The herald., 1896-01-12
TO THE EDITOR
Rejoinder to Judge Widney

| EDITOR HERALD: In THE HERALD of Jan
uary 9th. Judge Il. NJ. Widney again writes
on the question of finances in reply to my
| article of December 31st. 1t is only a
feeble reply, not an answer. He says
"Iheattempted criticism shows the sound
ness of the PLAN" That is an open ques-
| ton, and l leave it to the vast number OF
readers of THE HERALD if l did not show
the weakness, the fallacy of his proposed
plan. He says: "Mr. Bailey has no legal
authority to change Its wording simply to
set up a straw man to k ock him down.
clipped Judge Widney's proposed amend
ment out OF THG HERALD, pasted 1t on a
sheet OF paper so as to save time and make
no misquotation, and l now refer the
Judge and all readers to The HERALD of
December "a, 1895, page 4.
In his proposed amendment, Article XVI,
Section /, which reads as follows:
"A national currency circulating medium
shall be issued to the amount of $40 per
capita, as shown by the census of
1890 and by each succeeding CEN
sus, for the proper redemption of which
when required the resources, the property
and the faith of the nation are pledged; ;
thirds vote of each house, may provide for
the collection of government revenues and
taxes in gold or silver coin."
If it don't read that way, 'gold or silver
coin,' then stand corrected. If it does,
then Judge Widney has mo legal authori-
ty,' to say that | changed the wording ITO (!
set up straw man to knock down." 1t is
his lookout, and not mine, to look after his
own. If he substitutes land" for "or,' the
redemption clause is still there
and there is not gold and sill
in the United States to redeem
his proposed $40 per capita. He says:
The government does not collect taxes OF
the people, but levies duties on imports
and internal products, and would collect
the gold and silver of the wealthy people
who imported or manufactured" l may
be little ignorant on that subject, but
it is tax all the same. If it is not, will
the judge kindly tell us what a tax is? |
suppose he would call it protective tariff,
and quote Mckinley good authority.
Who does it protect? Does it protect the
working people? Not worth a cent. He
says, land would collect the gold and
silver of the wealthy people," Not much;
they only advance the revenue on what
they don't smuggle in. The goods are
passed from merchant to merchant, and
every time they pass per cent is added on
until they reach the consumers,
the great masses of the American people,
and they not only pay the tariff tax, but
the Dutchman's l per cent. which means
II gives 81 and sells him for 81. So we
see the wealthy pay it in a horn. That
revenue don't foot the bills Bonds are be-
ing Issued to make revenue or redeemlng
fund. How could we get $40 per capita, in
addition to what is now taken in from that
source, to redeem that $40 per capita with?
We would either have to have an increased
Mckinley bill, or sell more bonds. L don't
want to fool away any time about his ''yard
sticks" only 10 say when you make them
exclusively of gold and feet long it takes
lots OF labor and produce to get one. The
judges say my criticism on section 3 is
wholly inapplicable. Let the readers
be the judges. He says, "Under my
plan there will be no national bank
notes, nothing but United States currency.
That does not do away with the fact that it
would virtually be the same old plan of
banking and bankers with few changes.
He eXclaims: "The competition between
banks would keep down interest rates."
Would it? Do they keep down rates now?
Where does the competition come in?
Where is there any evidence, any proof
they would keep down interest? 1t would
not be to their advantage to do so. They
are not in business for health alone. but to
get money. He refers to section in his
article. l failed to see it. 1 find section 3,
where the power, the details are all left in
the hands of the secretary and president,
that they may do SO and so, and could
simply do as they pleased. MAY do
9Th thing s, is not ..s9 compulsory: s;y The
Judge uQlukS IL Nlrs Daley Will
understand my plan as it would
work out he would support it,
understand how it would work out, as my
article of December 31st plainly shows.
The reason don't support it is because it
is swinging around in circle, tweedledee
and tweedledum, around to the place of
beginning and trying to fasten upon the
people of this country constitutional
amendments and to keep up a system of
banking and bankers to handle the peo
ple's money. which they have been doing
for a long time. And the way they have
managed things shows for itself; needs no
comments from me. Judge Widney says:
"My plan does not contemplate current re-
demption as shown in my former artice.'
This shows that he changes his mind after
studying anything over. 1t shows wisdom.
| think there is some hope tor him if he
will continue to think and reason little.
j. d. BAILEY.
January 6, 1896.