pay the lion's share of the taxes. The Western man has "let go"; he is not "in the deal"; and when one capitalist is taxed to pay another, he is not an "interested " party. I sympathize with you. You have exchanged good money for bad property; and with the property you have assumed the bulk of our burden of taxation. You must pay our bonds, pay for the repairs and improvements of public property, pay for educating our children and making our laws, and yet you have no voice in determining when, how, or to what extent these things shall be done; nor power to prevent the jobs and steals which accompany such transactions in Kansas as well as in New York. But, notwithstanding my sympathy, and the additional fact that I must indirectly suffer from the effects of your suicidal policy, it is amusing to see you trying to squeeze the remaining value out of your own property. For, I repeat, it is yours. Interest payments will cease in the same ratio that they have ceased, and for the same reasons. And the principal cause will be that the mortgagor has discovered that he has no equity in the property. If property is worth only "what it will bring in money," there are few pieces of mortgaged property in the West in which there still remains an equity. But many farmers are economizing and wearing rags in order to make interest payments, which can only result in putting the evil day a little further off. The Westerner is a practical man. When he finds that the equity is all squeezed out of his property, and that it is still being squeezed at the same rate, he stops paying taxes and interest, uses the property free while you are foreclosing, saves up a little money, buys a house for about one-tenth of the money it cost to build it, moves it onto a "clear" lot, and is then ready to help you squeeze your property by voting for taxes for various purposes. Under like circumstances the farmer raises one or two crops without rent, taxes, or interest, clothes his family more comfortably, replaces worn-out machinery, rents a farm, and is in better circumstances than he has been for years. THE PROPOSED REMEDY. It may be that there is no remedy, but that will not prevent us from trying to find one. During the last ten years we have experimented. We have tried Democratic rule and Republican rule; the "McKinley bill" and the "Wilson bill"; "tariff for protection" and "tariff for revenue only"; a Treasury "surplus" and a Treasury "deficit"; yet none of these things have sensibly affected the squeezing process. We have lost our faith in the tariff and in tariff-tinkering, as well as in the leaders who recommend it. We have dismissed our old political leaders and chosen new ones; and as your "gold-standard "squeezing policy is the only rational cause "in sight" for the origin and continuance of our condition to use an expressive Western phrase we are "going for it." - - We are willing that you should own and control the property which was ours, and in which your money was invested, but when you attempt to force upon us your financial policy, your politics, and your religion, we object. You may own and control the property, but not us; here we draw the line. This is what Marsh Murdock had in his mental view when he said at the St. Louis Convention, "You want to own the country and run it too." But the veteran editor of the Eagle has changed his mind and consented to being "run." 66 You have bought the leading papers, caused our editors to change their minds," flooded the country with a trashy literature that is an insult to our intelligence, and provided funds to pay third-rate preachers for preaching to us a religion which we do not want. We are not rich, yet we are able to pay for our education and our religion - if it is a kind that will be of any use to us. We do not fear the result of our experiment. If we fail, the same old squeeze will continue; if we succeed, there is a prospect of relief. Without variation, there is not even a prospect of bettering our condition. If we should succeed in creating that financial paradox, a fifty-three-cent dollar, we are such political heretics as to prefer that kind of a dollar to none, or to "confidence." We have unbounded confidence in the dollars which jingle in our pockets, but very little in those which exist only in the imagination, and are represented by stocks, bonds, checks, drafts, clearing-house certificates, and other devices, which always fail to perform the function of money in the last extremity, when money is most needed. Do not allow yourselves to be terrified at the ghost of a silver dollar, for the ghost of it is all that will ever trouble you. In the event of free coinage, the trains going East will not be loaded with silver dollars to pay off old mortgages. I have seen a statement in Eastern papers to the effect that we wanted cheap money with which to pay our debts. It is a base slander; every intelligent Western man knows that, whatever happens short of the miraculous, only a small share of our mortgage debts will be paid. All the holdings you now have in the West, new and old taken together, are not worth fifty-three cents on the dollar; and you cannot now in any way realize that much from them; and if your present policy is indefinitely continued you have no prospect of ever realizing fifty-three per cent on your investments. If, then, you should be paid in silver dollars, or if a larger share of the loans should be paid under the new conditions, you would be a gainer and not a loser by the change. It seems to me that an increase in the volume of money and rising prices are the opportunity for you to realize from your holdings, for without some favorable change you will hardly realize twenty-five per cent. You can test the truth of these statements. Take twenty holdings, not selected, and try to convert them into cash. Or offer them to some capitalist who has travelled extensively in the West during the last five years. Time will convince you, if nothing else will; but the knowledge may come a little too late for practical purposes. You ought to be with us in this free-silver movement, and you would be if you knew what we know. We are not fools, although we may appear so to you; we know what we want, and we are trying to get it. You threaten "to draw in your money from the West." If you have any money in the West which you can "draw in," the sooner you do it the better; it will be an heroic remedy instead of misery long drawn out. A "panic" will return like a boomerang upon yourselves, and make your property still less valuable. You can cause a panic, break our business men, make more idle men and tramps, and, in short, concentrate three or four years of squeezing into a few weeks or months; but what benefit can you hope to derive from it? Whatever adds to our prosperity will increase the actual value of your holdings; our interests are identical, then why should you desire the continuance of present conditions? Have the present conditions done anything for you, as far as Western investments are concerned? Is not your increase of capital simply an increase "on paper" which you can never realize? We cordially invite you to join us in our effort to bring on an era of prosperity; forsake your political leaders, as we have forsaken ours, and use at least as much common sense in politics as you do in business. Save this article; it will be good reading after the election is over. It is not politics, it is business; it is the naked truth. The writer does not want to borrow any money; he seeks no office, is not a politician, has no axe to grind, and expects no reward, except to share in the general prosperity, as he has shared in the general adversity, in the capacity of a humble citizen. WICHITA, KANSAS. THE TELEGRAPH MONOPOLY. BY PROF. FRANK PARSONS. XIII. When 10. The Union of Telegraph and Post is needed for the Interests of the Post as well as for those of the Telegraph. It will elevate the skill and competency of postal employees. mails do not arrive on time, it will inform the public thronging the post office, not merely that the mail has not arrived, but when it will arrive. It will permit the employment of the telegraph in tracing a missent letter or package, rectifying an erroneous address, discovering the whereabouts of an absentee, etc. It will permit the more rapid extension of the free-delivery system by affording a larger basis for its sustenance. It will multiply many fold the rapidity in transmitting letters across the conti nent. The telegraph is naturally a part of the post office,' as much a part of it as the sewing machine is a part of a dressmaking establishment. Suppose the government were in the clothing business (as it might have been to advantage during the war), and continued to sew the garments entirely by hand, leaving the sewing machine to private enterprise; it would be a charming situation for private enterprise, but not very delightful for the government. With such advantages private enterprise would be apt to deprive the government of the best part of its business in spite of its willingness to work for people at cost. The same thing has happened to some extent with the telegraph and telephone, and will happen to a far greater extent if they are allowed to continue in private control. If trunk lines for automatic transit were established by a private company, even at 25 cents 1 Mr. Hubbard says: "The telegraph and the post office are two great pieces of machinery going on, both for the same purpose, the transmission of intelligence" (J. T. U. p. 17). Prof. Ely calls the telegraph the "logical completion of the post office" (ARENA, Dec. 1895, p. 49). Cyrus W. Field says: "Why should not the two branches of what is really one service to the public be brought together in this country, as in other countries, and placed under one management? It would certainly be a great convenience to the people if every telegraph office were a post office, and every post office a telegraph office" (N. A. Review, Mar. 1886). |