Contemporary American History, 1877-1913Beard, Charles A. (Charles Austin)
History
Contemporary American History, 1877-1913
Beard, Charles A. (Charles Austin)
United States -- History -- 1865-1921
In his opinion, the Democratic income tax was not based upon hostility
to the rich, but was simply designed to apportion the burdens of
government more equitably among those who enjoyed its protection. As to
the matter of the Supreme Court, there was no suggestion in the platform
of a dispute with that tribunal. For a hundred years the Court had
upheld the underlying principle of the income tax, and twenty years
before "this same Court sustained without a dissenting voice an income
tax law almost identical with the one recently overthrown." The platform
did not propose an attack on the Supreme Court; some future Court had as
much right "to return to the judicial precedents of a century as the
present Court had to depart from them. When Courts allow rehearings
they admit that error is possible; the late decision against the income
tax was rendered by a majority of one after a rehearing."
Discussing the monetary question, Mr. Bryan confined his argument to a
few principles which he deemed fundamental. He disposed of international
bimetallism by questioning the good faith of those who advocated it and
declaring that there was an impassable gulf between a universal gold
standard and bimetallism, whether independent or international. He
rejected the proposition that any metal represented an absolutely just
standard of value, but he argued that bimetallism was better than
monometallism because it made a nearer approach to stability, honesty,
and justice than a gold standard possibly could. Any legislation
lessening the stock of standard money increased the purchasing power of
money and lowered the monetary value of all other forms of property. He
endeavored to show the advantages to be derived from bimetallism by
farmers, wage earners, and the professional classes, and asked whether
the mass of the people did not have the right to use the ballot to
protect themselves from the disastrous consequences of a rising
standard, particularly in view of the fact that the relatively few whose
wealth consisted largely in fixed investments had not hesitated to use
the ballot to enhance the value of their investments.
On the question of the ratio, sixteen to one, Mr. Bryan declared that,
because gold and silver were limited in the quantities then in hand and
in annual production, legislation could fix the ratio between them,
simply following the law of supply and demand. The charge of
repudiation he met with an argument in kind, declaring it to come "with
poor grace from those who are seeking to add to the weight of existing
debts by legislation which makes money dearer, and who conceal their
designs against the general welfare under the euphonious pretense that
they are upholding public credit and national honor." He concluded with
a warning to his hearers that they could not afford to join the money
changers in supporting a financial policy which destroyed the purchasing
power of the product of toil and ended with discouraging the creation of
wealth.
Public-domain text, read in full here on John Shaqi.
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