The midland journal., 1898-07-08
The Two Brands.

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A study Of the synopsis of the war tax
law, published in this issue will show that
the burden is laid on the industrial classes
while the law is so arranged as to allow
the money class to escape almost entirely
their share of taxation, while the policy
of keeping down the prices of all products
is continued. The policy of the Repub
lican party under Mckinley and the
policy of the party under Lincoln is SO
diametrically opposite as to be scarcely
recognizable.
In 1928 four hundred and fifty million
greenbacks were issued as war measure
and went directly into circulation, which
supplied the people with an abundance of
legal tender money. There we're then
25,ooo,ooo people i'll the loyal States.
This issue of greenbacks alone gave the
people SIG per capita of national money
that was preferred by them to gold.
There were also thousands of State banks
which issued bills that supplied local
circulation, and mercantile houses, cor
porations and manufacturing establish
ments issued small notes called Shin
plasters" which supplied change till the
government issued postal currency for
this purpose, aggregating about $40, ,coo,-
900. All metal money had disappeared
from circulation except few cents. This
supply Of government money drove bus
mess in every line as it never had flour
ished before. People had money to pay
their taxes and the taxation was never
felt to be burthensome. The income tax
was good constitutional law then and
raised about S3o, 900, 900 Of revenue. The
nillionaires-if there were any-could be
counted on the fingers of one hand. Now
when half dozen have grown to four
thousand millionaires and all income tax
like the Republican income tax under
Lincoln, would raise two hundred mil
lions, it is declared by the millionaire
court under the latter day Republican
regime to be unconstitutional law, but all
the other parts of the law which taxes
people is good constitutional law.
There were bond issuing laws then as
now, and when farmer sold his wheat
for 81 bushel and hay for S23 ton and
had surplua of money, he bought gov
ernment bond drawing six per cent in
terest, and laid it by. He did not place
his money IN the bank and risk its being
stolen by some speculator. And when he
wantr d 10 make purchase of stock or a
farn-for farmers were able to buy farms
i'll those days-he exchanged his bonds
for greenbacks or used the bonds as cash
This was Lincoln republicanisnl, which is
entirely unlike the Mckinley brand
Now the party makes a desperate fight
against issuing $I5o,ooo 900 in green
backs, claiming it is a very dangerous"
sort of money. Uncle Sans money has
come to be dangerous and bank money is
the best form of currency that can be
devised, according to the new school of
Mckinley republicanism. $3.50, 900, 900
of new greenbacks and the $42, 900, 900 of
silver lying idle in the government vaults,
would be very bad money, in the opinion
of the latter day republican dogma
This addition of new money would have
revived besiness by adding to the ready
cash i'll circulation, and rising prices for
farms and all kinds of property, would
have helped people to pay their debts and
get on their feet again. Instead, however,
there was bond law passed to add $780,
900, 900 of new debt to the country, and
the money to purchase this new bond
debt is to be taken out of the meager cir
culation with which our great volume of
business is compelled to skimp along
The money must be paid down to the
government or rather Secretary Gage
has arranged with a few of the large mil
lionaire banks to hold it on deposit sub
ject to draft by the treasurer.
This will tend TO drain the currency
from all parts of the country by those
able to buy bond, and land it into the
money centers, where it will continue to
be used by spectators in stocks, grain,
and other products. BY this system of
tinancieriug the spectators and gamblers
will be strengthened and the industrial
classes weakened, and prices of products
knocked down still lower.
The debt of the nation being increased
and its circulating medium still more
tightly cornered, the debt holders will
escape paying taxes, the bonds being non
taxable, and the people made poorer by
falling prices will be still harder oppressed
by the new taxes This is the difference
between Mckinley republicanism aud
Lincoln republicanism. What is most
lhumiliating is that thousands of gray
headed men are unable to discriminate
between them.