The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-31

nat prices are Stll IdllluS can udTu-
ly be denied. The reference to sporadic
rises in prices of certain articles is not
a fair argument. For special reasons,
particular commodities will rise, even
when the general average price is down
ward, as wheat, when there is famine
n India or short crops in Europe"
Mr.. Sauerbeck's index numbers are
made by taking the English prices of
forty-fve leading commodities since
1877, starting with 100, at that date
The figure in his numbers goes varia-
bly, downward until it reaches 60 in
January, 1897.
Under present conditions it is not
strange that silver continues to fall in
market price. There is no longer any de-
mand for the metal to coin into money,
so every year two hundred and twenty
millions worth lat the ratio of 1919 to
II must find its way into use in the arts,
and in addition the price is threa tened
by four billions worth of coined silver.
which is Ekely to be precipitated upon
the market as a commodity not needed
for money, if it is only money, because
it must be redeemed at all times ana
places in gold.
Paper money will be as good as gold
and even better than silver, # the latter
is not to be as complete money as is
gold. If there IS to be no retrOgrade move
ment toward reconciliation silver will
Inevitably fall until it commands only its
price as a commodity.
But the renewed coinage of silver will
be irres:stibly decreed by uncomfortable
popular movements.
The temporary conditions of today ol
tomorrow will not settle a question so
broad and universal as the issue be-
tween the new gold monometallism, and
the old bimetallism."
This testimony from the lips of our op-
ponents and from such distinguished
party men as Mr.. Bliss and Senator
Chandler is strong and conclusive ev:-
dence that the issues of 1896 are still!
before the American people, and that
until there is a radical change in exist
ing conditions there can be no change Of
national issues, or real or permanent
prosperity Mr.. Chandler admits that
prices continue to fall. and that the rise
in the price Of wheat is sporadic, and is
not due to Republican administra-
ton, but to causes he mentions in his
carefully written article; and that sill
yer has fallen in value because of its
treatment by adverse legislation as
commodity, and not as a money metal.
Certainly high taxes upon food, cloth
ing and all the necessaries of life. under
the highest protective tariff law ever
enacted in this country, cannot bring
prosperity to the Western and Southern
people. or the agricultural portion of the
population Of the United States.
Therefore the currency and the tariff
must continue to be the principal issues
before the people until 1900 The opposi-
ton to trusts and monopoly, Of course,
must continue as the outcome Of high
tariff and gold standard. AS to the in
come tax, that must remain a salient
issue, judging from the strong dissenting
opinions Of the able judges in the case
of Pollock VS.. The Farmers Loan and
Trust Company in the 15S United States
Supreme Court Report.
Judge Harlan says: 1.-THE practical eff
feet Of the decision of the court is to
give TO certain kinds of property posi-
ton of favoritism and advantage incon-
sistent with the fundamental principles
OF our social organization, and to invest
them with a power and influence peri
lous to that portion Of our people upon
whom rests the larger part of the bur
iens of government, and who ought not
to be subjected to the dominion of ag-
eregated wealth, amy more than the
Of the country should be at the
mercy Of the lawless.'"
Judge Brown says: 81 hope it may
not prove the first step toward the sub
of the liberties of the people in
q sordid despotism of wealth"
Judge Jackson says: Considered in
all it's bearings, this decision is the most
OF fhn
stitutional power of Congress. 1t disre-
CARDS the great principle Of equality in
taxation"
wealth and reads it into the constitution
as a favored and protected class of
which cannot be taxed without
while it leaves all the
forms of industry upon which the pros
perity of the people must depend. SUBJ
iect to taxation, without that condition.
The rule which works out this result
stult:fies the Constitution by making it
an instrument of the most grievous
wrong. and overthrows the decisions Of
this court. and the tradition. practice
and settled policy of the government"
Can any language he stronger
With opinions of men of such ability
as these judges. is there any douht that
the issue of the Chicago platform upon
the income tax. Ike the other issues out
lined in the Virginia platform, will re-
main unchanged?
| have quoted these utterances of lead
ing Republicans, and also from the Viz
gina platform. and the income fax case.
because I believe they tend to strengthen
the faith that is in us, and to cheer and
encourage those who entertain stead
fast devotion TO the Chicago platform.
AS DO State issues. in the election #
1898 Of the State, legislative and Judi
cial tickets. it is. of course, too early to
clearly outline them.
Doubtless Republican leaders. failing
to effect fusion again. will endeavor TO
elect their candidates by plurality
vote: while Populist leaders will strive
to maintain strict neutrality and the
balance Of power until 1900.
{ In this condition Of affairs let Demo-
Gratis keep their own counsel. awaiting
the oppOrtunity for decisive actiOn