Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1908-01-21
Clearing House Currency.

present dlOnes ana III tnefe Is neeu OF more
currency. on account of panic, or for the
movement of crops. let us provide that 1t
can be issued by dividing the country into
clearing house districts, and let any bank
in any district apply TO the clearing house
committee for more currency. If they can
put up satisfactory collateral with such
committee, then let this committee recon-
mend the application to the Comptroller of
the Currency, and II he approves, then is
sue the currency to such bank. The gov
eminent should provide for this by engrav-
ing plenty OF Currency, so that Ii would all
be uniform and need only the signature of
the local bank of ISSUE and could be put
out quickly. 1t should be taxed sufficient
to drive 1t ont of circulation when II was
not needed and this tax should be used as
an insurance for paying and retiring II, and
also the expense of issue
Every local community then would get
their currency If they needed IT, and could
put mp good collateral satisfactory to their
neighbors. If New Orleans needed cur
rency for moving the sugar crop, their
clearing house could take ii up. If ST.
Louis needed it for shipping its cotton, 1t
could be managed the same. If Kansas
City and Chicago wishes ii to move the
crops and provisions, they could get ii in
exactly the same manner. 1t would not
be dependent upon Wall street or Chicago,
or any other place. but could be issued by
the local points where 1t was needed where
the local community knew of its necessity
and the security that would be put up for
1t. This surely Is not imitation. Neither
is it controlled by any special influence. 1t
is home rule-governed by the local con-
dtions as they exist either in New York or
Texas-not in the interest of the specula-
tors. but of the people. If by chance any
of the collateral should fail (Which 1t ought
not to do, as the local committee as well
as the Comptroller of the Currency pass on
itl. the tax will in a very short time fur
nish a fund for its redemption.
Suggests Party slogan.
Let us make this party slogan, and de-
mand that 1t shall be put into the form of
legislation, for the benefit of the people.
Then let us also provide by law that the
government money as collected shall be de-
posted In national banks, and that these
banks shall pay to the government fair
rate of interest, say per cent, upon these
deposits. To-day this money Is distributed.
and nothing is received for it, Tell me why
this should be. The banks pay two and
two and half per cent on deposits OF in
dividuals and companies, and why should
not the government receive interest? 1t
would mean, on the average of last year,
mean income-and this could be used to re
duee the taxes of the people.
Then. my friends, after this we should de-
mand from our public servants economy and
honesty in all their official acts and ex-
penditures. We should endeavor to estab-
ilsh 8 higher citizenship and avoid the con-
sequences of the past few years
Our people are honest. our corporations,
as a whole, are well managed but owing
to this immense amount of money which
has been collected by the government
through this ation. we have created loose
methods of expenditures and have had our
'Billion Dollar Congress- and we will not
prevent them until the people reprove this
lavish expenditure and say there must be
greater economy.
Theories Apply to state.
SO much for the Democracy of the Ma.
tional party. Now, what of our State
Substantially the same so far as it applies
to the States. We have nothing to do with
the tariff, but we have much to do with
taxation. and should see that our laws
in this State are so changed that the great
corporations pay their fair share, and that
the small property holder shall not be over
taxed
We want, especially, law passed so that
the franchises of the various corporations.
particularly of the public utilities. can be
taxed. / know some of your latter-day re-
formers will tell you that if you tax the
franchise OF gas company or railway
they will give you poor service, but do not
pay much attention to this. As far as my
experience goes, it would be difficult for
them to render much poorer service, and,
further. l do not believe that argument is
worth considering.
few years ago / was instrumental in
arranging for a franchise tax upon the
railway corporations. / was then manager
of one of the largest railways IN the State,
but | thought il fair and suggested the
plan to Governor Nash. and out of it has
been raised millions OF revenue for the
State This produced a large revenue, and
has been, | think. as satisfactory as any
tax, ana | have not heard from any one a
complaint that the railroad facilities or ac-
commodations are thereby lcssened
| know of no reason why a gas company
or a traction company, paying dividends
upon twenty five millions of stock. shall not
pay its fair share of the taxes, as well as
the little householder. or the owner of the
small farm. but to-day you will find all
over the State that the taxes they pay
upon their property will not amount TO ten
per cent of the value of their franchises,
while the small property holder is paying
taxes upon sixty per cent OF the value of
his property This applies 70 the traction
lines. and TO all Of the public service cor
porations.
There is no safety for republic except
in keeping down taxes You will find the
history of nations shows that as taxes In,
creased, as large sums of money were re-
ceived. the legislatures and the powers that
control became wasteful and extravagant
and corrupt and, in the end, ruin came to
the nation.
Our only hope here in this country is to
so keep the taxes down that the moderate
property holder will be protected. There are
two classes who are not injured by tax
laws: First. the very rich, for they can
conceal their property. Not the very poor,
for they have nothing 10 pay taxes upon,
but ii is the little property holder who
cannot escape. To him il is serious affair,
and the nation that would prosper must
look after his interests, and see that his
taxes are made as light as possible
Then we must legislate in this State for
home government Our friend. Tom John
son. Of Cleveland. is right in this We
will never get good government in our
CITES until we give them the right TO man
age themselves and put the responsibility
upon them. ] have given much thought to
this matter in the past two or three years
/ spent six months abroad. studying the
conditions as they are IN Great Britain, and
/ believe our legislatures should give our
cities the right TO own. operate or lea Sc
their public utilities Not that ! would
be in favor OF their always doing tEis--it
would depend upon circumstances, but 1t
puts siIe responsibility upon the citizcns.
and then gives them a fair trading chance
with these companies who are occupying
their 50 cts and dealing with them
They will tell you that the -le.islat.re
should hold the veto power. That Is al
ways the claim in this world from those in
power, that they are better able TO protect
the people than tire people are to protect
themselves. That is not good Democratic
s7sctrine- Andrew Jackson said ts1d il Is
as true to-day as Il was in the " ers gone
by when he said IT. that you could always
trust the people Ilfy VIII De flsdl - Inc
end
Advocates Home Rule.
So I ssy to-day. let Us give the people
home rule. Let as give them local option
Let rs resent any attempt OF the nation 10
infringe upon the rights OF the States, or
of the States TO infringe upon the rights OK
the counties and towns.
Ny friends. you see that my platform for
the State is practically the same as the
nation I want reform in taxation: want
reform and control Of the corporations: |
want reform Ia our banking laws. and thep
over ii all both for nation and State. !
want q higher class Of citizenship ] want
more economy In expenditures. and Instead
Of talking about our great country and its
gloftes; instead OF thinking we are 30 rich
and strong that We can never fail and
that re can 80 on committing all manner
OF sins. / want our party to bald up the
idea that our officials must have integrity.
and that they should 20 back TO the
good old-fAshfoued doctrine OF honesty and
economy. ] cannot impress this upon you
better than by quoting the words. in poetry,
o. oD~ Of Americas adopted soas. John
Boyle. fRellly, who. years ago. said
'-Th8ngh vast the token Of cur glory:
TnoagA .sague 81 man hath told not sacA
astSry-
sarpassinsS Pisso-s dream. Moore's pAantasy.
still we