Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-05-26
PLAN or THE DEMOCRATS.
How Free Siiverites VIII Try to
Garry out Their Partisan
Schemes.

The democrats have formulated their
plan of operations on the war revenue
bill. That bill will authorize the sale OF
three per cent. bonds to the amount OF
$500, 900, 900 if necessary and the issue of
three per cent. treasury certificates
running one year, of which not more
than SlO0, 200, 600 are TO be outstanding
at any one time. AS soon as the bill is
introduced in the house, the democrats,
under the leadership of that eminent
tinancier, Mr.. Bailey, of Texas, will pro
pose to cut down the certificate issue to
$50, 900, ,00O and to make S50.0O0,000 OF
money by coming the seigniorage on
the silver bullion still held by the gov
ernment. This sum of $50,000,000 is the
difference between the gold price paid
for that silver and the number of dol
lars it will make when converted into
coin, each containing 371H grains OF
pure silver
BY utilizing this rake off" the gov
ernment will practically make forced
loan of $4,000, 900 on which it will pay
no interest But il will at the same
time increase by ten per cent. the vo,-
ume of the silver dollars the bullion
value Of which is only A cents, and
which must be kept at god par. Other
wise there will be collapse in the pur-
chasing power of the currency and the
country will slump at once 10 the silver
standard. That is what Mr.. Bailey and
his free silver associates would like TO
see happen. The proposed amendment
is intensely Objectionable. The govern
men can afford to pay for the use OF
whatever money it may be obliged to
borrow and should not resort TO danger
Gus subterfuges to get it for nothing.
The democrats will propose also to
strike out the provision for the sale of
bonds and substitute for it an income
tax of three per cent. on all incomes
over $4,000. The Wilson law imposed a
tax of two per cent. on all incomes over
$4,000. The democrats wish to add 50
per cent. to the rate and make the eX-
emption two and d half times larger.
Tleir present plan is even more sec
tional and unequal than that of the
Wilson law. 1t will please the populists
more.
income tax law of 1894 was unconstitu-
tional. That decision confronts the
democrats. They VIII argue that an
income tax when voted as a war meas
ure will meet with kind.ier reception
at the hands of the court than when
enacted for the purpose of raising rev
enue in time of peace. The argument
is weak and the proposition will not
command a majority even in the senate.
Other amendments will no doubt be
offered. Bland, of Missouri. has intro
duced a bill 10 authorize the secretary
of the treasury to issue legal tender
treasury notes TO the amount OF $780,
100000. Bus while recommending an
increase of the paper money redeem
able in gold Bland makes no provision
for better facilities for obtaining gold
with which TO redeem the legal tenders
on demand. His scheme will be pressed
in the senate. Undoubtedly somebody
will move 10 open the mints to the free
"oinage of silver at the ratio of sixteen
10 one IN order that the people may
have more money"
But not all the democrats in the SEN
ate are going to carry partisanship to
an extreme and make "A factious, unpa-
tr.otic fight against financial war meas
ures recommended by the administra-
tirn. Senator German announces that:
We viii be guided, SO Tar the minority
Is concerned. by the wishes of the presi-
dent ard his advisers, and whatever rec
ON mmendation the administration may see
fit 20 make will be as Loyalty supported by
democrats as the most ra ampant republican
could possibly desire"
German has been consulting with
Croker, and these two shrewd politi-
cans appreciate the fact that Il would
be fatal to the future of the party if it
became committed to g copperhead
policy again. The republicans believe
that, with :he aid of the gold demo
Gratis and a few southern free silver
senators, they can get majority in the
senate for the bond proposition. There
arc some free coinage men who fee!
ashamed to vote against the sale of
coin" bonds in time OF war.
1t may be that the violent free sill
vcrites, like Teller and Jones and Allen,
will feel inclined to resort to the tactics
of delay which were prlcticed when the
bin for the repeal of the silver purchase
law was before the senate. But neither
the majority in the senate nor the pub
lie will be as patient as it was in 1899.
There will be no liberation of dsreput-
able efforts 10 deprive the president of
money which will be needed by him to
carry on a var which populists and
democrats us well as republicans have
ordered him To begin.-Chiaago Tri-
bune.
ETButlcr, Of North Carolina. too, has
oo,,s;.e out against bond issue, and in
favor Of increasing the silver and green
back circulation. lie has taken ground
with Teller, Allen, Bland, Bailey, Nc