Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-08-20


than their share The income tax Is not
new, nor is it based upon hostility TO the
rich. The system is employed in several
OF the most important nations of Europe
and every income tax law now upon the
statute books in any land, so far as have
been able to ascertain, contains an exemp-
ton 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 moderate the Ian
guage of those who denounce the income
tax as an assault 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 shall also refuse
to apologize for the exercise by it of the
right to dissent from a decision of the su-
preme court. In government like ours
every public official is a public servant,
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 criticise his official
acts Confidence is everywhere the parent
of dospotism. Free government exists in
jealousy and not in confidence" These are
the words of Thomas Jefferson, and sub
nit that they present truer conception of
popular government than that entertained
by those who would prohibit an unfayor-
able comment upon court decision.
Truth will vindicate itself. Only error fears
free speech. No public official who con-
scientiously discharges his duty as he sees
it will desire to deny to those whom he
serves the right to discuss his official con-
duct.
The Paramount Question.
Now let me ask you to consider the para
mount question of this campaign - the
money question. 1t is scarcely necessary to
defend the principle 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 Democratic Populist and Silver par
ties-have not only declared for bimetal-
lism, but have outlined the specific legisla-
ton necessary to restore silver to it's an-
cient position by the side of gold. The
Republican platform declares that bimetal-
hsm is desirable when it pledges the Re-
publican party to aid in securing it as soon
as the assistance of certain foreign nations
can be obtained Those who represented
the minority sentiment in the Chicago con-
vention opposed the free coinage of silver
by the United States by independent ac-
ton on the ground that, in their Judgment,
it "would retard or entirely prevent the
establishment of international bimetal-
lism, to which the efforts Of the govern.
ment should be steadily directed" When
they asserted that the efforts of the govern,
ment should be steadily directed toward
the establishment of international bimetal'
lism, they condemned monometallism.
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 can.
not stand for one day in any nation in the
world. 1t was fastened upon the United
States without discussion before the peo-
pie, and it's friends, have never yet been
willing to risk verdict before the voters
upon that issue.
There can be no sympathy or co-opera.
ton between the advocates of universal
gold standard and the advocates of bimet
allism. Between bimetallism, whether in
dependent or international, and the golC
standard there is an impossible gulf l.
this quadrennial agitation in favor Of in
ternational bimetallism conducted in good
faith, or do our opponents really desire to
maintain the gold standard permanently
Are they willing to confess the superiority
of double standard when joined in by
the leading nations of the world, or dc
sthey still insist that gold is the only metal
suitable for standard money among civi.
liZed nations? If they are in fact, desirous
of securing bimetallism, we may expect
them to point out the evils Of gold
standard and defend bimetallism as O sys.
tenn. If, on the other hand, they are bend.
Ing their energies toward the permanent
establishment of gold standard under
cover of declaration in favor of interna-
tional bimetallism, I am justified in sug-
costing that honest money cannot be eX-
pected at the hands of those who deal dis
honestly with the American people.
What is the test of honesty in money! 1t
must certainly be found in the purchasing
power of the dollar. An absolutely honest
dollar would not vary in its general pur-
chasing power. % would be absolutely
stable when measured by average prices.
A dollar which increases in purchasing
decreases in purchasing power. Professor
Laughlin, now of the University of Chi
cago 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 q
standard of value for future payments,
either in gold or silver, which remains ah-
solutely invariable. He even suggests
that multiple standard wherein the unit
Is biased upon the selling prices of mum,
ber of articles of general consumption
would be more just standard than either
gold OF silver, or both, because "a long
time contract would thereby be paid at its
maturity by the same purchasing power as
was given in the beginning
Purchasing Power of the Dollar.
1t cannot be successfully claimed that
monometallism or bimetallism or any 9TH
er system gives an absolutely just stand
ard of value. Under both monometallism
and bimetallism the government fixes the
weight and f1neness of the dollar, invests
it with legal tender qualities and then
opens the mints to its unrestricted coinage,
leaving the purchasing power of the dollar
to be determined by the number of dollars.
Bimetallism is better than monometallism
not because it gives us perfect dollar
that Is, dollar absolutely unvarying in
its general purchasing power-but because
1t makes o nearer approach to stability, to
honesty, to justice, than gold standard
possibly can. Prior to 1873, when there
were enough open mints to permit all the
gold and silver available for coinage to find
entrance into the worlds volume of stand
ard 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 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 be thrown upon the side
of gold unless we are prepared to accept
the natural and legitimate consequences of
such an act. Any legislation which lessons
ia n Il.