The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-04-28

HOARDED WEALTH SHOULD Be TAXED

Now that war has commenced we
must have war taxes and war measures
To that end the Ways and Means Com
mittee has prepared measure to IN
crease taxation on the luXuries ana II
is computed that it will raise additional
revenue of S95,O00,O00.
Nobody will complain at just taxation
upon luxuries, but they will dehlaiu
that the government reduce all ordinary
nxpenses to the lowest limit so that
the burdens may not be heavier than
can be borne The pension burden ought
to be reduced, building postoffices III
crossroads towns, clearing out narrow
mountain streams. and an hundred 9TH
or unnecessary expenditures ought TO
be cut off at once so that the prosecu-
ton of the war may not be oyer-bur-
densomc.
There is no need at this time for an is
sue of bonds. The civil war was fought
and won on greenbacks. This war, which
will be much shorter and against a foe
with less resource. will be comparatively
inexpens1ve>if it is made sharp and de-
cisve The proposition TO issue bonds,
with more than two hundred million dol
lars in the Treasury, shows that the
bond syndicates are taking advantage
of present conditions to saddle the coun-
try with an unnecessary bond issue.
They will stand by the government as
long as they can get bonds.
As a substitute for the bond issue OF
five hundred thousand dollars, the Dem
ocratic members of Congress have wisely
offered n measure to impose a tax of
one hundred million dollars on incomes
over $1,000, and to coin the seignorage
in the Treasury. In his message in
which. at the dictation of the New York
bankers. Mr.. Cleveland vetoed the bill
10 coin the seignorage, he combatted
the view of the New York papers and
declared that the seignorage is clearly
ascertainable.' This being true, it is
clearly the duty of the government to
utilize that idle forty-two million dollars
before resorting to a bond issue. There
is reason 70 believe that, excepting
State. county and government bonds,
an income TAX law would be fayorably
passed upon by the Supreme Court. 1t
was declared unconstitutional by one
majority and would probably now be
declared constitutional.
Referring to the injurious effects of
the income tax decision, Mr.. Bryan, III
his Jefferson banquet speech in Wash
ington two weeks ago, said:
I'VE have now reached time OF
peril when we can consider this decision
and understand fully what it means.
When the government is in need OF
ready funds it cannot draft the wealth
of the rich, who are more amply pro-
tected by it than the poor people, who
have no property whatever. The gov
eminent may go today to the mother
and fake from her her only son, and
ii may go TO the wife and take from her
her beloved husband, and send them to
war. but the government cannot touch
the lOIiuiieS VI tUb Tlcll. III the Hdlis
of Thomas Jefferson / tonight DE
NOUNCE THE POLICY THAT
PLACES THE MISER'S DOLLAR
ABOVE THE MOTHERS son OR
THE WIFE'S HUSBAND. The time
has not yet come when the dollar is
better than the man in this country"
The Democrats in Congress do well
to demand a re-hearing in order to re-
verse 1.-THE policy that places the miser's
dollar above the mothers SON"
1t will be time enough TO discuss
bonds when all the other sources of
conducting war have been exhausted.
Then there will be no dissent from any
party. The attempt to do so with
S250,000,000 available. smacks of the
demands of bond spectators and stock
hpal.apa