Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1908-01-22

I
| so shaken public confidence In all corpor-
| ate management that 1t has revealed the
weakness of our banking system, and to-day
there are as many financial nostrums pro-
1 posed as the traveller can see patent medli-
leelne advertisements on the fences of New
England Us he passes through.
/ We have bond-secured currency, and
some want to increase that. Still another
| strong party would like to allow the banks
to issue currency upon their assets, with
practically no Limitation. 1t is so impor
| tant to the welfare of our people, and es-
pecially of the laboring man, that our party
| should take decided stand on these uues-
| lions, and should sit down on all this Quack
| financial legislation.
Clearing House Currency.
Leave our bond-secured currency for the
present alone, and II there is need of more
currency, on account Of panic, or for the
movement OF crops, let US provide that 1t
clearing house districts. and let any bank
In any district apply to the clearing house
committee ior more currency. II 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 1t 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 out of circulation when 1t was
not needed and this tax should be used as
an insurance for paying and retiring 1t, and
also the expense of issue.
Every local community then would get
their currency II they needed it, and could
put up good collateral satisfactory to their
rency for moving the sugar crop, their
clearing house could take It up. II ST
Louis needed 1t for shipping Its cotton, 1t
could be managed the same. II Kansas
City and Chicago wishes 1t to move the
crops and provisions, they could get 1t 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
it This surely Is not imitation. Neither
Is 1t controlled by any special influence. 1t
Is home rule-goyerned by the local con-
rexas-not In the interest OF the specula.
tors, but of the people. II 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
| TO-. the tax will in a very short time fur
nish 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
posted in national banks, and that these
banks shall pay to the government a fair
rate of Interest, say. per cent, upon these
deposits. To-day this money is distributed
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? It
would mean. on the average Of last year,
| about four or five millions Of dollars-no
mean income-and this could be used to re-
duce 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-
lish a 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 taxation, we have created loose
Billion Dollar Congress-" and we will not
| prevent them until the people reproye this
| lavish expenditure and say there must be
greater economy.
| Theories Apply to State.
So much for the Democracy Of the Ma.
tionai party. Now, what Of our State
substantially the same SO far as 1t applies
| to the States. We have nothing to do with
| the tariff, but we have much to do with
| taxation. and we should see that our laws
i
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. i know some of your latter-day re-
| formers Will tell you that il you tax the
franchise Of gas company or a railway
they VIII give you poor service, but do not
pay much attention to this. As far as my
experience goes, 1t would be difi5Glt for
them to render much poorer service, and,
| further, do not believe that argument is
worth considering.
A 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 1t fair and suggested the
plan to Governor Nash. and out Of 1t has
been raised millions of revenue for the
state. This produced q large revenue, and
has been. think, as satisfactory as any
complaint that the railroad facilities or ac-
| commodations are thereby 1essened
know OF no reason why a gas company
or traction company, paying dividends
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 to the traction
lines, and to all of the public service cor.
porations
There is no safety for a republic except
In keeping down taxes. You will find the
history of nations shows that as taxes In
creased, DIS large sums OF money were re-
ceived. the legislatures and the powers that
control became wasteful and extrayagant
and corrupt and, In the end, ruin came to
the nation =
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 to pay taxes upon,
but. IT is the little property holder who
cannot escape. To him 1t is a 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
cities until we give. them the right to man
age themselves and put the responsibility
upon them. I 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 G1at Britain, and
believe our legislatures should give our
cities the right to own. operate or lease
their public utilities. Not that would
De IN favor OF their always doing thtS--tt
would depend upon circumstances, but 1t
puts the responsibility upon the citizens,
and then gives them fair trading chance
with these companies who are occupying
their streets and dealing with them
They will tell you that, the legislature
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 the people are to protect
themselves. That Is not good Democratic
doctrine. Andrew Jackson said land 1t Is
as true to-day as II was In the years gone
by when he said it) that you could always
trust the people, They will be right In the
end
Advocates Home Rule.
So say to-day, let us give the people
home rule. Let us give them local option.
Let us resent any attempt OF the nation to
infringe upon the rights of the States, or
of the States to infringe upon the rights of
the counties and towns
My friends, you see that my platform for
the State is practically the same as the
nation want reform In taxation: want
reform and control of the corporations; ]
want reform in our banking laws. and then
over it all, both for nation and State, /
want a higher class of citizenship. want
more economy in expenditures, and instead
| of talking about our great country and its