Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1866-02-01

tAVy huhss
AT this time complaints continued to
Increase until things grew so bad that
Ia 1888 our government found It neces.
sary 10 adopt what call true Ameri-
can system OF free trade that extended
- all parts OF our country on all arti-
elss hat are the product of our own
soil and la "'' 49, -..
TO encourge this system duties Wssre
levied en- imports, hat soon gave new
life and energy to the trade and business
Of the country.
The public debt was soon paid on and
prosperity became universal.
By degrees, between 1884 and 1912,
the tariff was repealc,d, the mills were
again stopped, hsrnaces closed, lands fal-
len to hal. price, the sheriff at work,
States repudlating their debts, Treas
ury unable to borrow at home or
abroad, and bankrupt laws passed by
Congress.
In 1912 the national system was
again tried, aud in less than five years
the production OF iron alone rose from
200, 900 tuns to 100000 tuns.
Prosperity was universal; mines
WGlC OpCbCu1 Hills WClO Dullb auN iiOh'
ey plenty, and the public and private
revenues greater than ever.
Once more, in 1916, the British free
trade policy was adopted by repeating
our tariff, and, Notwithstanding tht dis
covery of gold in California, money was
as high as ever.
British iron and cloth came in and
gold went out.
In 1857 the elimination was reached,
and crisis of ruin came on.
The treasury was again nearly bank
rupt. In three years immigration fell
below the point of twenty eight years
before, and our exports fell OF to a mere
nothing.
Why We're all these scenes Of wreck
and ruin brought on our country? Mr.
Carey has well said, ut was because our
country adopted British policy, that
has drained to itself the wealth that did
not resist it," The result of the two
systems, as shown in contrast, is as fol-
lows Our national system, as seen in
1910, 1928, 1912 and 1851, when labor
was well paid, money plenty, immigra-
ton great and prosperity universal.
1t is well for US, the people, to look at
the condition of our country during the
times when we were introducing what I
call the British monopoly system was
allowed to operate'in connection with our
use of paper money of incorporated
State banks.
The consequences, as they appeared in
1917, 1884 and 1857, when labor was
lily paid, money scarce, immigration
n ;nip nd ho nfC hu thnnaln6S
A system of free trade that leaves
such fruit although it may look as
beautiful as the whited sepulchre Of old,
! if it is intended to operate in COnnec
ton with a proper circulating medium,
| should be dreaded as we would dread
the presence of pestilence.
The fathers of our Constitutional Gov
eminent intended to guard their poster
ity against the train of evils that would
| follow all attempts to legislate per-
manent value into a paper CirCulating
medium.
To accomplish this they induced the
people to yield up to a General Govern
ment the entire right to coin money and
regulate the value thereof They also
prevailed on all the States to agree that
| bnCy NOulA hOb lSSiC bl1lo VI SICbAb VI
make anything a legal tender in pay
ment of debt but gold and silver, hop
ing thereby to prevent the individual
States from the folly of incorporating
State banks of issue, to initiate the cur
rency, and thus raise the price of every
thing, and make tariff for protection
Indispensable.
Against such an act Of folly Washing
ton gave his warning voice in letter to
member Of the Maryland Legislature,
who asked his opinion in relation to the
propriety of an issue of paper money by
the State. To this Washington replied
by saying:
Had 1 a voice in your Legislature, /
would give it decidedly against the ennis
sion, for the reason that people always
mistake the amount CT money necessary
for circulating medium.
at Is not the amount of money in a
country that makes it plenty, but it is
the rapidity and certainty with which
it passes the round OF circulation"
He said that sin exact proportion as
you pour paper money into the volume
of the circulating medium, just in that
proportion will everything in country
rise; and labor will be the last to feel
it. 1t will not benefit the farmer or the
mechanic; it will only benefit the debt
or, as it will enable him to pay his
debts with shadow instead of a sub
stance"
By going contrary to the advice OF
Washington we have tempted the world
to sell US everything, and have made
everything too dear with US to sell in
return with profit. 1t Is now to be de.
termined whether our Goals and ores
and other raw materials that can be pat
into forms OF usefulness with as little
expense of human labor here as in any
part OF the world, shall give employ
ment to our people, or whether our own
labor Is to be left unemployed, and our
own raw materials unused, or whether
our own labor shall receive such reason
able protection as will enable the labor
ers to live until the Government can res
tore the currency to specie basis, and
shall have paid the national debt by du-
ties on imports.
The highest form Of duties should be
levied on Injuries OF every kind, and