The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-20
PRICE FIVE CENTS.

every income law upon the statute books
of any land, so far ~ | have been able
to ascertain. contains an exemption
clause. While the collection of an in
come tax in other countries does not
make it necessary for this nation to
adopt the system. yet it ought to mod
crate the language of those who de-
nounce the income tax as an assault
upon the wel-to-do Not only shall
refuse to apologize for the advocacy of
| an income tax law by the national con-
! ventiOn. but | shall Also refuse to apollo
, gize 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 II public servant.
whether he holds office by election or
by appointment, whether he serves for
Il term or years or during good be-
havior, and the people have n right to
criticise his official acts. Confidence is
everywhere the parent of despotism free
government exists in jealousy and not in
contidence-these are the words of
Thomas Jefferson, and | submit that
they present II truer conception of popu-
lar government than entertained by those
who would prohibit an unfIvorable
Will vindicatc itself: only error fears
free speech. No public official who
conscientiously discharges his duty as he
sees it will desire to deny to those whom
he serves the right to discuss his official
conduct
THE MONEY QUESTION.
Now let me ask You to consider the
paramount question of this CAMPAIGN
the money question. 1t is scarcely nee
essary to defend the principle of BIZ
metallism. 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
temerlty to oppose it. Three PARTIES
the democratic, populst and silver
party-haye not only declared for BIZ
metallism, but have outlined the specific.
Legislation necessary to restore silver to,
its ancient position by the side of gold.
me republican platform expressly de-
clares that bimetallism is desirable when
1t pledges the republican party to aid i'm
securing. it as soon rs the consent of
certain foreign nations can be obtained
Those who represented the minority
sentiment in the Chicago convention op-
posed the free coinage of silver by the
United States on the ground that in
tirely prevent the establishment of inter
national bimetalism, to which the
efforts of the government should be
steadily directed
when they asserted that the efforts
or the government should be steadily
directed toward the establishment of in
ternational bimetallism they condemned
been weighed in the balance and found
wanting Take from it the powerful
support of the money-owning and the
changing classes and il can not
stand for one day in any nation in the
world. IT was fastened on the United
States without discussion before the
people, and its friends have never vet
lppn WILLING IN pisly
voters upon that issue.
"Thcre can be no sympathy or no ON.
position between the advocates of bimet-
allism. Between Observation-Disclosures
independent or internatonal-and the
gold standard there is an impossible
gulf. Is this quadrennial agitation in
favor OF international bimetallism. CON
Quoted in good faith or do our opponents
desire TO maintain the gold standard per-
manently? Are they willing to confess
the superiority of double standard
when joined in by the leading nations
OF the world, or do they still insist that
only gold Is suitable for standard money
among civilized nations? If they are i'm
fact DESTROYS, of securing bimetalism we
may expect them to point out the evils of
Il gold standard and defend bimetallism
as a system. If, on the other hand. they.
are bending their energies toward the
permanent establishment of n gold stand
ard under cover of a declaration i'm favor
OF international bimctallism, | am justi-
fed in suggesting that honest money can
not be expected in the hands of those.
who deal dishonesty with the American
people. What is the test of honesty i'm
money? 1t must certainly be sound in
the purchasing power of the dollar.
An absolutely honest dollar would not
vary in its purchasing power; il would
be absolutely stable when measured by
average prices. dollar which increases
in purchasing power is just as dishonest
as dollar which decreases in purchas-
ing power.
Professor Laughlin. now of the Uni
versity of Chicago and one of the high
est 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 a standard
of value for future payments, either in
gold or silver which remains absolutely
invariabIe. He even suggests that null
tiple. wherein the unit is based upon the
selling price of a number of articles of
general consumption would be more
just standard than either gold or silver
or both, because a long time contract
would at its maturity by the same pur-
chasing power as was given in the be-
ginning
III can not DC successfully claimed
that recommendation or bimetallism or
any other system gives an absolutely just
standard of value. Under both mono
metallism and bimetallism the govern
ment fixes the weight and fneness of the
gold, invests it with legal tender qualities
and then opens the minis to its unre-
stricted coinage, leaving the purchasing
power OF the dollar to be determined by
the number of dollars. Bimetalism is
better than monometallism, not because
it gives ms n perfect dollar; that is, a
dollar absolutely unvarying in its great
purchasing power-but because it makes
a nearer approach TO stability. to homes
ty. to justice than dollar standard of
the gold metal possibly can. Any legis-
lation which lessons the worlds stock
Of standard money increases the ex-
ehangeable value Of the other; therefore
the crusade against silver must ineyita-
bly, raise the purchasing power of stand
ard money and lower the money value
of all other forms Of money.
Our opponents sometimes assert that
it 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-