Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1904-06-17
The Way 1t Works.

The Way 1t Works.
Those who are chosen to serve the
public deem themselves and their
class to constitute all the public there
is. Cleveland and his secretary of the
treasury only knew J. P. Morgan and
the other magnates of Wall street as
the public and they were faithfully
served during his administration.
The Mckinley administration that
followed with Lyman J. Gage in the
treasury department, was equally kind
to the same element though the
method was different. Government
bonds issued by former administra-
tionS were approaching maturity.
Bonds payable in 1907 of $1O0, 900 com.
manded premium of Sl3,l25. To
allow them to mature they could be
paid at their face, but this would
damage the class which that admins
tration would serve instead of the
public. So the bonds to mature in
1907 were bought by Mr.. Gage at their
market value thus paying to the bond
holders the premium of $13,125 on
each 100000 bought. Two reasons
were assigned for this both untrue
First, to relieve the money market;
second, a saving of one per cent. in
the issue of new bonds running 30
years at 3 per cent. instead of per
cent. One per cent. on 100000 for
seven years is $1,000, but the govern
ment pays s13,125 premium and
sustains net loss of Sc 125 on each
800, 1000 bought.
Nor is this the only loss, the new
bonds which run thirty years at three
per cent. draw for each hundred
thousand 800, 1000 as an interest obliga-
tion. These questionable transac-
tions Of Mr.. Gage probably exceed in
cost to the public more than the s16,-
100000 that the Cleveland bond sales
gave to the Wall Street syndicate.
Beside this, instead of paying our
debts and relieving the public of its
burden, with our excessive tariff taxa
ton, a surplus Of 1858. 900, 900 is created
that without interest is placed at the
disposal of partizan bankers who are
expected in consideration of the use
Of this vast fund to come down liberal
ly for republican campaign funds,
thus bribing powerful monied class
in its own interest to antagonize the
public good.
A strange feature of legislation
enacted by the republican congress is
the rebate it gives to favored manu-
facturers and in which the public has
no share. Hundreds, perhaps thous.
ands of manufactured articles contain
ingredients upon which tariff tax
has been paid. If the manufactured
articles are sent out of the United
States to foreign market, rebate
OF SO per cent. of the tariff paid is
allowed to the manufacturer. The
consumer using these goods within
sA~S SAAASSA S0oVSo SOUo AO IcU6 W Du y
must pay the entire tariff tax added
to the original cost of the article.
The rebate on the goods exported
enables the manufacturer by so much
as this tariff reba tie to sell more cheap
~ to the foreign than to the home
consumer; and this injustice and
inequality the "Standpatters Of Iowa
In state convention endorsed, let us
hope, without knowing or considering
Its effect. In this legislation and in
these administrative acts the welfare
OF the general public is entirely
ignored and only that of the predatory
class considered.
The use OF the sl5s 1000, 900 gwen
free to the favorite banks by the
Roosevelt administration has been
equivalent to the sum Of s6e, $3.50, 900, a
sum that makes Cleveland's donation
from the public funds to his pets look
like 80 cents. But the "Standpattersn
have decided to let the molasses run.