Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1903-10-08
AIDING A STREET.
The United States Treasury being
Run in the Interests of
stock Gamblers.

euh IN nv huttTckte VI
Stock Gamblers.
The taxpayers of the nation are pay
Ing a good steep bonus to keep Wall
street from bankruptcy. The high
price that is being paid for many of
the necessities of life is caused by
the high tariff tax and the large mo-
nopoly profit that the trusts are,
through the tariff, allowed to exact.
The tax paid through the customs du-
ties and the internal revenue collec-
lions are about $685. 900, 900 a year in
excess of what it costs to run the
government, and this vast sum is with
drawn from circulation and is added
to the surplus in the United States
treasury. During the last six years
over $3.50, DOC, 600 of the surplus has
been loaned to the national banks
Without interest and the secretary of
the treasury is now taking e%xtraordi-
nary measures to distribute the addi-
lion to the surplus that is constantly
accrulng. The refunding operations
that is, exchanging new bonds for old
ones and paying a premium to the
holders-has been one way to distrib-
ute this surplus 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 pro-
posed to redeem the balance of the
five per cent. bonds outstanding,
amounting to s19,5S5 $50, and pay a
premium of ~ per cent, as these
bonds are due next spring. This
premium is equal to paying the six
months interest in advance, another
very comforting bonus to the bond
holders. The secretary of the treas
ury also offers the further advantage,
to the banks that have any of these
bonds on deposit 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 cred
itors, paying them long in advance
of the maturity Of his obligations with
full interest; but, then, these bond
holders are bankers and rich men.
We lever hear of the secretary of
the treasury ordering the payment of
pensions six months in advance,
though that course would relieve the
mnnpU CT in uonnpt in oil rnrtc IF tho
country and make many hearts glad,
but the pensioners are poor and can
not afford to contribute large sums to
the republican campaign funds, and
that makes a striking difference.
Wall street is like the horse leech,
the more money it gets from the gov
eminent on such favorable terms the
more it cries give! give! 1t is Of
fcially stated by a high authority
at the treasury department that Sec
rotary Shaw has not yet exhausted the
aid he will render the bankers if
greater necessity arises, and from the
continued slump in Wall street securi-
ties and the difficulty business men
have in securing loans and the rapid
decline in stocks and bonds there still
seems urgent 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. 1t 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 paid out by stretching or evading
the laws, and always these vast sums
are disbursed for the benefit of the
national banks and never in the inter-
est of the taxpayers. The republican
leaders have a complacent idea that
the taxpayers are satisfied with any
financial or other policy they deem
fit to inaugurate, and that the repub-
lican voters are more than content
with the way their political leaders are
administering affairs of the govern
ment. The majority of the repub-
lican voters may be satisfied, but there
is a strclg minority that are friends
of honest, straightforward and eco
nomical management of the financial
and other executive departments of the
government and will vote to in
augurate it.
This large minority is loudly call
ing for tariff reform and protection
from trust extortion. In one state
they call it the Iowa idea, in others
reciprocity, and in some free raw ma
terials, but everywhere the house
keeper is saying how much more it
costs to live than it used to do. For
the past six years the same complaint
has been made, gradually growing
louder. Some of the republican poll
ticians have promised reform after
election, and are still making the same
reply. Others say: LET well enough
alone" We are doing well, why up
set business by prosecuting trusts or
reducing the tariff? To reduce taxation
instead of piling up an enormous sur
plus 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 can
not spend, ever under the most extrdva-
CANT administration we have eve
Known The republican leaders an
swer: you do not know when you
are well off. Continue to let well
enough acne" 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 a repub-
lican convention.