
and with the pension and life insur-
ance drain, II continued, can but prove
utterly disastrous TO our growth and
progress. To the policy OF free raw ma
terial in part Is due the dehclt of si29,-
100000. Among the Items of raw mate
rial on the free list of special importa-
ance to Texas are cotton, hides and
wool. One hundred thousand bales OF
Egyptian and other cotton, encour-
aged by foreign capital and produced
by slave labor. were admitted free TO
compete with the raw product here In
1895, and the manufacturer was pro-
teoted In the goods for which they
were used by duties from 30 to so per
cent. Hides and skins worth s26. 100000
were imported free with the leather
manufacturer protected from 10 TO 20
per cent. and the manufacturer OF
boots and shoes from 20 to 40 per cent.
Wool worth s2i,0O0,00O was admitted
free and the manufacturer OF woolens
protected IS per cent.
Since the redemption OF specie nav
ments in 1879 II has been the practice
OF the secretary of the treasury "a
maintain reserve fund OF gold coin.
usually one hundred million dollars
though there Is no express provision
or law requiring IL. The United States
Noes and treasury notes are redeem
able In gold or silver coin, but the Sec
retartes OF the treasury have kent n
reserve fund OF gold coin in an effort
TO establish and maintain the single
gold standard. 1t is well and generally
nhoWIs ,nut IN lSsa-94 a conspiracy OF
Foreign and American bankers and
money brokers was formed TO with
draw this reserve gold coin fund from
the treasury for Speculative nttrnosee
ana In order 10 force an Issue OF bonds
10 repienish II and finally coerce the
retirement or the greenbncks and
.rtasury notes. Accordingly these
notes were presented at the treasure
and on demand OF the holders the
gold reserve was paid out to thenn
rms practice is SIN being pursued
ana has resulted SO far In the issuance
.. Szos,vvV.oO9 coin bonds since Feb
ruary, lsvl These bonds were ayow-
edly issued 10 maintain the single gn,d
standard, and the transaction offers a
striking object lesson Of the cont os
maintaining II. When the notes wars
redeemed they were re-issued ana ~
tne extent OF sl07, 600 900 were nsed To
ui9Shai ke utucienciee In revenue and
IN turn no doubt served 10 draw FIR
tner solu from the treasury. Tho pro-
portion OF this new bond debt wbich
rams upon the people OF TexaA amounts
10 $lsSoOOO and the annual lnterest
when they must pay on II il sGa0 0o0
y was not insisted that gold was unii
because there was no silver. but m orr
uer 70 maintain the parity OF Inc two
metals yet II is plain that bv this tbe
advocates OF the policy mean the gold
standard. IL this combination ~
money dealers should not have heen
met with deserved defiance. their ia.
sitmate purposes being known. thrre
were az least two ways by which thls
great debt should have been avolded
ING notes are payable IN sold N III.
yer ana the s55,0Op 00g OF SILVER b,,iiInn
IN the treasury could have been rn,nSd
ana used for the purpose Or Tho notes
y the treasury could have been ',,sed
70 procure silver coin with ,ehich ~
meet the demand A declaration maj
,ne notes would be paid IN silver wonln
nave answered every purpose. born,ise
me only object was to depiets ths void
reserve. This 10 shown by the fnct that
NOT dollar OF treasury notea was n,e,
RAJ ast tl....