The Penn's Grove record., 1904-12-09

al Democratic platform from 1886 to
1856 declared, against banks issuing
notes as money.
But one says national bank notes are
better than state bank notes. Truly
so. But greenbacks are better than
either and are truely democratic, be-
u issued by the people. The U. S.
Supreme Court in the legal tender
(~greenback) case decided March 3, 1884,
declares that Congress has the constitu-
tional right to make the U. S. Treas
ury note legal tender and that in any
particular time when the supply of
gold and silver fails to furnish needed
currency it is WISE and ExPEDIENT to
resort to this means, but it is apolitical
question to be decided by Congress.
A vast majority of Democrats stand
on that decision which was enunciated
in the national platforms of 1896 and
1900. Grover Cleveland wrecked the
party by declaring against greenback
and even against silver, in order to per-
petuate the national bank notes, not
withstanding the Democratic party has
been an anti-bank party for 100 years.
In his first administration the govern
ment collected 500, 600, 900 surplus an
nually. If that had continued until
to-day every dollar of bonded debt
could have been paid and we would
have had a surplus to divide as in
Jackson'S time.
The Republicans chartered the banks
in 1862, 1882, and 1902, for 20 years.
In Is years the issue will be on again,
as it has been within the past ten years.
The issue is now on, because President
Roosevelt advised Congress this week
to retire the greenback, to make silver
dollars r~edeemable in gold and to allow
banks to issue more notes as money.
1t is time to educate the masses, SO
there will not be another Cleveland be-
trayal. We can see nothing inconsis-
tent in Republican Mayors, Council
men, Assessors, and Committeeman
voting to reduce taxes on banks, bank
stock, and other privileged corpora
tions, because such are creatures OF
Republican laws, beliefs and principles,
secretly and quietly enacted, rarely
publicly announced. But it is wrong
for Democratic Mayors, Councilmen,
Assessors, Committeeman, and party
leaders to do such, because catering to
special privileges is not democracy.
When Democratic leaders do such it
destroys the faith of the masses In
democracy and kills the party which
should be for the peoples interest.
To further illustrate: The granting
of a license to sell liquors is a special
privilege which gives large increase OF
earning power. Large earning power
creates a large increase of capital value
in hotel property, which should be tax
able. There is nothing inconsistent if
those officials who are specially friend
ly to the liquor traffic should desire to
assess hotel property at a proportional
low value, similar to what adjacent
properties are assessed, which have no
special privileges to make large earn
ing powers and capital values. But Of
ficials who take into account the spec
ial privileges will see that such proper
ties should be assessed at values such
as are created by privilege of special
legislation rather than by exchange
values for other purposes.
The same should enter somewhat in
to the taxation of powder works owned
by trusts, operated under specially
privileged corporation laws, rather than
by an exchange value of their proper
ties for other purposes. The fact that
they give employment to a large num-
Der Of men and give better wages in a
life risking business, should nc more
enter into the taxable value of proper
ties than shonld hat of any otherprop-
critics where less men are employed at
less risk of life because employment is
given for personal profit only not for
public philanthropy. !