New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-23
WHAT DEMOCRACY MEMS.

The Democratic policy is known at last, as
to finance, currency, and taxation. In these
DAYS party platforms are made by deeds, not
words. What that party has done, so far az
it had the power, stands as the test OF its Will.
The Democratic House acts for the party; its
Committee Of Ways and Means, there is no
reason to doubt, acts for the House. On no
other subject can the action of the House he
more important to the industry and Commerce
of the country. If the party fails to meet
public support in that respect, it will never
succeed in the next Congressional or Presden-
tial election. It's members have voted, and It's
committees have acted with distinct under
standing of the responsibility. 1t is but just
therefore, to consider what the Democratic
"budget" actually Is, as presented 10y the
House and it, leading committee.
|. On the Currency question, unlimited silver
coin and silver notes, receivable instead OF
gold for customs duties. Not limited III issue,
silver must inevitably have fallen to its bullion
value. The actual loss to the Government
might have been as much as $14,OOOOOO /;
the injury to all industry and commerce, had
the Bland bill passed the Senate as it passed
the House, cannot be computed.
III. As to the public credit, Democracy has
voted to make deprecated silver payable for
bonds and interest, and to repeal the Resump-
ton Act. Fortunately, we are not likely to
know how much harm such an act would
cause. A Republican Senate extracted the
fangs from the Silver Bill, and proposes to do
as much for the bill for repeal of the Re
sumption Act, and the only thing certain is
that the repeal would have been regarded
as an act of population, would have greatly
increased the sales of United States bonds by
foreign holders, and forced this country to
give its wheat and cotton, at prices fixed by
foreign buyers, in payment for its bonds at
prices fixed by foreign sellers.
III. AS to the banks, through its proper
committee in the House. Democracy proposes
to put out of existence the National Bank
system and currency, throwing back upon the
market for sale about 00,0OO,OOO of United
States bonds now held by the BANKS as Sc
curity for their circulation. For the newt
able depreciation of the bonds, Democracy
cares nothing. The only possible substitute
would be a State bank circulation, by which
the country was Inconvenience and plum
dered under Democratic rule before the war;
". As to the tariff, Democracy has pro-
posed. through its leading committee i'll the
House, to make a sweeping change hostile to
manufactures at a time when manufactures
are extraordinarily depressed; to take off
duties amounting to nearly $13,OOO,OOO
yearly from the foreign products which COM
pete with American wool and hemp growers,
and manufacturers Of cotton, wool, hemp, silk,
metals and glass, and to substitute increased
duties ON sugars, spices and liquors produced
abroad, which do not compete with leading
industries of this country. The crudities and
amazing stupidities of the proposed tariff need
not here be considered; its main purpose is to
cut down duties on foreign manufactured
products so much that there would still be
material reduction Of revenue. notwithstand-