Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1898-05-13

LIE OH, us TepOtteQ 10 GuS mouse
by the Ways and Means Committee,
not only provided higher taxes on
many articles, already on the tax list,
but also contained a provision au-
thorizing the Secretary of the Treas
ury to issue S5OO,OOO,OOO in bonds,
thus saddling on the country an enor-
nous debt that will be curse and a
burden for generations to come.
Congressman Shuford of North
Carolina said:
'"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.
Tie difference alone being theinterest
Falling prices have not only dscour-
aged investment, but made property
in the eyes of the "money-changers'
unsafe security. Consequently they
seek bonds that place mortgage,
not only upon this generation, but
our children for generations to come.
Emil legal treasury notes would be
a blessing to the people by raising
prices of labor and products, and it
would take millions of them to make
mp for the lost and destroyed green
backs included in the 5000, 900
now claimed by the Secretary of the
Treasury to be outstanding.
Bonds are a curse, a burden upon
labor, as the interest must be collect
ed from the sweat and the toll of pro-
ducers. Think of it, the 100000, 900
authorized In this bill in twenty
years will draw $500. 100000 in inter
est, if paid annually, but this is to be
paid quarterly, and will amount to
much more than that. The policy of
issuing interest bearing bonds will
enslave our people unless they awak-
en- to the danger and call halt"
Jerry Simpson, of Kansas, said of
the bond feature of the revenue bill:
II think it is the most outrageous
legislation that has been put upon
the country in many years. It is the
same old scheme of the money power,
taking advantage of the patriotic en-
thusiasm of the country, when there
is absolutely no necessity for issuing
bonds in the present emergency. If
the people don't defeat the Republi-
cans on the bond proposition then
they are not entitled to free govern
ment."
Congressman Gum, of Idaho,
spoke Of the scheme of the money
power to take advantage of the
present emergency to plumber the
people, saying:
''Since Mckinley became President,
the money barons have exhausted
their artful resources to bring about
a bond issue. Every proposition they
advanced met with cold reception.
They had the experience of the Cleve-
land administration before them and
they hesitated about flying in the
face of an enraged nation. The war,
however, has furnished a pretext and
with hungry greed the avaricious Re-
publicans seize upon it. All admit
that this war should be pushed vigor.
ously. That in order to do so money
should be furnished the adminlstra
ton in sufficient amount to meet al
emergencies that may arise. So great
are the resources of this nation this
can be done without imposing any
serious burdens on our people. If we
cannot whip Spain without issuing G
single bond we ought to go out O.
the government business. Grover
Cleveland wrecked the Democratic
party on the question of bond issue
The Republicans are drifting into the
same dangerous channel and the
came fate awaits them. The money
now in the treasury, supplemented
by an issue of treasury notes similar
to the greenbacks, now in circulation
is all that is needed to carry this wal
to speedy and successful termina
tion."
Congressman Bell, of Colorado, or
the floor of the House said:
This country fought the war O
1912 with England to successful ter
mination on Treasury notes when VIZ
had only 100000 people, and witt
small taxable property. During tn.
war of 1916 with Mexico we issued
$33,ooO,OOo in legal tender Treasury
notes receivable by the government
and fought the war successfully. ~
We broke the panics of 1887, 1857
and 1878 by large issues of Treasury
notes."
Congressman Knowles, of South
Dakota, made a speech on the war
measure in which lie advocated levy