The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-06-03

Ing, bondholding class opposed it be-
u they care nothing for human
liberty and because their pecuniary in
terests are on the side of plutocratic
government in Cuba and elsewhere.
since they could not prevent the var
tney have insisted that it should be
"aged at the expense of the poor and
TO the profit of the plutocrats. Taxes
are to be increased on the necessities
or the people, but no additional burdens
shall be levied upon the luxuries of the
rlch or upon the enormous incomes OF
the millionaires and trusts. And we
must provide further for the war fund
ny issuing bonds upon which the peo-
pie will have to pay interest for gen.
erations.
II we now had a really popular gov
eminent no such schemes would win.
II submitted to a vote of the people
there would be IN overwhelming ma
]orlty in favor of an income tax, and
the issuance of war ~greenbacks, in
stead of taxes upon labor and inter-
~est-bearing war bonds. Let the voters
pass upon the two propositions at the
polls next November. We appeal from
the plutocrats at Washington to the
patriots in their homes.
The w~ell-known reform writer. Celia
3. Whitehead, writes to the Twentieth
Century of the popular loan hum
bug, as follows:
"A certain journal in this city has
for years, whenever the men with
money have decided hat the United
states of America must issue bonds,
cried out for a popular loan;' by which
1t means bonds from $50 up offered 10
all the people,
THE writer OF these popular loan
editorials must know that there is no
sense in the idea. I asked a young
people do you know who have $50 in
spare changer and he replied, I don't
know as l know any, only those who
have a great deal more!' And that is
just the fact in the case. A five hun
dred million dollar loan means an
awful burden on those who have not,
for the benefit of those who have
money to take it up. l doubt if taking
the country through, one person in a
thousand can invest in a $50 bond. To
call such a thing a popular loan can
have but one object and that is to de-
ceive the people and keep them quiet
while they are being robbed.
I'VE want no bonds at all. Let us
have g%reenbacks; not those with an
exception clause, but receivable for
all dues, public and private and not
any we promise to pay endless chain
attachment. If we as a government
promise to receive 1t, it is enough.
thing with which to enable those it
employs, either as soldiers, manufac-
turers or what not, their services to
exchange for food, clothing, manufac-
turing materials, etc. That is all 1t
will get by selling bonds"
The Grand Rapids Chronicle says:
1T is proposed to tax the producers
and consumers for war purposes to
the extent of $11O, 000, 900. A moderate
tax levied upon the incomes of u
multi-millionaires would realize a suf-
ficient sum without heaping addition
al burdens upon the common people,"
War f%nanciering in the interest Of
the fnanciers is thus described by the
Santa Cruz Surf:
when a government issues a bond
for $1,000, to run thirty years at s
per cent, it attaches to that bond 81, 500
in coupons. The issue of a bond then
for 81, 900 at one creates an obligation
for $500, because the government
deb includes the body of the bonds
with the coupons attached. Garry this
up into higher figures. and for every
81. 200, 900 the government will OBJ
tain. it issues obligations for 81, SOC, 900.
Assuming that a war with. Spain
will cost 81. 600, 600, 900, in order to OBJ
tain that amount of money the gov
eminent must issue obligations
amounting to $4,000, 00O, 900.
These bonds are always purchased
by the rich. They are exempt from
taxation, and including this exemp-
ton. they pay the highest interest,
when the character of the security is
considered, that is known. For ex-
ample. in a municipality where the
rate of taxation is 2k. including state,
county and municipal taxation, the
exemption operates to add 2k per cent
to the per cent which the government
bond bears.
"Let it be remembered that the la
Dor of the country pays the cost of
r.r poilroa6 corDOratiop. oho,ro