Mexico weekly ledger., 1898-06-09

And gently may the breezes lave
Your ripping sheet, Old Glorys
Old Glory, Old Glory.
Your ripping sheet, Old Gioryi
Signal are you of right and law,
whether in peace the bad to awe
Or leading on where freemen draw
Their swords in battle glory.
Each day to us the more endears
Thu flag that now for many years
| Has filed our hearts and banned our foafA
Your stars and stripes, Old Gloryi
Old Glory, Old Glory,
Your stars and stripes, Old Gloryt
A cloudy sky for you hath been
When brothers met in battle din
And strove supremacy to win.
But that's an olden story.
For time wears on, and here todsy.
When foreign foes invite the fray,
| Our boys in blue and boys in gray
Arc rallying round Old Glory,
Old Glory, Old Glory,
Are rallying round Old Gloryi
Our boys in blue and boys in gray
Are rallying round Old Gloryi
A Greenback Republican.
Recently 1 quoted In extenso the re-
marks of Hon. Joseph Fl. Walker Of
Massachusetts on the bond bill. / now
quote Hon. Charles N. Brumm, Repub-
Gcan, Of Pennsylvania, who has been in
congress off and on for about 30 years
and who was deputy attorney general
under President Harrison. He is man
who says what he thinks and who
stands high in his party. His evidence
should therefore be carefully weighed,
especially by Republicans. Among 9th
er things he said:
"Mr. Chairman, this bill is q wal
measure, pure and s~imple-not a peace
measure, not a party measure. This be-
ing the fact, it becomes the duty Of ev-
cry member Of this house to express his
views upon it, especially if he differs
with it, and to act according to his con-
science without regard to any supposed
party loyalty or party principle. /, for
one, propose to do just that thing. I am
opposed to issuing any moro bonded in
debtedness so long as a legal tender cir
culating medium can be maintained at
par with any other medium of exchange.
/ have given notice Of an amendment to
issue in lieu of bonds $3.50, 900, 900 of
treasury notes. Applause.
"There are other elements in this bill
that I do not like, but I am willing to
accept them. I think the proposed tax
on beer is too high and also the tax on
tobacco and cigars, especially the tax o
stocks on hand. This is also applicable
to proprietary medicines. I believe you
can substitute for the excessive increase
of tax ON those articles a tax on parlor
cars and sleeping cars.
"You can tax the coal oil and Pc
troleum that are exclusively under the
control of the Standard Oil system, and
q number of other articles that would
bear lightly ON the consumer and affect
the trusts and ~monopolies only, who are
the better able to pay them, and thus you
can bridge over all necessary conditions
for the present at least by issuing the
$50, 900, 900 of treasury notes, as l
have suggested.
"And, Mr.. Chairman, why is this
system desirable? In the first place,
these notes bear no interest, and will
a v the amount that must be paid on
an equal amount of bonds. In the next
place, they are Immediately available,
and you need not wait for the collection
of any tax or the disposal of any bonds.
Again, they can be redeemed quicker,
better, cheaper and safer than any in
terest bearing obligation" Applause.
Mr.. Vincent-''Let me ask the gen.
tleman from Pennsylvania if it is not
true, as a matter of fact, that all of the
money destroyed is a clear gain for the
government"
A Gain to the Government.
Mr.. Brumm-''It is an absolute gain
to the government, and of course such
money could never be presented for re-
demption nor q demand for any inter
est.
mi. Chairman, issue your $3.50, 000,-
900 Of ~greenbacks, and tho effect will
be to stimulate production in this coun-
try. Issue this money, you thereby
stimulate the industries that you are
taxing, and you will collect a greater
amount of income than if you do not in
crease the circulation, because there
will be the means with which to pay
the taxes and with which to conduct
business. Applause. We went into
the late war and found it necessary to
issue greenbacks to carry on the war.
Issue them now, instead of bonds, and
you will find no difficulty in conducting
this war to q successful conclusion.
Applause.
"My~ suggestion is to issue Indifferent
form of government obligation from
that proposed by the pending bill. Your
proposition is to issue an interest bear
ing obligation, while mine is to issue a
noninterest bearing obligation, but you
object, however, because of the SO called
endless chain difficulty in connection
with the issuance of greenbacks. Iwant
to say here that the government of the
United States never should have made
Of itself a bank of exchange. Applause.
"What you want is to have our gov
eminent do as the French government
does-that is to retain the right to re-
deem the greenbacks in whatever coin
it pleases, instead of allowing the hold
er to be the judge as to what kind of le-
gal tender it shall be redeemed in. In
fact, in my opinion the government
should not be a bank of exchange at all,
but as it pays out its treasury notes for
value received for debt due by the gov
eminent, if made a legal tender for all
purposes, it should only be received or
redeemed for debt due to the govern.
ment. Applause.
Because the greenback or treasury
note differs from the bank note in this
that the treasury note or greenback, be-
ing the creature of the sovereign power,
can only be issued for value received,
passes from hand to hand for its full
value, is at all times its own redeemer,
and finally is redeemed by the govern
ment in payment Of taxes or other dues
for its full value, hence every time it
passes from the government to the cit
izen, from one citizen to another, and
from the citizen to the government, it
passes only for value received, and
therefore is at all times its own redeem
er, being eedeemed at all times for the