The herald., 1898-04-30
THE PLOT THICKENS

But for the attitude Of the opposition
in the senate, bond issue would be i'm
minent. The house committee Of ways
and means has reported a bill, now being
debated, which provides for an increase
of the bonded indebtedness of the United
States by six hundred millions of dollars.
1t is the plan approved by the admins
tration for the raising of revenues ade-
Quate to the war necessities of the gov
ernment. The presidents concurrence
was obtained before II secured the ap-
proval of a majority of the committee.
He is said to favor the popularizing of
the loan-the placing of the loan among
the people, instead of with the bankers.
But the bankers object to this threatened
invasion of their exclusive field-this
menaced denial of their exclusive pre-
rogative. They are already flooding him
with propositions for the absorption of
the entire loan. They have the price
locked up in their vaults, and they want
no better opportunity to invest their
large surplus. Three per cent securities,
the interest payable quarterly, and the
entire resources of the country pledged
to redemption, is a gilt-edged PROPOSE
ton, in these days of business stagna-
tion, commercial prostration and falling
prices.
Who believes that the president, If dis
creton be placed in his hands, will be
able to resist the opportunities of those
who, even now, before the success of the
Dngley revenue bill is assured, are del
uging him with proposals for taking care
of the entire issue? Measure his patriot
ism and his fortitude with whatever
yard-stick we will, the fact remains that
he has ever been subservient to the
money interest; obedient to the COM
mands of the commercial interest; loyal
to the combined interests of capital that
elevated him to the chief magistracy.
He sticks to his friends" even as Grant
and many another man of greatness
stood by their friends, and it is quality,
we are free to admit that is not always
to be despised. But, unfortunately the
DTbSlutHl IlleHuS, anu Tic lllleltSlS VI
the presidents friends, happen to be in
a way antagonistic to the welfare of
the great body of the American people.
Hence they must be combated-reso-
lutely, unyieldingly, yet none the less
combated.
Seventy millions of people must be
taxed to pay the cost of the war. Their
views as to how the additional burdens
should be distributed must be consulted. !
If they themselves prefer to loan the |
needed money to the government, they
should be allowed the privilege. They |
should have the first opportunity for in
vestng their surplus in the glt-edge Sc
curities for the payment of which they
themselves are holden. They are entitled |
to the interest which they themselves
must pay. The absorption of the loan
+ one be authorized, and the distribution
IF the quarterly interest, will serve the
common veal. 1t will stimulate industry
n all directions. The diffusion of six
hundred millions Of public securities
among the people of all the states would
hundreds Of thousands of
citizens into active, enthusi-
lstic patriots, co-partners in the govern
mental enterprise, practical sharers in
is bounty. The assumption that the
people do not demand participation in
he proposed increase in the national debt
s entirely gratuitous. They do demand
t and expect it. and are ready to resent
my attempt to deprive them of'it. If a
oan be authorized, it must be popular
oan, and the machinery for popularizing
t must not be left to the discretion either
# the president or his secretary of the
reasury, who has been all this week in
Vail street, parleying with the money
Kings.
The Herald does not believe loan is
It this time necessary. 1t does not now ,
pprove of any increase in the bonded .