Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1903-10-13
Aiding Wall street.

The tax paid through the customs du-
ties and the internal revenue collec-
Mons are about sixty millions year in
excess Of what it costs to run the gov
eminent and this vast sum is with
drawn from circulation and is added to
the surplus in the United States treas
ury. During the last six years over
Slo0,000,000 of the surplus has been
loaned to the national banks without
interest and the Secretary of the
Treasury is now taking extraordinary
measures t. distribute the addition to
the surplus that is constantly accru-
ing. The refunding operations-that is,
exchanging new bonds for old ones and
paying a premium to the holders has
>been one way to distribute this sur
plus and as most of the bonded debt of
the United States is held by the banks,
they have been the recipients of the
bonus amounting to millions of dollars.
1t is now proposed to redeem the bal
ance of the . per cent bonds outstand-
ing amounting to $19,5S5, $50 and pay
a premium of 21a per cent Us these
bonds are due nsxt spring, this prem
ium is equal to paying the six months
interest in advance, another very COM
forting bonus to the bondholders. The
Secretary of the Treasury also offers
the further advantage, to the banks
that have any of these bonds on de-
post as security for their circulation,
of taking State, city and railroad bonds
and other securities in place of the
United States bonds and thus release
them for final redemption. How kind
Uncle Sam is to his creditors, paying
them long in advance of the maturity
of his obligations with full interest;
but, then, these bondholders are bank
ers and rich men.
We never hear of the Secretary of
the Treasury ordering the payment of
pensions six months in advance, though
that course would relieve the money
stringency in all parts of the country
and make many hearts glad, but the
pensioners are poor ana cannot afford
to contribute large sums to the Repub-
lican campaign funds, and that makes
a striking difference.
Wall street is like the horse leach
the more money ii gets from the gov
eminent on such favorable terms the
more it cries, Give 1t is officially
stated by a high authority at the
Treasury Department, that Secretary
Shaw has not yet exhausted the aid he
will render the bankers if greater ne
cessity arises, and from the continued
slump in Wall street securities and the
difficulty business men have in secur
ing loans .and the rapid decline in
stocks and bonds, there still seems ur-
gent need of more assistance.
1t is a long way to the cash in the
United States Treasury, from the
money in the pockets of the people,
and yet every cent in the treasury has
been paid in taxes. Ii is the peoples
money and the law requires an act of
Congress before one cent of it can be
expended. Yet in practice millions are
laws and always these vast sums are
disbmsed for the benefit of the Da-
tional banks and never in the interest
of the taxpayers. The Republican lead
ers have a complacent idea that the
taxpayers are satisfied with any finan-
cial or other policy they deem fit to in
augurate and that the Republican vot-
ers are more than content with the
way their political leaders are admin
istrating affairs of the government.
The majority of the Republican voters
may be satisfied, but there is strong
minority that are friends of honest,
and economical man
agement of the financial and other ex-
ecutive departments of the government
and will vote 20 inaugurate it.
This large minority is loudly calling
for tariff reform and protection from
trust extortion III one State they call
it the Iowa idea. in others reciprocity
and in some free raw materials. but
everywhere the housekeeper is saying
how much more it costs TO live than
it used to do. For the past six yeags
the same complaint has been made.
gradually growing louder. Some of
the Republican politicians have prom
Used reform after election, and are still
making the same reply. Others say,
'IIet we'll enough alone; we are doing
well, why upset business by prosecut-
ing trusts or reducing the tariff? To
reduce taxation instead of piling up
an enormous surplus is the last thing
these 'stand-patters" will listen to.
The inquiry, however, is pressed by
the people, why make us pay taxes
that YOU cannot spend. even under the
most extravagant administration we
have ever known The Republican
leaders answer. You do not know
when you are well off; continue to let
well enough alore.' IF the tariff is
too high it should be reduced, if it is
too low. it should be increased" That
is the latest expression from Il Repub-
Iican convention. Is there any prom
isa of reduction of taxation or of any
covenant to control the trusts?