The Caucasian. (Clinton, N.C.) 188?-1913, 1898-05-05
WAR ON THE
BOND ISSUE.
The Populists in Congress Fight
ing the Money Powsr-Who
Want the Government
TO MAKE A $500, 900, 900 DEAL
Greenbacks Were Good Enough to Raise
War Revenue Under Lincoln. Admins
trati"n Mckinisy's More Arisiocratic
Idea IL to Issue Bond,-And En.iav~ the
American People 10 the Shy hyIoeks.
Special to THE CAUCASIAN,

q
Special to THE CAUcAsIAN.l
WAsHINGroN, May 1.-The House
has been engaged in the consideration
during the past week of tariff meas
ure to raise additional revenue to meet
the expenses incurred in the prepara-
tons for war and for its prosecution.
The bill, as reported to the House by
the ways and Means Committee, not
only provided higher taxes on many
articles, already on the tax list, but
also contained q provision authorizing
the Secretary of the Treasury to issue
$500, ,OOO, 900 in bonds, thus saddling on
the cOu ntry an enormous debt that will
be q curse and q burden for genera
tiOns to come.
1t cannot be predicted whether the
Infamous bond scheme will pass the
Senate or not, but it can be safely said
that the Popnllsts and silver Republic
cans in that body will severely antsgo-
nize the proposition to issue mOrebOnds
when there are various ways in which
sufficient revenue can be raised to meet
the present emergency.
Hon. A. G. ShufOrd pop, N. c. }, dis
cussing the bond proposition with your
correspondent, said:
"The gold trust has strengthened its
grip upon the revenue measure just
passed by the House in which author
ity is given the Secretary of the Treas
ury to issue $500, 900 of :; per cent.
bonds.
THE people realize now that the
same power that issues bonds can issue
legal tender treasury notes, and the
same property that stands behind the
bonds and makes them perfectly safe
applies to the treasury notes. The
difference alone being the interest.
Falling prices have not only discOur-
aged investment, but made property
in the eyes of the money changers !"
unsafe security. Consequently they
seek bonds that place a mortgage, not
only upon this generation, but our
children for generations to come.
"Full legal treasury notes would be
blessing to the people by raising
Erices of labor and products, and it
would take millions Of them TO make
up for the lost and destroyed green
backs included.in the $346 600, 900 now
claimed by the Secretary of the Treas
nry to be outstanding.
"BOnds are q curse, burden upon
labor, as the interest must be collected
from the sweat and the toll of prOdu-
GERS. Think Of it, the $500, ,O00, 900 au-
tborized in this bill in twenty years
will draw $500, 900 900 in interest, if paid
annually, but this is to be paid quar-
terly, and will amount to much more
than that. The policy of issuing inter-
est bearing bonds will enslave our peo-
pie unless they awaken to the danger
and call a::halt."
Hon. Jerry Simpson (Pop, Kan.)
who is one of the minority leaders in
the House, aud whose ability is we'll
known, discussing the bond feature of
the war revenue measure, said:
II think it is the most outrageous
legislation that has been put upon the
country in many years. 1t is the same
old scheme of the money power, TAX
ing advantage of the patriotic enthu-
siasm of the country, when there is
absolutely no necessity for issuing
bonds in the present emergency. If
the people don't defeat the Republicans
on the bond proposition then they are
not entitled to free government"
Hon. J. Y. Callahan Pop. Oklahoma }
has introduced and secured favorable
reports on quite number of bills in
which, his constituents have interest,
in spite of the great proposition a
new member has overcome in the
House. While he met with great diff
Guilty in the House. yet he succeeded,
through the efforts of Senators, to
have some of his measures placed as
amendments to appropriation bills
and thus secured their passage.
Hon. Gum Pop. Idaho gives, in the
following, a correct view Of the pur-
pose of the money power in taking ad-
vantage of the present emergency to
plunder and rob the people:
"Since Mckinley became President
the money barons have exhausted
their artful recOurses to bring about
advanced met with q cold reception
land administration before them and
they hesitated about flying in the face
of an enraged nation. This war, how.
ever, has furnished pretext and with
hungry greed the avariciOus Republi-
| cans seize upon it. All will admit
that this war should be pushed vigor-
Ously. That in order to do 80 money
hould be furnished the admlnistra.
tiOn in sufficient amount to meet all
emergencies that may arise. So great
are the resources of this nation this
can be done without imposing any Sc.
riOus burdens on our people. If W.
cannot whip Spain without issuing &
single bond We ought to 90 out Of the
government business. Grover Cleve
land wrecked the Democratic party on
the question of bond issue. The Re
publicans are drifting into the same
dangerous channel and the same fat
aWaits them. The money now in tn,
treasury, supplemented by an issue o
treasury notes similar to the green
backs, now in circulation, is all that i
needed to carry this war to q speed,
, and successful termination.
Hon. John c. Bell, (POp. COlo) il
, his speech on the war measure, deliver
ed on the floor of the House on Apri
9th said:
This country fought the war of 1S1
with England to successful terminal
ion on Treasury notes when we ha
only 100000 people, and with SINAI
: taxable property. During the war Q
| lS46 with Mexico we issued $33, ,OQO, 90
in legal tender Treasury notes re
: ceivable by the government, an
fought the war successfully. *~* w
broke the panics of 1887, 1867, and 1S7
by large issues of Treasury notes.
Hon. Freeman Knowles (Pop. Sout
: Dak) made q very able and effectiy
speech on the war measure, in th
!. cause of which he forcibly advocate
!. the levying of an income tax on tt
rich to aid in support of the govern
ment. For:one hundred years, he SAL
it had been constitutional until tt
corporations and millionaires got col
= troll of the Supreme court, and reverse
= the decision in favor of the ric
q Speaking of the action of the court
= declaring the income tax unconstitu
d ional lie said.
/. "Mr. Chairman, it was once sal,
o There is q divinity that doth hedl
t about king We have changed th
d old superstition to read: There is d
n vinity that doth hedge about cour
Is do not believe there is any public 9
y fetal or any body of such officials vi
a ara ahovo cpitiNism MuNh loaa are N