Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1912-05-18
ssaEzs
Will Help
the Campaign
Magazine For May.1

TORS.-Tbe proposal to have Unit
ed States senators elected directly
by the voters of each state instead
Of by the state legislatures.
SOCIALISM. "A movement having
for its aim the abolition Of private
ownership Of the social instruments
Of wealth production, and the in
PRODUCTION OF a system Of industry
collectively owned aud democratic
cally managed for the benefit OF the
whole community.
TARIFF--A tax upon goods Inn
ported from foreign countries, col
lected from the importer at the Gus
tom house and charged up on the
price to the consumer
PROTECTIVE TARIFF.--A tax
upon imports fixed at a point high
enough to discourage the importa-
ton of goods for the purpose OF
protecting the home manufacturers
of such goods against foreign COM
petition, the theory being that the
American manufacturer, freed from
foreign competition, may then
charge the American consumer
price high enough to yield satisfac-
tory profits to himself and good
wages to his employees.
TARIFF FOR REVENUE ONLY.
"A thrift fixed upon the basis of
the actual needs OF the government
to pay its expenses. The protec-
ton of domestic Industries is not
contemplated
COST or PRODUCTION THE
ORY.-A recent Republican amend
ment to the party's theory Of pro-
tective tariff 1t proposes that such
tariff should Just cover the
higher costs of production due to
higher labor and material cost
which the American manufacturer
Is up ngainst-plus n reasonable
profit.
RECIPROCITY TREATY. - An
agreement between two countries
In the tariff Of each country Is
made exempt from the regular i'm
port duty.
SHIP SUBSIDY.--A money grant
given by the government to mer-
chant tor corporation) to help es-
tablish steamship route (using
American built ships which 9th
erwise would not be self sup
porting. The cost of production
theory applied to our merchant
marine.
| PRIVILEGE-A property rights
which are the benefciaries of legis-
lation which does not equally bene-
fit the entire community--e. g., the
wooden trust, the steel trust and
other beneiciaries of the protective
tariff; any corporation chartered
by the state to exercise powers
which others are forbidden to ex-
ercise.
THE INTERESTS" - Corpora
lions or businesses based upon priv
ilege or otherwise interested In pro-
tecting property rights as against
the rights of the people.
| SHERMAN ACT.-A law original
ly intended to prevent the estab-
/ lishment of monopolies or trusts"
by making corporations in restraint
of trade unlawful The supreme
court has since amended the act so
as to condemn corporations only
when they exercise unreasonable"
restraint of trade.
INCOME TAX-The proposal TO
tax for governmental purposes all
incomes above specified annual
amount. II Is usually on grad
uated scale. so that the tax in
creases as the income rises. The
/ income tax is in operation In Great
Britain and In most European coun-
tries. A federal income tax in this
! country has been declared uncon-
stltutional by the supreme court.
/ But thirty states have ratified an
Z oAANhhtA'ht " AAlt ltutA tpilotlth-
ton permitting the tax. Only six
more are needed.
ALDRICH PLAN.-A proposal to
/ establish a central bank for banks
to be called the National Reserve
association. 1t will be the fiscal
agent of the country and will have
the right to issue money las banks
do now secured by reserve All
kinds of banks, except private
banks, may belong. individuals will
not deal with 1t directly.
CHECKS AND BAIANCEs.-An
automatic block system invented by
1 the fathers under the inspiration
of their experience with monarchl-
( cal and aristocratic rulers and their
suspicion of democracy. 1t is a dis
tribution by the constitution OF
power in such a way that the states
balance the United States and both
check the cities, The senate aud
the house Of representatives can
block each other. and the president
/ can block congress, while the judi
ciary can hold up president and
congress too. Its admirers say II
has worked; that It has kept all po-
Htical trains on the track It's de-