The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1872-12-12


the percentage OF custom duties. This
reduction, however, should no. be meas-
ured solely by the wants of the TreasuI y
but regard should be had. also, to the CON
ditlon OF the various branches of indus
ery In which the people are engaged. In
presence OF the fact that the leading pur.
suits of the country are stronger than
ever before in the possession of adequate
capital and supply of Intelligent labor
SrS, there may be moderate reduction
from time to time In the rate of duties as
the diminishing expenses Of the Govern
ment shall permit, without alarming cap
ltal or injuring labor.
| For the purposes OF government, the
principles of political economy are ma
tlonal, and not cosmopolitan A nation
that can produce % given article at less
cost than 1t can be produced elsewhere
may wisely accept free trade in it, bur
nation having natural advantag for ite
production, yet destitute of skill in tn
incident art of trade, mast wait for the
opportunity that sometimes comes fcom
the calamity of war, or secure more eco
nomlcal and a more constant support in
tine policy of its government. If average
natural facilities exist, the period Of nee
cssary protection is short time compared
with the lifetime of nation, while the
advantages gained Can never lie wholly
lost /; but if reasonable natural faci
do not exist, then a system of duties for
protection is present and future burden
without adequate compensation So va
ried and rich, however. are the natural
resources Of the United States, that we
either are or may soon be in successful
competition with the Older and mure ex,
perienced countries of the world in the
production OF the chief articles IF per-
sonal necessity, comfort and Iuxury,and Of
the machinery tV whIct these articles are
produced "r obtained. Herein is a suffi
Gent justification for the existing pro-
tectlye SYSTEMS nd for its C IN inuance du-
ring the period. Nor is the prospect IF
ultimate successful competition with 9th
or countries disturbed by the circum.
stance that wages of labor are higher IN
Ills country than in those of the Old
World. Ten years since it Was the thought
OF many tnat the only way Il successfully
compete with Europe was in the rtduc
ton of the standard. That thought has
disappeared, probably in the presence OF
the fact that high wages on this SIDE of
the Atlantic have ,tlmuated immigration
until there Is near approach 10 equality
In the cost Of labor, and of the CO exist.
ing fact that the addition thus made to
the number of laborers has only aided in
the devel 'pement ut our resources, with
out yielding ia any quarter ar, excess If
products, OF retardlng in any degree the
pr sperlty of the lahering population.
This prosperity ON their part is associated
with higher and constantly improving
Intellectual and social culture and copdI-
zion. 1t being given that an Intelligent
person has all the special knowledge at
an art aud trade p"ss, sStd bv the most
experienced and b, st trained operative,
who outside Of this special training and
experience is ignorant, and machinery
being given also, the Intelligent person,
proceeding for term, will improve aud
simplify he methods of production t.
such an extent a. To cause an addition to
his wages Even one hundred per cent.
represents but small part Of the advan
tages gained; there ID the special training
aud knowledge Of the ignorant masses IT
the improvements made This lruth,enn
sldered with reference TO single Amer
can labOrrr, and then multiplied a hun
dreG thousand times, represen tle adj
vantage Of America over Europe and ASIA
ia their contest fir national y aceiu SUI
prema cy ID the aff4ils of the world. Thus
is America solving the industrial problem
OF the ages by ext"rting cheap produc-
ton from expensive labor. The reason for
those remarks may be found in the opin
ION entertain that the tariff ystem OF
the country mas contributed largely to
the general prosperity, and that such
general and continued prosperity is the
only basis on which even WISE financial
policy can rest.
THE CURRENCY AND BANKS
In discussing the other changes caused bv
the war, issues of United States notes and of
notes by the national bank should be con-
sidered together. Indeed, they are neces-
sary parts of our financial system. Neither
car be substituted for the other without gen
eral disu' Dances to the state bank system,
and to any system Of private banks. The
substitution OF an equal amount Of United
States notes as currency, woUld be cause
of 81 rlOus evils and losses. First, the ma
tional banks hold nearly $40 600, 900 United
States bonds, which otherwise would be
tic capita, or. if purchased abroad, adding
by the amount Of interest to the annual bal
anceS against the United States in our az