Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1898-07-15
Patriotism VS.. Plumber.

The subserviency of the Republican
party to the money power is conspic-
uously illustrated in the bond pro-
visions of the war revenue bill that
has lately passed Congress. In bill
imposing upon The people of the
country the most onerons war taxes,
levied upon production and consump-
ton, it would seem that the party of
monopoly and trusts ought to be
satisfied with having protected the
wealth of it's masters from taxation
by defeating the income tax amend
ment, and omit from the bill any spe-
cific scheme to enable the banks to
plumber the people. But not so.
Under the guise of popular loan the
banks are to be given outright, with
out any consideration whatever. from
ten to fifteen millions of the peoples
money.
The Cleveland administration was
disgraced by a bond steal, and while
the Republicans in Congress stood as
q wall Of adamant against any
measure to limit the power of Cleve-
land to issue bonds, yet they CON
demned the sale of sixty-five millions
of bonds for 104 when such bonds
were worth 119 on the open market.
The Republicans pronounced the
Cleveland deal corrupt private
bargain in which about ten millions
OF unearned dollars were put into the
pockets of the parties to the deal on
one or both sides of the transaction.
The bond steal that is now under
way is an improvement on the Cleve-
land bond steal only in so much as
Its authors seek to obscure it's outline.
The whole steal is made behind the
thin gauze of a popular loan. A
temptation is offered to the people to
come forward and steal from them
selves by purchasing property from
themselves at less than it's market
value. But it is to be cash trans
action and only those of our citizens
having cash to invest can participate
IN this steal, and the Secretary of the
treasury has put an individual limit
OF $500 upon the first two hundred
millions worth of bonds offered to
convey the idea that the steal in
connection with this transaction is
organized in the interest of small
capitalists and that large capitalists
are to be excluded from it's benefi.
cence beyond the $500 limit.
This arrangement, not devoid OF
ingenuity and cunning, is based upon
the idea that the people are gudgeons
and can be easily deceived. The
scheme is for the purpose of giving
the national banks of the country
from one hundred and fifty to one
hundred and seventy-fve millions of
new twenty-year bonds worth not
less than 10 per cent premium, at par,
thus making the banks gift of over
fifteen millions of dollars. Of course.
while the banks are receiving their
gratuity of fifteen millions, small
capitalists scattered over the country
will absorb from twenty to fifty
millions of these bonds and will par
ticipate in this raid upon the tax
payers to the extent of from two to
five millions of the plumber.
How are the banks to obtain the
bulk of these bonds under the $500
limit is asked? The answer is simple.
Every officer, share holder and en-
ployee of the banks, together with
their sisters, their cousins and their
aunts, will at once become subscribers
for $500 bond. If the number is
not sufficient to bring the banks the
amount they require their customers
and friends can be easily induced to
become subscribers until the amount
desired is reached.
There is another purpose to be sub
served in addition to giving this mag