Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-12-30

NATIONAL DEBT.

day of its passage by the House of Representatives
The act wh,h will finally passed will be made up by
adopting the essential features of proposed
and care will be taken
Pegeo eW at the expense OF the ganfu industry of the
people.
The Senate BILL will one provision which
has been agreed before hand which especially
chevous to the public welfare which carefully
OF sight In the measure presented in the
the same reason that the cut off his dogs
meso that wouldt hurt much. part
that which provides for keeping being
paid off, indefinitely and thus makngi perpetual Without
provision the act would be quite incomplete purposes
ne banking trust to which the present Administration
turning over all the financial powers of governmeno
with them as 1t peases For the circulating
country is to be issued and controlled trust
have monopoly of it, and initiate will
thus bring on panic whenever pleases The
In use by the people sent the Silver
OF which as money of final redempton promised
pledged voted for and sworn to- by the Republican party
generation past and by oftener eusvey than
by Mr. Mckinley is reduced to the ranks commodies-no
better than mules laborng by
the tears of Republican politicians savors our country
MS the BEST safest and convenient exchange
ever found by the wit of eceenc
people and regard was thought to pack
the Supreme standing constitutional
by this Congress which the rebel
1862 denounced against like Gain of
DID, they would go forth vgabond and the
OF the earth, not knowing that their redeemer veth
But while the money of the peopeso declared by Mcn-
y and the money of the constutionso fixed by judgment
the Supreme Couwhe all these good enough
class which monopolize the privileges government
while government by this repudaed
yet by the we are called upon to sell bonds and
to Keep on selling bonds in order to furnish
up-m
permanent If the banking syndicate keep running
finances for the few wears
ago the Republican newspapers constantly boasng how
fast their party exnguing the national quarter
century since Jay Cooke selling bonds
the United States reasuy he advertised under the caption:
IA National Debt is National Blessing Republicans
that day vehementy denounced him doing Ever since
Grover Cleveland contracted with Wall Lombard
street to fasten gold standard people,
Mckinley took the job off Clevelands
nothing about paying off the debt and the bill which passed
House last only that debt largerneasured in
the labor which alone butt
substitute In terms cuts all hope pretense
gushing It, and makes 1t perpetual charge upon industry
and resources of our people, "a a
The administration organs however, insist that the refund
Ing scheme embodied in this substitute bill
economy because provides interest on the
substituted obligations The time Republican
party Justly took pride the intelligence for the
correction OF evils and the prevention of abuses Now
trary rule PREVAILS and its presume that their
followers will not investigate proposed legislation take
whatever is doled out them press as ever be-
trayed n constituency of readers
Let us examine this saving of interest proposition little
The Senate substitute provides for the buying
tary OF the Treasury of any of the or
outstanding and which may fall and leO in
exchange for gold bonds bearing per interest and run
Ing 10 years These bonds amount average
present premium them and which Secretary must pay
he gets them brings this amount to 1850 This
to the peoples burden 0000OO people
must work for tho money with which pay fall
rom the SKY nor can the people make it by gambling in Wall
dice turn up the wrong devs they have pull"
except to earn 1t.
Administration Editor begins to dlate nm tho
fact that by the proposed exchange from
D. and per cent to cent. Let look The
per cents which mature In 1907 aggregate which
each years interest $222O0 The entire charge
this series bonds therefore, for the time
Is $ssOOO But the substituted bonds, having
turein must bear in that te total charge $s3
s thus netting loss to the people, the price putting
oil their payment, of $liS $4,000, this lot alone
The loss on the of will $8 OO0OOO or
theenbous ana that the up 850OOOOO
Here loss by of added interest charges $2OOOOOO
and put ON top of this the premium
chase of the securities and which is likely To
be materially increased by the time exchange effected
and ms tho holders what thing hand and
we have grand total of 300000O which industry the
country must create let that earned
and earning means working All the speculation Wall Street
ADDS not dollar to tho wealth. wealth
the country nut, conrarwsc, subracts
Fake prosperity enjoyed by the trusts the
public thrift but themselves rouse the
public burdens viii not this needessly wantony i'm
posed load We repeat the industry the
ducng must shoulder stagge it till some
later Congress shall pile it still higher
And whnt arc the people all? Why
they thus to furnish the capital banking trust to do
business on This banking trust owning these long time bonds
which the people ao now to be denied the privilege
paying will make tho people pay interest on them
the full face value Of them which the people forced to
because Congress has retired its not being At
for the people to For tho
must such interest the trust exact bay-
ing the given by this bill money cheap or
dear at It's WILL by contracting expanding without
notice to knowledge of the public; its thus
like the quality mercy by making tho
producing interest its real capi
tai and again by compelling them to interest