The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1896-08-13

law winch collects from some citizens moro
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 mans
pocket, and while the process may be quito
satisfactory to the men who escape just
taxation 1t can never be satisfactory to
those who are overburdened. Tho 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 total federal tax greater than their
share.
The income tax Ia 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 have been able to as
certain, contains an exemption clause.
While the collection Of an income tax in
other countries does not make 1t necessary
for this nation to adopt the system, yet 1t
ought to moderate the language Of those
who denounce the income tax as an as
sault upon the well to do.
Not only shall l refuse to apologize for
the advocacy of an income tax law by the
national convention, but shall also re-
fuse to apologize for the exercise by it Of
the right to dissent from decision of the
supreme court. In government like
ours every public official is a public SER
want, whether he holds office by election
or by appointment, whether he serves for
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 yo. to consider the para
mount question of this campaign-the
money question. 1t is scarcely necessary
to defend the principles of bimetallism
No national 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 AID 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 bimetallism 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 classes
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 n verdict before
the voters upon that issue.
If our opponents are in fact DESTROYS of
securing bimetallism we may expect them
to point out the evils of gold standard
and defend bimetallsm as II system. If,
on the other hand, they are bending their
energies toward the permanent establish
ment of gold standard under cover of a
declaration in favor of international BIZ
metallism l 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 money9
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 Il 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 invariable.n
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 |
the United States might have |
a gold standard with less in |
jury to the people of this country; but |
now, when each step toward universal !
gold standard enhances the purchasing |
power of gold, depresses prices and trans
fers to the pockets of the creditor class an
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-
quences of such IN act. Any legislation
which lessons the worlds stock of stand
ard money increases the exchangable
value of the dollar; therefore, the crusade
against silver must inevitably raise the
power of money and lower the
money value of all other forms of property
Our opponents sometimes admit that it
was mistake to demonetizc silver, but
pt hnt CHI |
rather than return to the BIZ
metallic system They err in surprising
hat we have reached the end of evil re-
suits of gold standard; we have not
reached tho end. The injury is u continu-
ng one, and no person can say how long
he world is to suffer from the attempt to
make gold the only standard money. The
same influences which are now operating
o destroy silver in the United States will,
t successful here, be turned against other
liver using countries, and each new con-
'ert to the gold standard will add to the
enaral distress. So long as the scramble
or gold continues prices must fall, and a
General fall in prices is but another def
ition of hard times.
Our opponents, while claiming entire
for themselves, have ap-
ealcd to the seltlshness of nearly every
lass of society. Recognizing the DISPOSE
ion of the individual voter to consider
he effect of aHy proposed legislation upon
himself, we present to the American peo-
lie the financial policy outlined in the
chicago platform, believing that it will
esult in the greatest good to the greatest
lumber.
The farmers are opposed to the gold
because they have felt its effects.
ince they sell at wholesale and buy at re-
nil they have lost more than they have
aimed by FILLING prices, and besides this,
hey have found that certain fixed charges
ave not fallen ut all. Taxes have not
cen perceptibly decreased, although it re.
uires more of farm products now than
'rmerly to secure the money with which
pay taxes Debts have not fallen. The
lrmer who owed 81 900 is still compelled
pay 81, 600, although it may be twice as
lfiicult as formerly to obtain the dollar
18th which to pay the debt. Railroad
ties have not been reduced to keep pace
18th falling prices, and besides these items
,ere are many more. The farmer has
lus found complaint against the GOLD