The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-05-30
The w ar Revenue Bill.

Mr. Dingley chairman of the Ways
and Means committee i'm the House of
representatives a fortnight ago, was
short, simple, practical measure which
would if passed by Congress go into
operation almost at once and secure to
the Administration the necessary tax
alton Of certain luXuries, such as to-
baccO ard tobacco licenses mineral and
aerated waters, patent medicines,
stamp duties and few other sources
OF taxation which are in all national
oXigencies a certain and unobipctiOna-
be source Of revenue. In principle and
practice the direct taxation clauses in
the Dingley lii were approximately as
little burdensome as it was possible to
make them. With a few amendments
they were practically accepted by the
house
The controversial part of the Dingloy
bin was not the direct taxation provls-
ions. however. but the issue of a new
loan. 1t was contended by the Topulists
that the issue OF interest bearing bonds
was unnecessary, lneXpedient, and Of
course in direct conflict with their prin-
ciplos. Mr. Dingley explained that these
bonds would be issued in blocks Of
small denomination, every opportunity
and induCement being offered people of
moderate means to take them up. Mr..
Bailey, of Texas, the so-called leader
Of the Democratic party in the House,
in his most vacuous and irrational style.
proposed the coinage of the silver
seiGniorage ana the issue of S1j0,OOO0OO
in grccnbaCks. The coinage of silver
seigniOrage signifies the profit on the
silver dollars that would accrue to the
treasury after it had coined into money
all the silver bars in its possession or
any part of them. The market value of
the silver in dollar is about forty
three cents. 1t is assumed by the Pop
ulists that all the silver in the treasury
was purchased at the current rates,
ana that the Administration would
profit by the difference between the
dollar which it sells t. the public for a
hundred cents coined and the constitu-
ent metal which it purchased at forty
three cents. As a matter of fact, the
ury was purchascG at time when the
silver in the silver dollar was at Il par
ity with gOlu. 1t would take, at low
est calculation, two years to coin all
the silver held in the treasury, and not
till then would the profit. anticipated on
the coinage of the seigniorage be made
available. Just think Of this proposal
in, lf
would again be obliged, if this practical
though partial opening of the mints to
the free coin ge of silver were adopted,
tu isSua bonds to borrow gold to keep
these scigniorage dollars at par, OF we
would once again be forced on q de-
based currency basis, with all that that
entails.
The proposal to issue $780, 900. 900 in
greenbacks instead of bonds is one of
tn" favorite panaCeas of our congress
sional fnanciers. The fatuous belief
that government stamp creates money
is one Of these incurablc inlirmities of
the human mind which it seems almost
impossible to alleviate. Only the hO-
moeopathic dose Cf disorganiZed or
deprecated, or an irredeemable cur
rency seems to have any effect, and
then only until the advent of another
cmp!ric into the field of finance. That
thu government is good for a hundred
or a ten hundred million dollar issue of
greenbacks 70 one doubts. The credit
of the government is, however, the
credit of the people, and il is not al
ways advisable to use it beyond Vea-
sOnable limits even in war time. The
AdniuistrattCnD stands pledged that it
will issue bonds only as the expenses
Of the war demand thcm. These eX-
penses are rluuntng up at the rate Of
one millions dollars a day, and must
be met sooner or later, yet the specta-
Gle is presented of the richest nation on
the earth haEgling over revenue bill
fer the purpose Of carrying on a war
into which these very politicians who
are frustrating the governments plans
Of raising money forced it, 1t would
almost appear that the Bryanites and
PCpulst representatives. and senators
hurried on this war rather to forward
their political aims than to effect the
Liberation Of Cuba. We do not believe
or say this is so; but that it should ap-
pear to be so is not creditable To the
professional politicians Of the Demo-
cratic party.
Most of the Amendments proposed in
the senate are either unconstitutional
or 50 obnoxious 90 public sentiment that
their evasion viii be regarded by those
who are affected by their imposition as
moral and natural. Grant the power To
the government or the state, and it is
possible to tax any industry out of ex-
istence. The richest trust and the
struggling tradesman will not and can
not withstand unlawful and illegiti-
mate taxation. Some Of the admend-
ments to the revenue bill are not meant
and never will be used for the purpose
Of raising a war revenue. They ere in
sidious attacks under the guise OF pat
riotism on capital.
This war continues 10 stimulate the