Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1896-08-18

no suggestion OF an attempt to dispute
the authority of the supreme court. Tho
party Is simply pledged to use ''all the
constitutional power which remains after
that decision, or which may come from its
reversal by the court as it may hereafter
be constituted" Is thc-e any disloyalty
in that pledges
The Income Tax Law.
For hundred years the supreme court
of the United States has sustained the
principle which underlies the income tax
Some twenty years ago this same court
sustained without a dissenting voice an
income tax law almost identical with the
one recently Sverthrown. Has not n fu-
ture court rs much right. to return to the
judicial Trecedents of a century as the
present court had to depart from them?
Vixen courts allow rehearings they admit
that error is possible. The late decision
against the income tax was rendered by a
majority of one after n rehearing- While
the money question oycrshadows all other
questions in Importance, desire it dis
tinctly understood that shall offer no
apology for the income tax plank of the
Chicago Platform.
The last income tax law sought to APP
portion the burdens of the government
more equitably among those who enjoy
the protection of the government. AtprcS-
ent the expenses of the federal government,
collected through internal revenue taxes
and import duties, are especially burden
some upon the poorer classes of society A
law which collects from some citizens more
than their share of the taxes and collects
from other citizens less than their share Is
simply an indirect means of transferring
one mans property to another man
pocket, and while the process may be quite
satisfactory to the men who escape just
taxation it can never be satisfactory to
those who arc ovcrburdened. The last in
come tax law, with It's exemption provis-
ions, when considered in connection with
other methods of taxation in force, were
not unjust to the posessors of large in
comes, because they were not compelled to
pay a total federal tax greater than their
share.
The income tax is not new, nor is 1t
based upon hostility to them. The system
is employed in some of the most impor-
tant nations of Europe, and every income
tax law now upon the STATUTE books in
any land, so far as L have been able to as
certain, contains an exemption clause.
While the collection of an income tax in
other countries does notmakeit necessary
for this nation to adopt the system, yet it
ought to moderate the language of those
who denounce the income tax as an as
sault upon the well to do.
Not only shall 1 refuse to apologize for
the advocacy of an income tax law by the
national convention, but 1 shall also re-
fuse to apologize for the exercise by it of
the right to dissent from decision of the
supreme court. In n government like
ours every public official is public SER
want, whether he holds office by election
or by appointment, whether he serves for
a term of years or during good behavior,
and the people have right to criticize his
official acts.
Paramount Question of the Campaign.
Now let me ask you to consider the para
mount question of this campaign-the
money question. 1t is scarcely necessary
to defend the principles of bimetallism.
Nonational party during the entire history
of the United States has ever declared
against it, and no party in this campaign
has had the temerity to oppose it. Three
parties-the Democrats, Populist and Sill
yer parties-have not only declared for
bimetallism, but have outlined the specific
legislation necessary to restore silver to its
ancient position by the side OF gold The
Republican platform expressly declares
that bimetaliism Is desirable when it
pledges the Republican party to aid in
securing it as soon as the assistance of GER
tain foreign nations can be obtained
The gold standard has been weighed in
the balance and found wanting. Take
from it the powerful support of the money
owning and the money changing Glasses
and it cannot stand for one day in any ma
ton in the world. 1t was fastened upon
the United States without discussion be-
fore the people, and it's friends have never
yet been willing to risk verdict before
the voters upon that issue.
If our opponents are in fact desirous Of
securing bimetallism we may expect them
to point out the evils of a gold standard
and defend bimetallism as n system. II,
on the other hand, they are bending their
energies toward the permanent establish
ment of a gold standard under cover of
declaration in favor of international BIZ
metallism 1 am justified in suggesting
that honest money cannot be expected at
the hands of those who deal dishonesty
with the American people
What Is the test of honesty in money?
1t must certainly be found in the pur-
chasing power of the dollar. An absolutely
honest dollar would not vary in its
general purchasing power; it would be
absolutely stable when measured by a
voyage price. A dollar which increases
in purchasing power is just as dishonest
as a dollar which decreases in purchasing
power. Professor Laughlin, now of the
University of Chicago, and one of the
highest gold standard authorities, In his
work ON bimetallism not only admits that
gold does not remain absolutely stable in
value but expressly asserts that there is
no such thing as standard of value for
future payments, either in gold or silver,
which remains absolutely inyeFiable."
Cause Of Business Depression:
Prior to 1873, when there were enough
open mints to permit all the gold and sill
yer available for coinage to find entrance
into the worlds volume of standard
money, the United States might have
maintained gold standard with less in
Jury to the people of this country; but
now, when each step toward a universal
gold standard enhances the purchasing
power of gold, depresses prices and trans
fers to the pockets of the creditor class an
unearned increment, the influence of this
great nation must not be thrown upon
the side of gold unless we are prepared to
accept the natural and legitimate conse-
uuences of such an act. Any legislation
which lessons the world stock of stand
ard money increases the exchangable
value of the dollar; therefore, the crusade
against silver must inevitably raise the
purchasing power of money and lower the
money value of all other forms of property.
Our opponents sometimes admit that 1t
was a mistake to demonetize silver, but
insist that we should submit to present
conditions rather than return to the BIZ
metallic system. They err in supposing
that we have reached the end of evil re-
suits of n gold Standard; we have not
reached the end. The injury is a continu
ing one, and no person can say how long
the world is to suffer from the attempt to
make gold the only standard money. The
same influences which are now operating
to destroy silver in tho United States will,
,sI.n