The Progress., 1896-09-19


United States has sustained the prin-
ciple 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 Overthrown; has
not a future court as much right to
return to the judicial precedents of
century as the present court had co
depart from them? When courts allow
rehearings they admit that error is
possible: the late decision against the
income tax was given by a majority
of one after a rehearing.
THE last income-tax law sought to
apportion the burdens Of government
more equitably among those who en-
joy the protection Of the government.
At present the expenses of the federal
government, collected through internal
revenue taxes and import duties, are
especially burdensome upon the poor
classes of society. The income-tax law,
with its exemption provisions, was not
unjust to the possessors Of large in
comes, because they were not COM
PEELED to pay a total federal tax greater
than their share.
Now, let me ask you to consider the
paramount question Of this campaign
the money question. 1t is scarcely
necessary 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
temerity to oppose it. The republican
platform expressly declares that bi-
mctallism is desirable when it pledges
the republican party to aid in securing
it as soon as the assistance of certain
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 nation in the world. 1t was fas-
tened upon the United States without
discussion before the people, and its
friends have never yet been willing to
risk a verdict before the voters upon
that issue.
Test Of Honesty in Money.
What is the test Of honesty in
money? 1t must certainly be found in
the purchasing power of the dollar. A
dollar which increases in purchasing
power Is just as dishonest as a dollar
which decreases in purchasing power.
It cannot be successfully claimed that
monometallism or bimetallism, or any
other system, gives an absolutely just
standard of value. Bimetallism is bet
ter than recommendation, not because it
gives us a perfect dollar-that is, dol
lar absolutely unvarying in it's general
purchasing power-but because it
makes nearer approach to stability,
to honesty, to justice, than a gold
standard possibly can. Any legislation
which lessons the worlds stock of
standard money increases the ex-
changeable value Of the dollar; there
fore the crusade against silver must in
evitably raise the purchasing power Of
money and lower the money value OF
all other forms of property.
Opponents Admit the Error.
"Our opponents sometimes admit
that it was "a mistake to- demonetize
silver, but insist that we should sub
NIT to present conditions rather than
return to the bimetallic system. They
err in supposing that we have reached
the end Of the evil results of gold
standard; we have not reached the end.
The injury is a continuing one. The
same influences which are now operat-
ing to destroy silver in the United
States will, if successful here, be turn
ed against other silver-using countries,
and each new convert of the gold
standard will add to the general dis
tress.
Farmers Opposed to Gold.
"The farmers are opposed to the gold
standard because they have felt its
effects. Since they sell at wholesale
and buy at retail they have lost more
than they have gained by falling prices,
and, besides this, they have found that
certain fixed charges have not fallen
at all. Taxes have not been perceptibly
decreased, although it requires more of
farm products now than formerly to
secure the money with which to pay
taxes.
Debts have not fallen. The farmer
who owed $1,000 is still compelled 70
pay $1,000, although it may be twice as
difficult as formerly to obtain the dol
lar with which to pay the debt. Rail-
road rates have not been reduced to
keep pace with falling prices, and be-
sides these items there are many more.
wage-Earners Eager for Silver
1.-THE wage-earners have been injured
by a gold standard. Wage-earners
know that while gold standard raises
the purchasing power OF the dollar, 1t
also makes 1t more difficult to obtain
possession Of the dollar; they know
that employment Is less permanent,